Property Q&A in 92130>Question Details

Jun Chang, Home Buyer in San Diego, CA

How do I apply for buying this property? Thanks

Asked by Jun Chang, San Diego, CA Thu Jan 8, 2009

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Depending on when the Notice of Default was recorded, you would likely need to wait a few months before the sale at the courthouse or if the borrower is able to reinstate the loan, then it would be taken off the market.

$12000 is a very low amount. If it does not get reinstated, the foreclosure proceeds and the lender gets it back and it becomes an REO. That is when you would have a chance to buy it if the bank does not decide to sell it in bundles to an investor buying a group of properties.

Your best bet is to find REO properties if you want a good deal or work with a licensed real estate agent who is knowledgeable of the entire foreclosure and bank-owned process. It will be in your best interest to work with an agent who has this experience because there is a lot of background work that other agents are unaware of and might not be able to offer you adequate representation.
0 votes Thank Flag Link Sat Jan 10, 2009
Jun, This is a notice of default for this amount, $12,000. There are a few for sale in this neighborhood, however asking prices are mid $300's. If you'd like additional information on bank owned properties feel free to contact me.

Katrina Hamilton
Direct: 858-405-4407
Web Reference:
0 votes Thank Flag Link Thu Jan 8, 2009
Like any property, you get preapproved for a loan with your favorite lender and write an offer with your favorite Realtor. That's simplified, I know. If you're asking if you can buy it for $12,000 the answer is no. Smaller units in this area go for $250-350,000 and the detached homes have been selling higher. If you want to know more about short sales and the misleading prices you're finding on some web sites, I have a special report on my website listed below. Good luck!

Diane Conaway, RE/MAX United, (760) 749-2888
0 votes Thank Flag Link Thu Jan 8, 2009
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