Roberta Murphy - San Diego

The only home in pre-foreclosure status on this street is 224 El Portal in Encinitas. The property is west of 5, was built in 1949 and has 1039 square feet--with 3 bedrooms and one bath. Current debt is around $103,000--with a value in excess of $500,000. It is scheduled to go to sale on or around 8/11/2009 (unless loan is brought current or a sale occurs in the meantime). - Sat Jun 20 2009, 20:47

Louie:

Perhaps this home is available in another Carlsbad--in another state? The address given for this Carlsbad, CA property is in a shopping center, and the only thing near that price would be a condo or two across the street. I see you live in Carlsbad, TX; perhaps the wrong zip code was entered for this listing?

To search for real estate listings in Carlsbad, California, just visit the link below: - Sat Jun 13 2009, 07:28

Yes, it is possible to conduct a home inspection prior to making an offer on a short sale. Prior to investing what could amount to several hundred dollars, though, I would have your agent check to see if:

1. Other offers have been submitted on the property. In our market, that is not unusual and most clients don't want to invest the money for a home inspection until they are more certain their bid will be the successful one.

2. Where is the property in the short sale process? Sometimes, these sales can half a year to process and a home inspection done months earlier will likely need to be done again. Much can go wrong with a home over a few months--especially one that is vacant.

3. Consider making your offer subject to a satisfactory home inspection--if that is not already in the boilerplate of your offer. Then conduct the inspection when you have clarity as to whether your offer will be accepted or not.

Finally, take this advice with a grain of salt if your are married to a home inspector or have one in the family who will do said inspection as a favor.

Best wishes in finding a great home, in great condition--at a great price! - Fri Jun 12 2009, 07:10

Tammy: I answered this question over a year ago, and since that time prices have further plummeted in San Diego County. With thorough searching and lightning-fast offers, you might be able to find a home for less than $150,000 in Oceanside, Escondido, Vista and numerous communities in South County. We just put a 2-bedroom, 1-bath home in a nice area of Oceanside into escrow at $130,000. and one of our associates has sold several condos under $100,000 this year.

Homes at these prices are not languishing on the market, though. It is a congested segment of the market that is crowded with investors and first-time homebuyers. - Fri Mar 27 2009, 21:20

Buyers are finding some tremendous buys in South Bay neighborhoods. There is currently a 3-bedroom, 2-bath townhome in Paradise Hills for under $200,000.

Other great buys in Northern San Diego County can be located in Escondido, San Marcos, Vista, Fallbrook and Oceanside.

To search the San Diego MLS for these bargains, just click the link below: - Sat Jan 12 2008, 10:34

Good question, G.H.J!

So many foreclosure and short sales in San Diego are coming to resemble e-Bay transactions. It is so frustrating for a buyer to submit a bid, only to find out there are 12 other bids on the table. Here are some of the things we do to increase our chances for successful bidding:

1. Prior to submitting an offer, we speak with the listing agent to "seek guidance" in our offer--especially when we are in a competitive situation. It doesn't always work, but armed with that information, we stand a much greater chance of winning the bid.

2. Be thoroughly pre-qualified with a direct lender and have that letter on hand to submit with your offer.

3. Offer a fast closing date with no contingencies. Lenders like speed--at least on your part.

4. Present a strong earnest money deposit--at least $5,000. on an offer of this size ($235,000) shows strong intent.

5. Finally, and most importantly, do not get emotionally involved with the transaction until you know your offer is accepted.

Another thing we do as buyer's agents--and when there are no other offers on the table--is ask the listing agent to place the property as "pending" if we submit a reasonable offer. It's a long shot that occasionally works--and helps insure a successful transaction. No buyer feels secure with the prospect of overbids overshadowing the offer.

Additionally, we are finding that many San Diego area home sellers are coming to grips with our market and are pricing their homes competitively–sometimes at prices that beat short sales and foreclosures. - Thu Mar 12 2009, 11:25