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
| Properties for Sale | Cancelled | Postponed | Sold to 3rd Party | Back to Bank | ||||||||||||||
| 217 | 20 | 173 | 7 | 17 | ||||||||||||||
| 9.22% | 79.72% | 3.23% | 7.83% | |||||||||||||||
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:
| Opening Bid | Sale Price | |||||||||
| $113,658 | $ 120,000 | |||||||||
| $89,400 | $ 89,400.01 | |||||||||
| $210,186.21 | $ 210,186.22 | |||||||||
| $207,000 | $ 207,000.01 | |||||||||
| $98,100 | $ 98,100.01 | |||||||||
| $114,126.24 | $ 214,100 |
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!
