Foreclosure in San Diego>Question Details

Shannon and…, Both Buyer and Seller in Murrieta, CA

We are looking for foreclosures under $400K. 5 bed, 3 bath, 2500 sq. ft. in the San Diego area. Do they exist?

Asked by Shannon and Ryan, Murrieta, CA Sun May 11, 2008

We are moving from Richlands, NC in August. Need to sell the house we currently live in and find one to buy in the San Diego area before then. Looking in the Del Mar area. Any suggestions?

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"looking in the del mar area"...
I recently moved to Carlsbad and if Del Mar homes ever go for $400k, I'll buy two.
sorry if Im being insensitive but I'd hate to see you come all the way out from NC, only to be disappointed.
No, no, you cant get into Del Mar. try 2 to 15 million and you might be on to something...
whatever you do, dont buy in Oceanside, Escondido or Chula Vista.
and dont give up on SD and go north to Riverside/Inland Empire.
youre from NC, right? well, San Diego is the Tarheels and Riverside is NC State.
You might want to consider San Marcos (Discovery Hills) just make sure to look at the 92078 zip code not 92069.
its nice and family friendly and reasonably close (15 minutes) to the beaches.
you should be able to find a few houses there in your range.
if you like newer developments, check out San Elijo Hills. its a newer cookie cutter neighborhood with lots of different mini-communities. not sure if 400k will get you much though.
wherever you go, ask about Mello Roos and HOAs. they can get pricey.
1 vote Thank Flag Link Mon May 19, 2008
You won't find any in the Del Mar or coastal areas. Five bedrooms is a tough one. You might find some in Escondido or Vista but the schools aren't that great. If you are willing to take a drive and are looking for good school districts, I would suggest Temecula or Murrieta. You can also go south to Otay Ranch, Eastlake, or Chula Vista. I don't know how the schools are down there though. Maybe going east, La Mesa, Del Cerro, or certain parts of El Cajon
1 vote Thank Flag Link Fri May 16, 2008

Del Mar might be a bit of a stretch for what you are seeking, but there are some remarkable buys that come close to what you are seeking in San Marcos, Vista and Oceanside.

Chances are, in those you would be looking at a short sale or foreclosure on a newer home that sold for far more just a couple or so years ago.

Additionally, by staying under the $700,000 price range, you should be able to qualify for very favorable FHA financing,

Best wishes!

Roberta Murphy
Villa Sotheby's International Realty
0 votes Thank Flag Link Tue May 20, 2008
Roberta Murp…, Real Estate Pro in Carlsbad, CA
As just about everyone has eluded to, nothing in the coastal areas in that price range. However there are many great areas not to far away that may fit the bill. There are also some sources you may not have looked into. As an example, there are many bank owned properties available but not yet on the "open" market. They are available to see and make offers on, if you can overlook the condition of many of them :). Most of these properties are in need of cosmetic repairs, and some loans even have the cost to rehab the home built into the loan. I can add you to my e-mail notification for these types of property if you are interested. Just let me know.
Web Reference:
0 votes Thank Flag Link Tue May 20, 2008
5 bedrooms for under $400K in a good neighborhood would be a test. the market is just not there. But ask you really need 5 bedrooms, if the answer is yes then you may want to reconsider your pricing criteria, but if you could live in a 2000SF home with 3 to 4 bedrooms, you may find something you would be happy with. NC is a really nice state, I have a property in Cornelius and I love it. Teh area is great and the pricing was much less than here in San Diego. I'm sure it is the same with Richlands vs San Diego. We do have higher real estate pricing but to live here is a treat. you will love it. Think about wht you really need and go for it. the foreclosure market is hot dive will not regret it.
0 votes Thank Flag Link Tue May 20, 2008
You won't find any bank owned at that price in Del Mar. For the size you are looking for and your price range, you are not really going to have much luck in the central or mid coastal areas of the county. As far as 5bed 3 bath 2500sqft goes, right now there are only 36 properties in the entire county that fit your desires and price point. The areas those properties are in; Alpine, Chula Vista(most are here), Spring Valley,El Cajon,Fallbrook, Oceanside,Vista,Encanto, Skyline Hills, Paradise Hills,South San Diego near the border.
I have 2 suggestions, 1) build a relationship with a local realtor who can help you navigate the best places in San Diego fitting your needs like commute to work, schools etc.
2) Evaluate whether you really need a 5 bed 3 bath home. You would have more luck if you adjusted your criterion a bit. WIth your criterion and price range you will either find a contractors special-a house that needs $ and work, something that is either far north or far south of the central hub of San Diego, or houses in less desirable neighborhoods. You will not find anything in the central coastal del mar area. For your price range in the Del Mar as well as immediate surrounding areas...400k will get you a condo 1 bed 1 bath-3bed 2 bath all around 1200 sqft or smaller.
I am a San Diego native, if you are not working with anyone, I would be happy to help. Feel free to contact me anytime.
Alison Bell
Web Reference:
0 votes Thank Flag Link Fri May 16, 2008
I have some in Escondido & in Otay Mesa Bank Owned Foreclosures under $400k 5bed 3 bath if your interested.
0 votes Thank Flag Link Fri May 16, 2008
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