Foreclosure in Encinitas>Question Details

Kenneth, Both Buyer and Seller in Quantico, VA

how do i go about buying one of these foreclosures.?

Asked by Kenneth, Quantico, VA Tue Jul 6, 2010

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Wow! Lots of good info here. Foreclosures can be bank-owned or going throught he foreclosure process. If a property is already foreclosed, it's 'bank-owned.' If it's still in process, it would be a regular resale listing or, more often, a short sale listing. You can find any of these properties in the MLS, but search sites often have out-of-date information, so, if you want to find a property ready to buy right now, go for a bank-owned. And a real estate agent can help you buy one of those, because they have access to the up-to-date information. A good agent also won't push you to submit offers, just to submit offers.

Bank owned properties are in demand, so more often than not, you need to write a strategic offer. Also know that some bank-owned properties won't even qualify for a loan at all, if you're using financing, due to physical condition, and/or financial condition if the ownership is a condominium.

Hope this helps!
0 votes Thank Flag Link Wed Jul 7, 2010

If you are talking about Bank REO's/Foreclosures then you may wish to Browse the sites Created by the Banks to Provide the Public with information about Properties Available, Loan Options, Bid/Purchase Process and more....Sites like
Bank of America...

Wells Fargo...



You can find the Links to the Bank Sites and more info here....

If you are interested in Fed Gov. Foreclosures/Properties for Sale then you may wish to Check ?Out the Fed Gov. Sites created to Provide the Public with access to information.....Sites like

You can find the links to the Fed Gov. Property for Sale/Foreclosure sites here...

For Information on Tax Sales or finding Public Records give this a look...…

As in anything use Due Diligence...You can always check out Auction Resources...Like……

Good Luck
0 votes Thank Flag Link Tue Jul 6, 2010
You are getting all the right advice. All I can add to that is to checkout I have helped a number of people get into these properties with a low down payment and great terms.

Give me a call if you have any questions. (858) 829-2931

Steve Creekmore
Keller Williams Realty
Carmel Valley
Web Reference:
0 votes Thank Flag Link Tue Jul 6, 2010
Hi Kenneth, I have a listing in Encinitas now (off Hygeia) and have good knowledge in that local market. And my office is in Del Mar Village. Bottom line: There are so many Realtors you can speak with. If you have a certain property in mind your best bet is to let me or another professional you trust help evaluate it, and should it pass the initial "sniff test", proceed to further study. Regarding purchase funds, foreclosures can be financed if they are physically sound - that's where the appraisal comes in. The seller (the bank) is nearly always represented by a listing agent so you could approach that person directly, but "dual agency" is not always recomemmended. If you've done the property purchase and sale dance before you pretty much know the drill. Feel free to contact me at any time if I can be of further assistance. Paul Montgomery, 858-229-0338
0 votes Thank Flag Link Tue Jul 6, 2010
Hello Kenneth,

As Lou stated below, it's the best call to contact a Realtor and develop a working business relationship with them and simultaneously become educated through them about foreclosures on the market and those coming. Even more important, they will help navigate you through the often complicated process making it as smooth as possible. It's especially important that they specialize in the area and have local knowledge. If I can be of further assistance, feel free to contact me as Encinitas is one of my specialty areas in North County that I know and love.


Jill Wheeler, Realtor
Willis Allen Real Estate
0 votes Thank Flag Link Tue Jul 6, 2010
Thank you for your question Kenneth. Please be advised that many properties are listed on various websites as 'Foreclosures' with the deceptively low prices (this site included). If you want to buy a foreclosure you need to contact the bank or lien holder. I recommend getting a local agent first because their knowledge and expertise can be invaluable.

The Foreclosure process starts when a homeowner cannot pay the mortgage and ends when the home is resold.

The three stages of Foreclosure are: Pre-Foreclosure, Auction, and REO/Bank Owned.

Pre-Foreclosure is the time period a homeowner has to repay the delinquent amount of the mortgage.

If a homeowner does not pay the mortgage the home is auctioned

If the bids do not meet the reserve the lien holder (bank) reclaims the property and it becomes a Bank Owned REO.
0 votes Thank Flag Link Tue Jul 6, 2010

The best way to buy foreclosures or any other properties is to find a local real estate agent. He or she can help you locate the property you are looking for and negotiate the best price and terms for you when it comes to making an offer. I would be more than happy to give you names of agents in your area, should you need someone. Just email me at

Best of luck in finding your new home.

Lou McNamee
Coldwell Banker
Web Reference:
0 votes Thank Flag Link Tue Jul 6, 2010
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