You can go to the court steps and buy a property in the auction cash, if you are so brave to do so without any inspections or home work done on the property first. You might get a significant discount there, but not 50%. Don't think people, whether, real persons or banks are stupid enough to sell their real estate, so cheap, when they can get if not all, then at least, most of the value!
Good luck though! :)
Real Estate Supergirl
It is not possible to purchase homes at 50% of their market value, most of the REO's sell for 90-100% of market value, as they are typically already priced low due to the TLC needed. Even at the courthouse steps expect to pay the same, as many foreign buy and hold investors will pay market value for homes (Crazy, I know but it happens every single day there). For 100k, you may need to go outside of Southern California, or settle on a small condo in an iffy neighborhood. Either way, I wish you the best of luck!
Tom Bashe l Broker l SCA Real Estate l 951.547.0705 l Tom@SCARealEstate.com
Congratulations on selling your home. To find a home in San Diego county for $100,000 or less, you will have to move significantly east. If this is in LA County, again, east you will have to go. Like an hour or two.
Best of luck,
Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA BRE License 01713506
Boy, wouldn't that be great if you could buy real estate at 50% off? In your particular situation and given the market, that will not be possible. There may be some financial savings in buying a foreclosure, but 50% is a far car from reality.
You can't buy much of anything in San Diego for $100K...
If the home is extremely upside down, that would bring down CMV.
To answer your question, probably not. There are to many investors with cash that will want that house it will probably sell it closer to the CMV.