Buying Foreclosures
Knowledge and experience are the keys to successful real estate transactions! With Coldwell Banker, our expertise and experience make us one of your most valuable resources!
Buying Foreclosures to live in or as an investment is a big decision. Some of the best deals are homes in the foreclosure process, but only if you understand exactly what you are getting in to. That is where we can help. Feel free to visit our site often for the latest, free foreclosures list for San Diego.
Pre-Foreclosures
Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright. We would negotiate a deal or short sale with the borrower/owner so they can walk away from the property and avoid a foreclosure on his or her credit history. We would then help you research the title and condition of the property. Buyers can realize discounts of 20-40 percent below market value but have to be prepared to take the property as is.
Public Auction
If the loan is not reinstated by the end of the pre-foreclosure period, we can help potential buyers bid on the property at a public auction. Buyers often are required to pay in cash at the auction and we will make sure that you have been able to research the title and condition of the property beforehand but sometimes that can be difficult since you may not be able to see the property firsthand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.
Bank-Owned (a.k.a. REO)
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually re-sell the property to recover the unpaid loan amount. The lender will typically clear the title and perform needed maintenance and repair; however, the discount for these REO homes is typically less than a pre-foreclosure or auction property discount. Bank foreclosures can become government foreclosures if the loan is backed by a government agency such as the Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA). In that case the government agency would be responsible for selling the property. At this point, buying a REO is very similar to buying a conventional home except the bank is now the owner instead of a family. Click here to see how we can help you through the whole buying process.
Thank you for visiting our website for information on San Diego CA foreclosures. Please consider our site as your online resource for the San Diego real estate market. Contact Us for a FREE Home Valuation and Find Your Home as you search all the current listings available in San Diego.
