Home Buying in San Diego>Question Details

ralph.ford, Home Buyer in Carson, CA

Hello, I am Ralph my wife and I have our house up for sale, can we really buy a foreclosure house for 50% off, next how will the tax figured.

Asked by ralph.ford, Carson, CA Sat Jan 11, 2014

we want pay 100,000 or less, cash.

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Answers

10
No.
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! :)

Khrystyna Chorna
Real Estate Supergirl
1 vote Thank Flag Link Mon Jan 13, 2014
Ralph

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
0 votes Thank Flag Link Mon Jan 27, 2014
Hi Ralph,

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
http://www.shea-realestate.com
0 votes Thank Flag Link Mon Jan 27, 2014
No, not in San Diego, not ever. Sorry. I wrote a blog here in Trulia about finding foreclosures. I'll put a link to it in the web reference below. That should answer all of your questions.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes Thank Flag Link Mon Jan 13, 2014
Hello Ralph,

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.

Sincerely,

Chad Basinger
0 votes Thank Flag Link Sat Jan 11, 2014
As my colleagues have shared....you are honestly misinformed...You've never been able to get homes in San Diego for 50% off ...even in the hay day of foreclosures...

You can't buy much of anything in San Diego for $100K...

Take care.
0 votes Thank Flag Link Sat Jan 11, 2014
Ralph, finding an REO 50% off of list price is not going to happen. Even at the height of the Recession when REOs were rampant, you'd be very lucky to find a bank that would sell for 15% below list price. Now with the market stabilizing more each day, there are fewer REOs available which means more people will be making offers on those.
0 votes Thank Flag Link Sat Jan 11, 2014
It all depends what the Current Market Value is. The banks want to sell at about 95% of the CMV..
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.
0 votes Thank Flag Link Sat Jan 11, 2014
Would you sell your place for 50% off?
0 votes Thank Flag Link Sat Jan 11, 2014
50% off what it once sold for, yes that might be possible. If you are asking if you can buy 50% off the banks listed price they have it listed for, then no that is not likely. Banks will take a little off what it is listed for but not more than a few percent most of the time.
0 votes Thank Flag Link Sat Jan 11, 2014
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