Lee Cooper, Renter in San Diego, CA

I am interested in this property but unsure of pre- forclosure system. Can you please let me know the process and the actual costs for such property.?

Asked by Lee Cooper, San Diego, CA Tue Jan 29, 2013

Looking to purchase as investment and to house son whilst at college here. We are from Australia.

This question was asked from this property: http://www.trulia.com/foreclosure/3100616738--Mount-Blackbur…

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You may be interested in this property but since it is not on the market and may never be on the market, your interest is likely in vain.

This is exactly why you should engage an experienced local Realtor and a mortgage professional to help you to get the home that is right for you.

Talk to Maureen or Miguel or Robert – below - or all of them. Find out if one of them is the right Realtor to help you. Perhaps Sheryl is whom you should talk to about obtaining a preapproval for the loan that you will need (assuming that you will not be paying with cash).

With record low interest rates and prices that have fallen far from the heights of just a few years ago, this is a great time to buy the house that will be your home for years to come.
0 votes Thank Flag Link Tue Jan 29, 2013
Hello Lee,

There have been some good answers to your question regarding this property. It is not currently on the market, and may not come on the market. The amount that is shown on Trulia is the amount the owners are behind on their loan.

If you are looking for a home here in San Diego I would be more than happy to assist you. Feel free to call or email me.

Maureen McGrath
Prudential California Realty
A Berkshire Hathaway Affiliate
DRE #01714823
(619) 922-2441
0 votes Thank Flag Link Tue Jan 29, 2013
The process is takes a little longer because an offer needs to be accepted by the Seller's lender if that lender is getting less than what they are owed. An offer is made and if the terms are acceptable to the seller, it will be accepted and then submitted to the seller's lender. It may take 3 to 6 months more than the usual 30 days, but it all depends, and the process has been streamlined by many lenders and I have seen 30 day approvals, stretching the time frame to an acceptable period. I have extensive experience with pre-forclosure sales and can walk you through the whole transaction with expertise and making sure you are in total control, giving you the timely information so that you can make the best decisions. Give me a call or write to me if you want to get an indepth assessment of the process.
Miguel Bush Tel.619-246-3605, email miguel@austinsmithrealty.com
0 votes Thank Flag Link Tue Jan 29, 2013
There are a lot of terms used relating to "foreclosure" homes. The one you are referring is a home at the beginning of the foreclosure process (aka pre-foreclosure). The lender has filed a Notice of Default starting the wheels in motion. Three months after the Notice of Default, the lender can file a Notice of Sale. Three weeks after that notice is recorded and the auction date advertised, the lender can auction the property. The auctions are usually held in front of a local courthouse and the bidders must show certified funds for their entire bid amount. For these sales, there are no inspections, no disclosures and no guarantee title insurance provided. This type of purchase is for those well versed in trustee's sales, property values, title issues, and such.

If a property goes to auction and there are no bidders aside from the foreclosing lender, the ownership of the property reverts to the lender. The property becomes what is called REO inventory (Real Estate Owned). The lender will usually try to liquidate the home through a local agent or a disposition company and appear on the Multiple Listing Service.

If you are seeking a home, I recommend you not focus on "foreclosure" properties. Look at all inventory available, determine your needs, and pursue the property which will allow you to accomplish your real estate goals.

As a mortgage lender, I am too familiar with the foreclosure process. If you have questions about trustee's sales or would like information on how to purchase a property with far less risk, drop me an email or give me a call.

Thank you,
Robert Boerner
Gecko Realty
0 votes Thank Flag Link Tue Jan 29, 2013
Hi Robert, thank you so much for your response to my question, I now understand the system a little more, very different to here in Australia !! Any rate I will be in contact again regards looking for short sales and "real" sales in the near future. I will need to find out about loans and alternatives if we were to require one, we have areasonible amount to use so will depend on the house and area we decide upon and the overall cost as to whether we need a loan or if our son can get a loan.
Thanks again Lee Cooper, Australia scooper-lee@powerup.com.au
Flag Sun Feb 17, 2013
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