Chino Valley Foreclosures - Chino Hills, Chino, Corona, and Ontario

You're probably reading this because you are one of the many people looking to get a deal by purchasing a distressed property in foreclosure. The real estate foreclosure market is actually quite complex with many different distinct areas in the foreclosure process process where property may be acquired. While you may be able to acquire property at below market prices, in many cases there can also substantial risk involved because of the limited inspection and disclosures which can be associated with foreclosure properties.

The term for property acquired by banks through foreclosure or Trustee's Sale (which is common in California) is called REO or Real Estate Owned. Most REO property sells below market price and it is possible to save as much as 10% or more by purchasing distressed properties owned by a bank. The reason that most bank owned properties sell below the market price is because their can be more risk of a property having unknown defects or problems that will be discovered after the purchase. In fact, it is common to see a warning associated with bank owned property that states:

According to a recent Los Angeles Times article The Foreclosure Bargain Hunt, most banks hire a real estate agents to market and sell their properties and most bank owned properties are are listed in the Multiple Listing Service (MLS) to increase their exposure through cooperating brokers. Banks often prefer to initially offer their properties at or above the market price and then go through price decreases until the property sells rather than accept early "low-ball" offers. As the price for these properties goes below the market they can sell very quickly so you really need to be monitoring the market daily and be ready to move to get a deal.

If you are interested in foreclosures in the cities of Chino Hills, Chino, Corona, and Ontario, please check out my list of bank owned properties for these cities.