The foreclosed homes in Lake Forest have slowed in recent months, probably due to the new California law that requires lenders to document their attempts to work out the loans with the delinquent borrowers.  Today, there are only 35 REO homes in the active status on the MLS.

Here is the list of the 4 that are within the Lake Forest II association.  I linked this directly from the MLS so that all the photos will show for each listing.  This link will automatically update if the listing status changes and it will expire and no longer work in 30 days.

There are several other bank-owned homes that will be coming on the market soon, after the banks figure out what price to put on them.  If you think you may be interested in buying one of these homes, you will need to be pre-approved by the bank’s favorite lender, and you will have to accept the house in “as is” condition.  Sometimes the “as is” simply means that it is dirty and needs new paint and carpet, but I have also seen a few lately that need serious (and expensive) repairs.  Having a home inspected by a professional home inspector is highly recommended!

PS – I will be hosting an Open House tomorrow afternoon, so if you are out and about, please stop in and say hello!