Foreclosure in San Diego>Question Details

Dsitressed L…, Other/Just Looking in San Deigo

What are the repercussions of foreclosing an investment property here in California. I purchased the

Asked by Dsitressed Landlord, San Deigo Sat Feb 28, 2009

property for $200,000.. 20 % down. Now the property is worth $60,000 and vacant.

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4
Hi,

You need to contact an attorney and a CPA. This is not in the scope of what real estate agents can answer.

Dawn

http://www.dawnsellssandiego.com
0 votes Thank Flag Link Sun Mar 8, 2009
You need to consult your tax advisor and your attorney to get specifics regarding the repercussions of a foreclosure on an investment property as well as their recommendations.

Please talk to an experieced Real Estate Consultant to verify the current value of that property and value projections based on current market activity. There are lots of buyers out there nothwithstanding all the negative news the media lives for!

You possibly can rent the property and hold on to it until the market turns. At that point, you can go ahead and sell outright or consider a 1031 tax deferred exchange. The rental market in San Diego is very healthy as many people who have lost their homes, are moving into rentals. Feel free to contact me at your covenience.
0 votes Thank Flag Link Sat Feb 28, 2009
Instead of foreclosing, try to do a short sale, atleast you will get a chance to negotiate the terms of any repayments after the sale of your property. You need to contact a local real estate agent who is experienced in short sale to list your property and consult your cpa for any tax implications.

Blaison Samuel
Certified Short Sale Specialist
0 votes Thank Flag Link Sat Feb 28, 2009
You should consult a real estate attorney regarding your question. Foreclosure on a non-owner occupied property or investment is very different and is much to complex to answer in this forum.

I have provided a link to the Lawyer Referral Service sponsored by the North County Bar Association. They offer a free 30 minute consultation.
0 votes Thank Flag Link Sat Feb 28, 2009
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