Bank Owned Homes in Menifee CA - 1,7000 as of April 2009
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There are well over a thousand bank owned homes on the market in Menifee, California right now. These properties are often sold for less than market value, so they’re a great opportunity for first-time buyers and investors. In this article, I’ll tell you how to find them.
In terms of home foreclosures, California is the second hardest-hit states in the U.S. And if you live in the Golden State, I probably don’t need to tell you this. You have probably seen the bank owned homes on nearly every residential street. Menifee is one of the cities that are heavily affected by the housing crisis. As a result, there are more bank owned homes in Menifee today than ever before.
How many properties are we talking about? Well, as I was writing this article, I checked the data through RealtyTrac and two other sources. As of April 27, 2009, there were more than 1,7000 bank owned homes within the Menifee city limits. This is a great opportunity for home buyers who are thinking of buying a home in Menifee. When a bank forecloses on a property, they will typically try to sell it off as quickly as possible. After all, banks are in the business of lending money, not managing properties.
Here is some more foreclosure data for Menifee, California, as of April 2009:
- 1,700 bank owned homes on the market
- 1,400+ homes in a pre-foreclosure status (i.e., homeowner has received notice of default)
- Nearly 700 homes in an auction status
Bank owned homes can be sold in several ways. Typically, they are either sold through a short sale process or a real estate auction. In either case, the homes are often priced below market value to ensure a quick sale. And this is why so many local buyers are interested in Menifee bank owned homes to begin with. You can often save a lot of money by purchasing such a home.
Of course, you cannot make a bid or an offer on such a property until you know it’s for sale. You can get this information in one of two ways. Let’s call them the hard way and the smart way:
- You could make regular trips to the Riverside County clerk’s office. When a Menifee home gets foreclosed upon and becomes bank owned, it will be filed with the county. So you could research it through the county courthouse or clerk’s office. That’s the hard way to do things.
- There’s a smarter and easier way to track Menifee foreclosure activity. You can do it by signing up for a foreclosure tracking service, such as RealtyTrac or Realty Store (see links provided below).
If you’ve never experimented with one of the big tracking websites, click the link below to check it out. You can take a free 7-day trial and get accessed to bank owned properties in the Menifee area, as well as the rest of Riverside County. If you are serious about researching and purchasing one of these homes, this is your first step.
In closing, I would also urge you to learn more about the foreclosure buying process. Buying a home directly from a bank is not the same as purchasing from a homeowner. For one thing, the approval process usually takes longer. So it’s important to research and understand the process before you plunge into it.
Because there are so many bank owned homes on the market right now, a lot of Menifee real estate agents have become skilled at this buying process. I recommend you hire one of these agents to help you navigate the process. I hope this article gets you started on the right foot. Good luck.
California Cities | admin | 
April 27, 2009 2:59 pm