In general, there are five basic ways to acquire Dana Point foreclosure homes for sale at discounted prices. All but one of them permit the buyer to pay for qualified assistance from other sources (such as a title and/or escrow company). Unfortunately, the most popular technique (buying properties at the trustee’s sales) allows no such luxury. The purchasing process at the trustee’s sale requires each buyer to make his own thorough investigation of both title and debt on the chosen property within a limited time frame.
When a trustee’s sale is held with no bidder present, the property is said to be “sold” to the foreclosing lender. The REO lender usually will sell the property rather than retain the property as part of the lender’s non-performing assets. If no one buys the property at a Trustee Sale, the mortgage holder becomes the owner of the home. These are called “REOs.” or Real Estate Owned (It’s possible that a homeowner could also tender the deed due to an inability to pay) and are then most likely marketed as a Dana Point bank foreclosure.
Since it is located in the renowned “Gold Coast” region of southern Orange County-which is a scant one-quarter mile south of the famed Ritz Carlton Hotel as well as Salt Creek Beach Park-Dana Point real estate is truly in a class by itself. Furnished with its scenic natural backdrop, imbued with an impressive sense of community spirit, and featuring some excellent school system options with a very low crime rate, it’s really no big surprise that the city motto for Dana Point is “Harboring the Good Life.” Foreclosures in Dana Point can offer prospective buyers an opportunity to purchase a home at discounted price.