Foreclosure in Bay Park>Question Details

Karen McDani…, Home Buyer in San Diego, CA

Have never bought foreclosed homes, what is the process for purchasing this home? Karen no.1dramamomma@yahoo.com

Asked by Karen McDaniel, San Diego, CA Mon Aug 26, 2013

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There really is no difference for you as the buyer. You just have to find the home that fits your needs. Click the link in the web reference below to see the list of foreclosed homes currently for sale in San Diego. Contact me if you would like to see the foreclosure list for other areas.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
1 vote Thank Flag Link Mon Aug 26, 2013
We can get you a loan to buy a foreclosure. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Nov 9, 2013
There are generally two different points to buy a foreclosed home. #1 at the trustee sale auction. #2 as an REO on the MLS. #1 you will be on your own. #2 any Realtor with access to the MLS can assist.
0 votes Thank Flag Link Wed Sep 11, 2013
I wrote a blog about "Finding Foreclosed Homes on Trulia" just last week. I'll put a link in the web reference. That should answer all of your questions.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes Thank Flag Link Wed Sep 11, 2013
Yes if you already know the house is in NOD Notice of Default you can work with the owner on getting a short sale. saves there credit and you will save money on the cost of the house. and receive it with a lot less damage. 2 is REO bank owned owners left it. in what state not sure. But you cant make the bank an offer on REO. Auctions. but you are dealing with high end homes now that is what is left so unless you have 750,000 to 2 million in cash it is going to be hard a lot of investors are picking those up. This is my line of work for over 30 years. So, I beg to differ and other response.
With short sales, and REO you need to have good credit rated.
0 votes Thank Flag Link Mon Aug 26, 2013
Hi Karen,
I have represented both Buyer and Sellers on the Foreclosed properties. I can tell you that from my experience is that the main difference regarding the process of purchasing a home is that the bank takes a long time to respond most of the time.

They also typically chose the Seller services like Title and Escrow. They also have many more documents required for the Buyer to sign than the typical traditional buying process. The market is extremely competitive right now due to the banks holding on all of the shadow inventory or selling their toxic assets to hedge funds etc.

I hope this helps with your question.
0 votes Thank Flag Link Mon Aug 26, 2013
Hi Karen,

If the foreclosure is in the MLS, then just contact a Realtor. The home is likely to already have been foreclosed and is now owned by the bank, or it's in the process of being foreclosed, often a short sale in this market.

If it's not in the MLS, and you're seeing it on Trulia as a "Foreclosure," then it might not even be for sale. It's just a listing of a home in foreclosure.

If you're an investor and want to purchase a home that's not listed for sale, you contact the owner and see if they'll sell. You'll need to understand the laws because you could get into real trouble here. Just remember, these owners are in financial distress and have already been hounded by countless investors and agents looking to profit from their property. They're not receptive generally, so you must take their needs into consideration first and foremost.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
619-825-6421 Direct
619-884-3452 Cell
c.lascala@cox.net
Lic # 01443391
0 votes Thank Flag Link Mon Aug 26, 2013
Hi Karen,
It sounds as if you are referring to a home in particular, but it is not linked to your question. Please message me directly with what home you are interested in and I would be happy to discuss with you.

Thanks!
​Sinead McAllister-Clifford
Real Estate Broker/ Realtor®
Trulia®'s #1 Recommended Broker in Oceanside, Cardiff, Bonsall & Vista!
McAllister Homes Real Estate
Residential Sales & Property Management
http://www.McAllisterHomes.com
License 01366009
858-205-5215 CELL
info@mcallisterhomes.com EMAIL
0 votes Thank Flag Link Mon Aug 26, 2013
Foreclosures in San Diego are fewer and further between today. If interested on what I'll call fringe San Diego properties (East county or Northeast - those furthest from the city center) you will have a couple more options. So, depending on the area you may have no inventory to little.

Bigger question was posed moments ago - why are you seeking a foreclosure? With near, at and even above market sales prices they ate not the deals if years past. The conditions "as is", poor quality of the overall home (often but not always) and lack of seller concessions leave you with little to no negotiating power and terms.

Another few questions: What area are you most interested in? Lets start there and build out a list if available homes. Secondly, is this for investment purposes or a primary residence? Thirdly, have you spoken with lenders/borrowers yet? The amount(%) you finance may actually give you a better chance in certain neighborhoods over other bidders resulting in a better "deal" on a traditional home than a short sale or foreclosure.

Key me know if you'd like to explore more options best suited to your immediate needs by dropping me an email (matt@mattmageegroup.com) or by calling me at 619-519-6221.

All my best and make sure that your home buying experience is a smart yet fun process - ill make sure it is!

Matt Magee
Broker Associate & Realtor
Sotheby's International Realty
San Diego
619-519-6221
0 votes Thank Flag Link Mon Aug 26, 2013
Hi Karen,

Suzanne made some good points below. Much of the process depends on whether the foreclosure is on or off the MLS. If on the MLS, the process is very similar to buying any resale home. The bank's contract wil be skewed to the needs of the bank...If it is not on the MLS, then we approach the purchase very differently.

One thing to note - if it is on the mls, there will also be a great deal more competition for the property.

What I would really like to speak with you about is why buy a foreclosure? Or why limit yourself to a foreclosure>? These are not the great deals they were 2-3 years ago. Today's foreclosures in good areas of San Diego typically go for full market value.

I would love to continue this conversatioh with you, and invite you to contact me directly!

Have a great day!

Cindy Davis, Broker
SD Home Source Realty
619-379-8616
0 votes Thank Flag Link Mon Aug 26, 2013
In my experience it is not that much different from purchasing any home except that the bank will dictate the terms and time frame. Things can move very quickly and, depending on the condition of the property, it will likely be an all cash purchase or at the very least an FHA 203K loan scenario that provides for funding of repairs. These properties are purchased in 'as is' condition, literally. The bank will probably not do any repairs or allow any credit for repairs, especially if the repair needs were evident at the time you placed your offer, so you need to make your initial offer based on a 'worst case' scenario. The bank will also dictate the closing date and will probably NOT allow for any delays so, again, you need to plan your timing as far as inspections and so on, accordingly. The banks will take their sweet time but will expect YOU to act very quickly. My client has an offer in right now on a bank owned home. Thieves broke in after we made our offer and stole all the copper piping. The bank DID give us a credit for the piping, however, it took them a week to get back to us, which put us in a bad position regarding the closing date. But, the bank is now refusing to give us another week in which to close even though they themselves caused the delay. It can be frustrating if you don't know what to expect.
0 votes Thank Flag Link Mon Aug 26, 2013
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