Foreclosure filings during the month of November 2010 in Carlsbad, Ca.
Foreclosure Filings-Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner's final notice before sale. To search Notice of Default and Homes scheduled for auction in Carlsbad, California and other cities click here.
Foreclosure Outcomes-After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank's opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank's REO inventory. To learn more and search Bank owned REO foreclosure inventory in Carlsbad, California click here.
Foreclosure Discounting-This chart compares the winning Bid Amount of properties sold at trustee sale to both the outstanding Loan Amount, and the current Market Value. Banks place an Opening Bid for each property and if a 3rd Party does not make a higher bid, the property will be sold Back to Bank (REO) for the Opening Bid amount. Properties Sold to 3rd Parties will typically have Winning Bids with deeper discounts to both Loan Amount and Market Value as only low Opening Bids will attract investor interest. To learn more about properties that you can buy below market value in Carlsbad click here.
We also attend the foreclosure auctions on a regular basis down at the courthouse. We would be happy to share with you our experiences from them. We have also built a fully integrated Real Estate website where you can search all Pre-foreclosures, homes scheduled for auction, bank owned foreclosures, and have full access to all the listings in Carlsbad and all of San Diego County! Click here to visit us today.
