Four Seasons Realty: California: San Diego

The San Diego Foreclosure Auction, Short Sale, and Bank Owned Foreclosure Process explained. 

Understanding the foreclosure property auction (also known as Trustee Sale) process takes time, due diligence, and understanding.  Saavy Real Estate investors can find some of the best deals around buying at these auctions, but is it right for everyone?   We would like to help explain further about these auctions and the benefits and downsides of buying Real Estate at them.  Once you understand the processes, you may find that it's right or not right for your current situation.

Understanding the process is the key, and here is how the process goes as a brief overview:

Pre-Foreclosure (Also known as Notice of Default).  Pre-Foreclosure is usually when the current homeowner is 90 days past due on their Mortgage.  Their current lender files with the County Recorders office a Notice of Default.  When this is filed, this information becomes a matter of public record.  When this notice is filed the lender usually gives the homeowner 90 days to come current on the amound they are past due.  During this period many homeowners lately have been trying to obtain new financing terms by doing a Loan Modification with their current lender or a Short Sale with a Realtor if they know they aren't going to be able to keep up the payments due to hardship.  Both of these approaches often times delay the foreclosure process as the bank looks to work with the current owner to see if one of these options may be a fit.  To learn more about Pre-Foreclosures in San Diego county and actually search Pre-Foreclosures (Short Sales) in San Diego county for free click the yellow map.   If you may be facing a foreclosure on your current home, please feel free to contact us for a no obligation consultation of your situation.

Foreclosure Sale (Alo known as Notice of Trustee Sale).  The Foreclosure sale usally occurs and is scheduled roughly 90 days after the Notice of Default is issues.  Although, most of the time this step is  being delayed currently.  Notice of Trustee sale usally takes place on the courthouse steps in the County in which the property is located.  In this case, most auctions take place in Downtown, San Diego at the courthouse at 220 West Broadway.  Properties are sold as is, without any warranties or guarantees, and they must be paid for on the spot with a certified cashiers check.  In many cases the winning bidder of that foreclosure property has to end up evicting the current homeowner or tenant and this sometimes can be a difficult and lengthy process.   However, even though its a riskier process, the reward can be great.  To learn more about Foreclosure Sales In San Diego County and Search upcoming properties scheduled for Foreclosure click the yellow map below.

Bank Owned (REO).  Bank owned foreclosure properties are the properties that have gone through the two steps above and didn't sell at the Foreclosure Sale.  In this case, the current lender has to buy them back if there are no acceptable bids.  This can also be a great area for an investor, because in most all cases, the lender does not want to own these properties.  These can be great deals for an investor, you can also research these properties in greater detail than Foreclosure Auctions, and most all of the time you can use financing and obtain a home warranty with these.  You also don't have to pay cash on the spot for these homes and you will have time to do inspections.  To learn more about Bank Owned Foreclosure listings in San Diego county or specific cities click here.

Re-Sale Properties (Traditional Sales).  Many people think Re Sale properties are not a great deal with all the Foreclosure properties out there.  This is actually not true in many cases.  Re Sales have to be priced aggresively and in line with Foreclosures if they want to have a chance of selling in todays market.  In a lot of cases a buyer or investor can buy a re sale that has been taken good care of, doesn't have much fix up to perform, and is very close in price to that of a Foreclosure that might require a lot of work.  Sometimes people think that because they are buying a Foreclosure at 20% below market value that its always a steal, however sometimes there is 20% worth of rehabilitation to get the property back to standards, that actually makes it the same deal as a re-sale.   This makes many Re Sales a great option as well.  To learn more about Re Sale Homes for Sale in San Diego County click the yellow map below.

Ultimately, the decision should come down to what is right for you and your situation.  We have built a fully integrated Real Estate Website that will allow you to search every aspect of what we have discussed above.  To search Pre-Foreclosure, Foreclosure Auction, Bank Owned REO, and New and ReSale Homes in San Diego county and surrounding areas click here.

We also attend the Foreclosure Auctions for San Diego County on a weekly basis and track virtually every Foreclosure property in San Diego County!   If you are interested in buying at the auctions, a short sale, or Bank Owned Foreclosures, give me a call and I can walk you through the process over the phone!

We look forward to hearing from you!

Daily Foreclosure Auction Results San Diego California - Bank Owned Homes for Sale

This is your resource for daily numbers from the Downtown San Diego Foreclosure Auction.   We want to bring you a brief summary daily of the results at the auction for Downtown San Diego which handles sales throughout the entire county.

The foreclosure auction sales are open to the public on a daily basis and they usually start at 10am every weekday, excluding holidays and are held at 220 West Broadway, San Diego, Ca.  There is also an auction held at the El Cajon courthouse daily, but these numbers are from the Downtown Auction.   We attend these auctions on a regular basis and would be happy to provide you additional insight into buying properties at them, just contact me direct.   To track upcoming homes going up for sale at the auctions click here.

If you would like a detailed list of foreclosures in your actual neighborhood or an area you are looking to purchase in, contact us directly or visit our website here.

 Here is an overview of the days numbers for Wednesday, December 21st, 2010 

You will obviously notice from these numbers that the majority are being postponed or cancelled until some date in the future.    You will also notice of the 24 sold, 17 of them went back to the bank.   These homes will now become bank owned homes or (REO) inventory.   The bank usually will then evict the current owner or tenant and then put the properties up for sale with a local Real Estate company.   To search current Bank Owned Homes for sale in San Diego County click here.

Of the properties that sold to 3rd party investors here is what we find:

As you can see from above, of the properties the banks took to auction and sold to 3rd party investors, they are taking a pretty large discount from what they are owed.   However, as we can see from the numbers, the majority are still being delayed until some date in the future.   Banks will delay properties for multiple reasons as many times they are working something out with the current owner, entertaining short sale offers, or just delaying it for their own internal reasons.   However, you can clearly see the bottleneck of properties that are being delayed.   Many times we find that the properties that go back to the lenders become great investment opportunities as well for a myriad of reasons.   To find out more about and search bank owned homes for sale click here.

What about short sales?   Banks dealing with short sale situations are now being incentivised through government programs to sell through the short sale process rather than taking them through foreclosure.   This is helping make short sales a great option for both home buyers and investors now as well.

As I mentioned above, we attend the foreclosure auctions on a weekly basis.  If you have questions about them, please feel free to call or email and I will give you an overview of how the process works to find out if its right for you or if one of the traditional methods is better.   There can be great benefits of buying at these auctions, but it's not right for everyone.  Sometimes a Bank Owned Home, a Resale, or Short sale can be a better fit for you and still a great buy!

From our website you can search all Pre-Foreclosure, Short sale, Foreclosure, Resale, and Bank Owned Listings for free!   You can also sign up for our Property Watch Service which will automatically keep you updated of any new listings that fit your guidelines 24 hours a day!   All this is free to you, all we ask is the opportunity to be of service to you or someone you know in the future!  

I look forward to hearing from you soon!

San Diego California Free Downloadable Bank Owned Foreclosed Homes Report and Guide.   Are you looking for a free way to track foreclosures in your area and download free reports of what bank owned foreclosures are available on the market?   Then you have come to the right place.   We will offer you real time access to search all short sales on a map, even the ones that are not listed.   You can also download our bank owned foreclosure reports which will give you itemized addresses, property type, bedrooms, bathrooms,etc.  Click here to go to our free instant download page. 

Bank Owned REO Homes for Sale:  This is an area in the current market place that I think can have tremendous opportunities for buyers.   These properties have gone through the foreclosure process and are now owned by the bank alone.   The banks traditionally don't like to own these homes because it ties up money that they could be using to lend.   Usually offers on bank owned homes for sale are responded to quickly and you don't have the time of waiting around for months to hear back like you do with short sales.   Here are some important bullet points about Bank Owned REO Homes for Sale:

• In most cases you can use traditional financing on these properties just like you would with buying a Resale or New Home.
• You can also inspect the property thoroughly up front and have appraisals, termite inspections, home inspections, etc, performed in advance before closing.
• You can buy title insurance.  Unlike with foreclosure auctions, Bank owned homes for sale allow you to protect yourself and buy the property with clean title.
• The last owner or tenants have already been evicted and the properties are vacant.
• The banks are motivated to sell.

I believe that in many cases bank owned REO Homes for Sale are just as good of a deal as Short Sales or Foreclosure Auctions.   It still comes back to your personal situation and your risk tolerance for what is right for you.   If you are looking at this as an investment, but its also a home that you and your family are going to live in, than I would suggest a bank owned REO home, a Resale home, or potentially even a short sale.   If you are a saavy investor, you don't plan on living in the home, and you have a higher risk tolerance, than maybe buying at the Foreclosure Auction is the solution for you.   Either way, we can help you make that decision easier for you.    To learn more about Bank Owned REO Homes for Sale and actually search available bank Owned Homes in San Diego California and other San Diego County Cities click here!

These are just some thoughts to keep in mind when buying a Bank Owned Foreclosure, you will just want to factor in some of these potential costs when considering making an offer.   We answer these and many more questions at our Home Buyer Resources page which also gives you instant access to download our free list of Bank Owned Foreclosure properties in San Diego or other cities.   Click here to get access now for free!

San Diego California Free Downloadable Foreclosure Auction Report and Guide.   Are you looking for a free way to track foreclosures in your area and download free reports of what Foreclosure Auctions are available on the market?   Then you have come to the right place.   We will offer you real time access to search all short sales on a map, even the ones that are not listed.   You can also download our Foreclosure Auction reports which will give you itemized addresses, property type, bedrooms, bathrooms,etc.  Click here to go to our free instant download page. 

Foreclosures scheduled for Auction:  We actually attend the Foreclosure auctions on a regular basis.  They are either held downtown San Diego on the courthouse steps or at the Courthouse in El Cajon.  These properties are ones that the lender was not able to work out a viable solution for the current homeowner by either refinancing them, modifying their loan, or facilitating a short sale.   In this case, they take them to the foreclosure auction to offer them up for sale to 3rd party investors.   There can be a lot of great deals to be had at these sales if you really do your homework and are diligent in your efforts.    Some important things to note about these sales:

• You have to pay cash on the spot if you are the winning bidder (Via Certified Cashiers Check)
• You can't buy Title Insurance, which protects you against any unknown or past liens
• The properties are sold in completely "as is" condition
• Many times the properties are still occupied by the current owners or tenant and it is up to the new buyer to handle the eviction process at this point
• Many times if the property is occupied before the foreclosure auction it is impossible to inspect these properties up front

These items listed above could really come back to haunt you if you don't thoroughly do your homework, however they also many times allow for great opportunities.   To learn more about upcoming foreclosure auctions, and to track upcoming foreclosures in San Diego and other San Diego County cities click here.

These are just some thoughts to keep in mind when buying a property from a Foreclosure Auction, you will just want to factor in some of these potential costs when considering making an offer.   We answer these and many more questions at our Home Buyer Resources page which also gives you instant access to download our free list of Foreclosure Auction properties in San Diego or other cities.   Click here to get access now for free!

Hey Congress, Want to Stimulate the Economy? Let Banks Foreclose Faster!

Sounds Crazy right?   However, here me out for a minute.   First of all, I am not speaking for the families who are trying for loan modifications with their lender or trying for short sales.   I completely believe that banks should do everything possible before foreclosing on anyone and exhaust all options if the homeowner is cooperating and trying to save their home.

However, in many cases the homeowner just simply cannot afford the home any longer and they are not actively engaged in trying to save it through a loan modification or a short sale.   In many of these cases the homeowner moves out and vacates the property or they are simply living their until they are evicted.  Meanwhile the home is not being taken care of which is bringing down the value of the homes around it.   However, the banks are delaying these properties still each month from going to auction...  Why?

Example:  Did you know that less than 5% of the homes scheduled for the foreclosure auction each month in San Diego county are actually sold to 3'rd party investors or back to the banks?   The rest are postponed til some point in the future.   Who know's what that percentage will be now with the new moratoriums and state lawsuits.

Why would selling these homes faster stimulate the economy?

When an Investor buys or a bank sells a foreclosure home there are many, many people who benefit...

Let's use a real world recent example of an investor buying a dilapidated bank owned listed foreclosure for $350,000:  I will run the math below to show stimulus.

Who gets paid on the initial purchase:

• Buyers Agent
• Listing Agent
• Loan officer (if loan is involved)                                     
• Title Officer
• Escrow Officer
• Past Due Taxes or back due HOA's get caught up
• Processors and Agent Assistants

Who gets paid on the rehabilitation of the property:

• General Contractor(s)
• Painters
• Roofers
• Cabinet Makers
• Landscapers
• Landscape suppliers
• Window Manufacturers
• Flooring Specialists
• Supply Companies (such as Home Depot, Lowe's)
• People who supply the products to Home Depot, Lowe's
• Appliance Manufacturers
• Waste Management Rental Trash Trailer 

Short Sale Process Explained - San Diego California - Short Sale My Home

Do you think you are in a potential short sale situation?  Do you know your options?   You do have them...

Overview:   Short sales typically occur when a borrower is in a situation where the home is worth less than what is owed to the lender on the property.   In some cases depending on the borrowers situation, the lender may approve a short sale which allows the property to be sold for less than the amount owed.   In this case the lender approves the short sale and takes less, and the borrower is no longer responsible to pay the loan.   In some cases the lender can ask that the borrower take back a loan to pay the deficiancy amount between what was owed and what the property sold for.   However, in many cases, this can be avoidable and the borrower can walk away and in return the lender can sell the home and get their money out.    

The Process:   The Short sale process unfortunately can take some time, 2 to sometimes 6 months.   The bank will want to review the borrowers situation, see that there has been some form of hardship, the lender will want the property to be listed on the market by a Real Estate agent, and will want to review offers.   Once an offer is received for the property, the bank will then usually order an appraisal.   Once the lender reviews the appraisal, the offer, and the client's paperwork, the lender will then either approve or deny the short sale.    If the short sale is approved, the lender will usually issue a short sale approval letter.   This letter will outline the price the lender will accept and terms.   It usually will always have an expiration date to which a new approval will have to then be rendered or they may cancel the short sale all together.   To learn more about the short sale process click here.

Who may qualify?:  Typically people who are in some form of financial hardship or have had some change in income or assets who no longer can financially afford to pay the loan may qualify for a short sale.   If you may be in a situation like this, you owe it to yourself to give us a call, we may be able to help.

How does this help or hurt my situation?:   While performing a short sale may have an adverse effect on your current credit situation; the short to long term benefits may highly outweigh it going to foreclosure.   Foreclosures effect you for up to 7 years, while in many cases, you can recover from a short sale much quicker!  

What if I have been declined for a loan mod?   Many borrowers have tried to do loan modifications without much success.    If you have been declined for a loan modification, this does not mean you wouldn't get approved for a short sale.  It may be that your income has changed since you bought the home that they declined the loan modification, however this could be a good sign that they would approve a short sale due to the hardship financially.

What are the next steps?:  The first step is to contact us.   We can give you a no obligation consultation regarding your current situation to see if a short sale may be right for you.   We are highly experienced in handling short sales and are we are standing by ready to help!   Don't wait til it's too late!   Call us or click here.

If you are interested in purchasing short sales in San Diego or other cities you can view all active short sale listings on our website by clicking here.

Daily Foreclosure Auction Results San Diego California - Bank Owned Homes for Sale

This is your resource for daily numbers from the Downtown San Diego Foreclosure Auction.   We want to bring you a brief summary daily of the results at the auction for Downtown San Diego which handles sales throughout the entire county.

The foreclosure auction sales are open to the public on a daily basis and they usually start at 10am every weekday, excluding holidays and are held at 220 West Broadway, San Diego, Ca.  There is also an auction held at the El Cajon courthouse daily, but these numbers are from the Downtown Auction.   We attend these auctions on a regular basis and would be happy to provide you additional insight into buying properties at them, just contact me direct.   To track upcoming homes going up for sale at the auctions click here.

If you would like a detailed list of foreclosures in your actual neighborhood or an area you are looking to purchase in, contact us directly or visit our website here.

Here is an overview of the days numbers for Friday, September 3rd, 2010 

Total Properties up for Sale    Cancelled    Postponed   Sold to 3rd Party   Back to Bank

         236                                       32                 185                   6                        13

Percentage sold to 3rd party: 2%

Percentage going back to lenders: 5%

Percentage Postponed: 78%

You will obviously notice from these numbers that the majority are being postponed or cancelled until some date in the future.    You will also notice of the 19 sold, 13 of them went back to the bank.   These homes will now become bank owned homes or (REO) inventory.   The bank usually will then evict the current owner or tenant and then put the properties up for sale with a local Real Estate company.   To search current Bank Owned Homes for sale in San Diego County click here.

Of the properties that sold to 3rd party investors here is what we find:

Sold to 3rd Party Investorts

(Opening Bid)                                                         (Sale Price)

190,900                                                                    217,100

711,000                                                                    711,000.01

182,700                                                                    191,600

207,000                                                                    207,000.01

163,400                                                                    180,200

86,800                                                                        90,400

As you can see from above, of the properties the banks took to auction and sold to 3rd party investors, they are taking a pretty large discount from what they are owed.   However, as we can see from the numbers, the majority are still being delayed until some date in the future.   Banks will delay properties for multiple reasons as many times they are working something out with the current owner, entertaining short sale offers, or just delaying it for their own internal reasons.   However, you can clearly see the bottleneck of properties that are being delayed.   Many times we find that the properties that go back to the lenders become great investment opportunities as well for a myriad of reasons.   To find out more about and search bank owned homes for sale click here.

What about short sales?   Banks dealing with short sale situations are now being incentivised through government programs to sell through the short sale process rather than taking them through foreclosure.   This is helping make short sales a great option for both home buyers and investors now as well.

As I mentioned above, we attend the foreclosure auctions on a weekly basis.  If you have questions about them, please feel free to call or email and I will give you an overview of how the process works to find out if its right for you.   There can be great benefits of buying at these auctions, but it's not right for everyone.  Sometimes a Bank Owned Home, a Resale, or Short sale can be a better fit for you and still a great buy!

From our website you can search all Pre-Foreclosure, Short sale, Foreclosure, Resale, and Bank Owned Listings for free!   You can also sign up for our Property Watch Service which will automatically keep you updated of any new listings that fit your guidelines 24 hours a day!   All this is free to you, all we ask is the opportunity to be of service to you or someone you know in the future!  

I look forward to hearing from you soon!

Columbia District - Downtown San Diego Condo's for Sale - Downtown San Diego Foreclosures

When we look at the current Real Estate environment it can be overwhelming with all the headlines in the news.  Everyone has a different opinion of where the good deals are and how to find them or where the economy or housing market is headed.

We have clients call us all the time wanting to buy foreclosures, short sales, or REO's because they think the thought of them automatically sound like a good buy!    However, is this true?   Lets first have an understanding of what they are and the differences of each.   This will hopefully help determine which approach is the best for you and your situation.

Foreclosures and Short Sales can be great buys if you know how to find them and how the process of buying them works.

Short Sales: Are properties that are in default, meaning the current owner is at least 3 months behind on their mortgage or more.   Short sale's require the lender approve the sale if the amount the property is selling for is less than what is owed.   I recommend these to our clients when it is a property that they absolutely love and are willing to wait on.   Many times it can take 3 to 6 months to get the lender to approve a short sale, and even though its under contract between the buyer and the current seller, the lender can still say no in the end!   If its a property that the buyer isn't that crazy about, they are probably not worth the time and effort.   However, sometimes waiting and being patient, can not only get you a great deal, but a great home that you love all in one.   To learn more about short sales and to search all available shortsales in the Columbia District, Downtown San Diego click here.

Foreclosures scheduled for Auction:  We actually attend the Foreclosure auctions on a regular basis.  They are either held downtown San Diego on the courthouse steps or at the Courthouse in El Cajon.  These properties are ones that the lender was not able to work out a viable solution for the current homeowner by either refinancing them, modifying their loan, or facilitating a short sale.   In this case, they take them to the foreclosure auction to offer them up for sale to 3rd party investors.   There can be a lot of great deals to be had at these sales if you really do your homework and are diligent in your efforts.    Some important things to note about these sales:

• You have to pay cash on the spot if you are the winning bidder (Via Certified Cashiers Check)
• You can't buy Title Insurance, which protects you against any unknown or past liens
• The properties are sold in completely "as is" condition
• Many times the properties are still occupied by the current owners or tenant and it is up to the new buyer to handle the eviction process at this point
• Many times if the property is occupied before the foreclosure auction it is impossible to inspect these properties up front

These items listed above could really come back to haunt you if you don't thoroughly do your homework, however they also many times allow for great opportunities.   To learn more about upcoming foreclosure auctions, and to track upcoming foreclosures in the Columbia District and other San Diego County cities click here.

Bank Owned REO Homes for Sale:  This is an area in the current market place that I think can have tremendous opportunities for buyers.   These properties have gone through the foreclosure process and are now owned by the bank alone.   The banks traditionally don't like to own these homes because it ties up money that they could be using to lend.   Usually offers on bank owned homes for sale are responded to quickly and you don't have the time of waiting around for months to hear back like you do with short sales.   Here are some important bullet points about Bank Owned REO Homes for Sale:

• In most cases you can use traditional financing on these properties just like you would with buying a Resale or New Home.
• You can also inspect the property thoroughly up front and have appraisals, termite inspections, home inspections, etc, performed in advance before closing.
• You can buy title insurance.  Unlike with foreclosure auctions, Bank owned homes for sale allow you to protect yourself and buy the property with clean title.
• The last owner or tenants have already been evicted and the properties are vacant.
• The banks are motivated to sell.

I believe that in many cases bank owned REO Homes for Sale are just as good of a deal as Short Sales or Foreclosure Auctions.   It still comes back to your personal situation and your risk tolerance for what is right for you.   If you are looking at this as an investment, but its also a home that you and your family are going to live in, than I would suggest a bank owned REO home, a Resale home, or potentially even a short sale.   If you are a saavy investor, you don't plan on living in the home, and you have a higher risk tolerance, than maybe buying at the Foreclosure Auction is the solution for you.   Either way, we can help you make that decision easier for you.    To learn more about Bank Owned REO Homes for Sale and actually search available bank Owned Homes in the Columbia District and other San Diego County Cities click here!

We have put together a fully integrated Real Estate website which will allow you to search all of these properties that we have talked about above, all in one place.   You can search properties throughout the entire San Diego County MLS, save properties, request showings, print fliers, track foreclosures, etc, all for free.   All we ask in return is the opportunitiy to be of service to you or someone you know in helping them find their next home.   Give us a call or visit us here.

We look forward to hearing from you!

Little Italy - Downtown San Diego Condo's for Sale - Downtown San Diego Foreclosures

When we look at the current Real Estate environment it can be overwhelming with all the headlines in the news.  Everyone has a different opinion of where the good deals are and how to find them or where the economy or housing market is headed.

We have clients call us all the time wanting to buy foreclosures, short sales, or REO's because they think the thought of them automatically sound like a good buy!    However, is this true?   Lets first have an understanding of what they are and the differences of each.   This will hopefully help determine which approach is the best for you and your situation.

Foreclosures and Short Sales can be great buys if you know how to find them and how the process of buying them works.

Short Sales: Are properties that are in default, meaning the current owner is at least 3 months behind on their mortgage or more.   Short sale's require the lender approve the sale if the amount the property is selling for is less than what is owed.   I recommend these to our clients when it is a property that they absolutely love and are willing to wait on.   Many times it can take 3 to 6 months to get the lender to approve a short sale, and even though its under contract between the buyer and the current seller, the lender can still say no in the end!   If its a property that the buyer isn't that crazy about, they are probably not worth the time and effort.   However, sometimes waiting and being patient, can not only get you a great deal, but a great home that you love all in one.   To learn more about short sales and to search all available shortsales in Little Italy, Downtown San Diego click here.

Foreclosures scheduled for Auction:  We actually attend the Foreclosure auctions on a regular basis.  They are either held downtown San Diego on the courthouse steps or at the Courthouse in El Cajon.  These properties are ones that the lender was not able to work out a viable solution for the current homeowner by either refinancing them, modifying their loan, or facilitating a short sale.   In this case, they take them to the foreclosure auction to offer them up for sale to 3rd party investors.   There can be a lot of great deals to be had at these sales if you really do your homework and are diligent in your efforts.    Some important things to note about these sales:

• You have to pay cash on the spot if you are the winning bidder (Via Certified Cashiers Check)
• You can't buy Title Insurance, which protects you against any unknown or past liens
• The properties are sold in completely "as is" condition
• Many times the properties are still occupied by the current owners or tenant and it is up to the new buyer to handle the eviction process at this point
• Many times if the property is occupied before the foreclosure auction it is impossible to inspect these properties up front

These items listed above could really come back to haunt you if you don't thoroughly do your homework, however they also many times allow for great opportunities.   To learn more about upcoming foreclosure auctions, and to track upcoming foreclosures in Little Italy and other San Diego County cities click here.

Bank Owned REO Homes for Sale:  This is an area in the current market place that I think can have tremendous opportunities for buyers.   These properties have gone through the foreclosure process and are now owned by the bank alone.   The banks traditionally don't like to own these homes because it ties up money that they could be using to lend.   Usually offers on bank owned homes for sale are responded to quickly and you don't have the time of waiting around for months to hear back like you do with short sales.   Here are some important bullet points about Bank Owned REO Homes for Sale:

• In most cases you can use traditional financing on these properties just like you would with buying a Resale or New Home.
• You can also inspect the property thoroughly up front and have appraisals, termite inspections, home inspections, etc, performed in advance before closing.
• You can buy title insurance.  Unlike with foreclosure auctions, Bank owned homes for sale allow you to protect yourself and buy the property with clean title.
• The last owner or tenants have already been evicted and the properties are vacant.
• The banks are motivated to sell.

I believe that in many cases bank owned REO Homes for Sale are just as good of a deal as Short Sales or Foreclosure Auctions.   It still comes back to your personal situation and your risk tolerance for what is right for you.   If you are looking at this as an investment, but its also a home that you and your family are going to live in, than I would suggest a bank owned REO home, a Resale home, or potentially even a short sale.   If you are a saavy investor, you don't plan on living in the home, and you have a higher risk tolerance, than maybe buying at the Foreclosure Auction is the solution for you.   Either way, we can help you make that decision easier for you.    To learn more about Bank Owned REO Homes for Sale and actually search available bank Owned Homes in the Little Italy and other San Diego County Cities click here!

We have put together a fully integrated Real Estate website which will allow you to search all of these properties that we have talked about above, all in one place.   You can search properties throughout the entire San Diego County MLS, save properties, request showings, print fliers, track foreclosures, etc, all for free.   All we ask in return is the opportunitiy to be of service to you or someone you know in helping them find their next home.   Give us a call or visit us here.

We look forward to hearing from you!

Cortez District - Downtown San Diego Homes for Sale - Downtown San Diego Foreclosures

When we look at the current Real Estate environment it can be overwhelming with all the headlines in the news.  Everyone has a different opinion of where the good deals are and how to find them or where the economy or housing market is headed.

We have clients call us all the time wanting to buy foreclosures, short sales, or REO's because they think the thought of them automatically sound like a good buy!    However, is this true?   Lets first have an understanding of what they are and the differences of each.   This will hopefully help determine which approach is the best for you and your situation.

Foreclosures and Short Sales can be great buys if you know how to find them and how the process of buying them works.

Short Sales: Are properties that are in default, meaning the current owner is at least 3 months behind on their mortgage or more.   Short sale's require the lender approve the sale if the amount the property is selling for is less than what is owed.   I recommend these to our clients when it is a property that they absolutely love and are willing to wait on.   Many times it can take 3 to 6 months to get the lender to approve a short sale, and even though its under contract between the buyer and the current seller, the lender can still say no in the end!   If its a property that the buyer isn't that crazy about, they are probably not worth the time and effort.   However, sometimes waiting and being patient, can not only get you a great deal, but a great home that you love all in one.   To learn more about short sales and to search all available shortsales in The Cortez District, Downtown San Diego click here.

Foreclosures scheduled for Auction:  We actually attend the Foreclosure auctions on a regular basis.  They are either held downtown San Diego on the courthouse steps or at the Courthouse in El Cajon.  These properties are ones that the lender was not able to work out a viable solution for the current homeowner by either refinancing them, modifying their loan, or facilitating a short sale.   In this case, they take them to the foreclosure auction to offer them up for sale to 3rd party investors.   There can be a lot of great deals to be had at these sales if you really do your homework and are diligent in your efforts.    Some important things to note about these sales:

• You have to pay cash on the spot if you are the winning bidder (Via Certified Cashiers Check)
• You can't buy Title Insurance, which protects you against any unknown or past liens
• The properties are sold in completely "as is" condition
• Many times the properties are still occupied by the current owners or tenant and it is up to the new buyer to handle the eviction process at this point
• Many times if the property is occupied before the foreclosure auction it is impossible to inspect these properties up front

These items listed above could really come back to haunt you if you don't thoroughly do your homework, however they also many times allow for great opportunities.   To learn more about upcoming foreclosure auctions, and to track upcoming foreclosures in the Cortez District and other San Diego County cities click here.

Bank Owned REO Homes for Sale:  This is an area in the current market place that I think can have tremendous opportunities for buyers.   These properties have gone through the foreclosure process and are now owned by the bank alone.   The banks traditionally don't like to own these homes because it ties up money that they could be using to lend.   Usually offers on bank owned homes for sale are responded to quickly and you don't have the time of waiting around for months to hear back like you do with short sales.   Here are some important bullet points about Bank Owned REO Homes for Sale:

• In most cases you can use traditional financing on these properties just like you would with buying a Resale or New Home.
• You can also inspect the property thoroughly up front and have appraisals, termite inspections, home inspections, etc, performed in advance before closing.
• You can buy title insurance.  Unlike with foreclosure auctions, Bank owned homes for sale allow you to protect yourself and buy the property with clean title.
• The last owner or tenants have already been evicted and the properties are vacant.
• The banks are motivated to sell.

I believe that in many cases bank owned REO Homes for Sale are just as good of a deal as Short Sales or Foreclosure Auctions.   It still comes back to your personal situation and your risk tolerance for what is right for you.   If you are looking at this as an investment, but its also a home that you and your family are going to live in, than I would suggest a bank owned REO home, a Resale home, or potentially even a short sale.   If you are a saavy investor, you don't plan on living in the home, and you have a higher risk tolerance, than maybe buying at the Foreclosure Auction is the solution for you.   Either way, we can help you make that decision easier for you.    To learn more about Bank Owned REO Homes for Sale and actually search available bank Owned Homes in the Cortez District and other San Diego County Cities click here!

We have put together a fully integrated Real Estate website which will allow you to search all of these properties that we have talked about above, all in one place.   You can search properties throughout the entire San Diego County MLS, save properties, request showings, print fliers, track foreclosures, etc, all for free.   All we ask in return is the opportunitiy to be of service to you or someone you know in helping them find their next home.   Give us a call or visit us here.

We look forward to hearing from you!