Four Seasons Realty: California: Vista: Shadowridge

Hello and Welcome to ~Shadowridge~ Vista California Foreclosure Auction, Bank Owned REO, Homes for Sale, Real Estate.

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.

Understanding the process is the key, and here is how the process goes as an 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.  The 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 usally gives the homeowner 90 days to come current on the amound their are past due.  During this period a good amount of 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 things 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 ~Shadowridge~ Vista and actually search Pre-Foreclosures in Vista for free click the yellow map.

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 process is 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.  Properties are sold as is, without any warranties or guarantees, and they must be paid for on the spot with a certified cashiers check.  Many times the buyer of that foreclosure property has to end up evicting the current homeowner or tenant and this sometimes can be a process.   However, even though its a riskier process, the reward can be great.  To learn more about Foreclosure Sales In ~Shadowridge~ Vista and Search upcoming properties scheduled for Foreclosure click the yellow map below.

Bank Owned (REO).  Bank owned 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 take them back if there are no acceptable bids.  This can also be a great area for an investor, because in a lot of 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.  To learn more about Bank Owned REO listings in ~Shadowridge~ Vista click here.

Re-Sale Properties.  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.   Making Re Sales a great option as well.  To learn more about Re Sale Homes for Sale in ~Shadowridge~ Vista click here.

Ultimately, the decision is yours and 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 ~Shadowridge~ Vista   click here.

We also attend the Foreclosure Auctions for ~Shadowridge~Vista on a weekly basis and track virtually every Foreclosure property in San Diego County!

We look forward to hearing from you!

Hello and Welcome to Vista California Foreclosure Auction, Bank Owned REO, Short Sales, and Homes for Sale.

July 20th, 2009

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.

Here are some of the latest statistics from Foreclosure Radar hot off the press for June 2009.  If you are unfamiliar with some of the following terms please read below for further explanations.

• Notice of Defaults for California rose by 11.8% to the second highest level on record at 45,691 filings.
• Notice of Trustee Sale dropped by a suprising 28.9% from May to 29,853 filings.
• A total of 22,291 foreclosures were taken to Sale at auction, representing a loan value of 9.57 billion dollars; a 24.7 percent increase from the prior month.
• The opening bids set by lenders were an average of 39.3 percent lower than the loan balance, with 46% of sales being discounted of 50% or more.
• Sales to third party bidders at auction in June increased by 18.3 percent from May, to 2,687 foreclosures.
• The new foreclosure moratorium law however is causing 90 percent of the properties scheduled for auction to be delayed or cancelled to some date in the future.
• In the month of June San Diego had 3,681 Notice of Default Filings, 2,270 Notice of Sale filings, and 1,626 sales.

Understanding the process is the key, and here is how the process goes as an 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.  Under the new California Foreclosure moratorium lenders have an extra 90 days in which they are supposed to aggresively pursue loan modifications with those current home owners who qualify.,  The 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 usally gives the homeowner 90 days to come current on the amound their are past due.  During this period a good amount of 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 things 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 Vista and actually search all Pre-Foreclosures in Vista for free click the yellow map.

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 process is 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.  Properties are sold as is, without any warranties or guarantees, and they must be paid for on the spot with a certified cashiers check.  Many times the buyer of that foreclosure property has to end up evicting the current homeowner or tenant and this sometimes can be a process.   However, even though its a riskier process, the reward can be great.  To learn more about Foreclosure Sales In Vista and Search upcoming properties scheduled for Foreclosure click the yellow map below.

Bank Owned (REO).  Bank owned 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 take them back if there are no acceptable bids.  This can also be a great area for an investor, because in a lot of 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.  To learn more about Bank Owned REO listings in Vista and search all available inventory click the yellow map below.

Re-Sale Properties.  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.   Making Re Sales a great option as well.  To learn more about Re Sale Homes for Sale in Vista and search available inventory click the yellow map below.

Ultimately, the decision is yours and the decision should be based on 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 Vista click here.

We also attend the Foreclosure Auctions for Vista on a weekly basis and track virtually every Foreclosure property in San Diego and would be happy to talk with you about your needs further. 

We Look forward to hearing from you!

The latest data and sales statistics were provided by Foreclosure Radar.

Vista California Foreclosures, Bank Owned REO, Short Sale, and Homes for Sale

June 29, 2009

Real Estate Silver lining or still too early to tell? Lets look at the numbers...

May 2009 Foreclosure, REO, and Short Sale update.

According to Foreclosure Radar (A service which tracks every single foreclosure daily in the state of California) in the month of April Foreclosure notices in the state of California saw a decline while foreclosure sales rose in the state of California.

Sales at the actual foreclosure auction rose by 32 percent overall.  According to estimates foreclosure sales sold to third party investors at an average of a 28% discount from estimated market value.

Notices of default dropped by an estimated 4.2% from the record level set the prior month.  Notices of Trustee sale (Foreclosure Auction) increased by 42% from the prior month.

Although it's too early to tell if this will be a trend its important information to consider and keep an eye on.

Some important bullet points to consider:

··         Notice of defaults still remain at close to record highs.  To search Pre-Foreclosure Properties click here.

··         Nearly 90 percent of the foreclosed loans for the month of May were originated between January of 2005 and December of 2007.

··         Lenders took back almost 12,000 foreclosures in which no third party bid was received.  These properties become REO inventory (Real Estate Owned), and then are usually listed with Real Estate agents or sold at third party auctions.  To search current REO inventory click here.

··         The percentage of total properties sold at foreclosure auction still remains pretty low compared to the overall amount of homes for sale going through the auction at only 12% with 88% going back to the lender.

··         San Diego county for the month of May saw Notice of Defaults at 3282, Notice of Truste Sales         (Auctions) at 3294, and Sales at auction of 1322.

··         The median home prices in Vista for that same period have fallen by 21.2% to a median price for Vista of $276,000 making Vista as affordable as it's been in years.

So what does this all mean?  There are still many foreclosures coming down the pipe and foreclosure activity is still at record levels.  However, sales volumes are now starting to turn around.  San Diego County sales volumes were up 67% last month from May of 2008.  Many first time and value buyers are now stepping back into the market.  The many incentives such as the $8,000 tax credit, low interest rates and decade low prices (for many areas) are making this a great time to purchase for many people.  The median home price in San Diego appears to have stabilized somewhat recently going from 280,000 in March, to 285,000 in April to now 290,000 in May.  It will be important to see how this number holds up with the continued high level of Foreclosures.

Click the yellow map below to view Pre-Foreclosures, Foreclosures, Auctions, REO, Short Sale, and the entire San Diego County MLS.

At Four Seasons Realty, we track most ever Foreclosure in San Diego and attend the auctions on a weekly basis and we come across many off market opportunities.  To learn more about foreclosures in San Diego, please visit our fully integrated Real Estate Website at www.fourseasrealty.com ,   where you can search all active foreclosure, short Sale, and REO listings along with the entire San Diego county MLS.

You can also sign up for our free Property watch service which will automatically keep you updated of any new listings that fit your guidelines or any price changes!

We Look Forward to Hearing From you!