dmbc512, Home Buyer in San Diego, CA

what'd the process of purchasing a foreclosed property? I think I can pay up to 50 - 60K and am looking for investment property (multiplex or condo)

Asked by dmbc512, San Diego, CA Mon May 7, 2012

It doesn't need to be a property in the San Diego area as long as the rental market is good. Thanks in advance.

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I'm assuming you mean a $50-60k DP otherwise you may want to start looking at Manufactured Homes in rent/lease parks. BTW, they're not bad investments right now. Especially within steps to the ocean. I have three right now that are between $29-75k.
0 votes Thank Flag Link Mon May 7, 2012
Hi Sanghee,

Amanda pretty much summed up the process. Are you planning on using the $50K as a down payment or did you want to purchase the property for $50-60K? I can send you properties, 2-4 unit and houses if you're using your money as a down payment, or condos if you want to buy the property in full for $50-60K.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
0 votes Thank Flag Link Mon May 7, 2012
If you are planning on paying all cash, the process is to first find a place you like or work with an agent and have them find you a place, and then you submit an offer along with your proof of funds (showing that you have the money available in your bank). Next step is to get your inspections of the property completed, Then you have your escrow period. Then last stop CLOSING! If you are planning on putting your $50-$60k as a down payment and getting financing, first step is to get pre-approved for financing. Then you find your place, submit an offer, open escrow, get your inspections and loan then closing!!
0 votes Thank Flag Link Mon May 7, 2012
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