Be careful as to what "Foreclosure Type" you are using in your search criteria. Trulia is kind of bad on how they display properties in the foreclosure process. Homes listed under "Notice of Defaultâ€ are not for sale. The current owner is at least three months late on their payments and the bank has started the foreclosure process, which can be stopped at any time by the homeowner getting current on their payments.
Regarding homes listed under "Auction" the homeowner is considerably behind in payments and the bank has an auction date scheduled, these homes are not available for showing. The auction is the actual moment of foreclosure. Properties scheduled for "Auction" must be purchased on the court house steps for cash at the appointed time. Email or call me and I'll look up the auction date, location and registration criteria for any home that you are interested in buying at "Auction"
Homes listed as "Bank Owned" went through the auction on the court house steps and no one put in a bid. This is most often the case as banks usually do not sell homes on the courthouse steps for less than what is owed on them. It may take some time for a home to come on the market once the bank takes possession. It is good to have a Realtor set up an alert for the specific address you are interested in so you can take a look at the property the day it comes on the market.
Foreclosures can be a good deal if you have an agent that knows what they are doing. Tracking a home from notice of default through the auction and bank owned statuses takes the right tools that only a few real estate agents have. If you are interested in a home that is in Notice of default it is a good idea to contact a Realtor (like me) with the right tools and have them contact the home owner before the bank gets its hands on the home.
We know it very well as a family owned and operated real estate brokerage, general contractor, developer, interior design company's with over 100 years of experience on the North San Diego Coast. Please feel free to contact us directly at 760 815-6977 (cell) or email me anytime at firstname.lastname@example.org.
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Many of these homes are short sales, loan modifications in process, or bankruptcy. Some will be sold prior to foreclosure, some will be sold at the trustees sale auction, some will be sold as bank owned, and some will never be sold. For the ones which do sell, the price they sell for will be something reasonable as there is so much competition amongst buyers unless some short sale agent plays pocket listing with the house and the bank does not do their diligence...