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Foreclosure in Encinitas : Real Estate Advice

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  • Local Info10
  • Home Buying18
  • Home Selling3
  • Market Conditions3

Activity 7
Wed Sep 18, 2013
Mike Stone answered:
There are many risks involved in purchasing at the court steps. You can hire anyone to make the purchase for you. You simply have to send someone you trust, to the court steps, with cashiers checks, in an envelope. You can communicate with them on the phone, while the bidding is taking place. Once you've made the purchase, the property is yours. Sometimes you will come out ahead, and at other times, it may cost you more than a non-foreclosure property, by the time you fix it up. What if the owner of the property, that is being foreclosed on, comes over and turns on a faucet or two, in the house, the night before the auction? I've personally seen some homes that have been trashed inside. As a Realtor with a builder back ground, I considered helping an investor acquire homes this way. I did a few dry runs. I would drive all over San Diego, to see the properties, estimate repairs, and stand on the court steps to learn, and observe. More often than not, the property of interest didn't come up for sale the day they said it would. The sale date is often postponed. I also found that properties under $500,000 were of interest to too many bidders. The price would be driven up to near retail. There are deals to be had, but not without risk. ... more
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Wed Sep 18, 2013
Mike Stone answered:
Generally agents don't want to take on the liability. There are many risks involved in purchasing at the court steps. You can hire anyone to make the purchase for you. You simply have to send someone you trust, to the court steps, with cashiers checks, in an envelope. You can communicate with them on the phone, while the bidding is taking place. Once you've made the purchase, the property is yours. Sometimes you will come out ahead, and at other times, it may cost you more than a non-foreclosure property, by the time you fix it up. What if the owner of the property, that is being foreclosed on, comes over and turns on a faucet or two, in the house, the night before the auction? I've personally seen some homes that have been torn apart inside. As a Realtor with a builder back ground, I considered helping an investor acquire homes this way. I did a few dry runs. I would drive all over San Diego, to see the properties, estimate repairs, and stand on the court steps to learn, and observe. More often than not, the property of interest didn't come up for sale, the day they said it would. The sale date is often postponed. I also found that properties under $500,000 were of interest to too many bidders. The price would be driven up to near retail. There are deals to be had, but not without risk. ... more
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Wed Jul 7, 2010
Cory La Scala answered:
Wow! Lots of good info here. Foreclosures can be bank-owned or going throught he foreclosure process. If a property is already foreclosed, it's 'bank-owned.' If it's still in process, it would be a regular resale listing or, more often, a short sale listing. You can find any of these properties in the MLS, but search sites often have out-of-date information, so, if you want to find a property ready to buy right now, go for a bank-owned. And a real estate agent can help you buy one of those, because they have access to the up-to-date information. A good agent also won't push you to submit offers, just to submit offers.

Bank owned properties are in demand, so more often than not, you need to write a strategic offer. Also know that some bank-owned properties won't even qualify for a loan at all, if you're using financing, due to physical condition, and/or financial condition if the ownership is a condominium.

Hope this helps!
Cory
... more
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Sun Feb 22, 2009
Roberta Murphy answered:
Monica:

If you have no source for referrals, you might want to Google the areas of interest, and find Realtor blogs and websites that interest you. Then, feel free to call or email the agents to find one with whom you feel most comfortable.

Any seasoned agent in North County would be familiar with the markets in Encinitas, San Marcos, Carmel Valley --and most likely Rancho Penasquitos.

As for the real estate crash in San Marcos: This area had an enormous amount of new construction (eg San Elijo Hills) that offered E-Z financing along with fairly stiff HOA and Mello Roos fees. This, coupled with San Marcos condo conversions that ultimately failed, led to a high number of foreclosures and short sales that have precipitated the steep decline in San Marcos real estate prices.

Today, some tremendous real estate bargains can be found not only in San Marcos, but in Carmel Valley, Encinitas, Carlsbad and Rancho Penasquitos. Count your lucky stars that you are a buyer in today's market, rather than three years ago!
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Mon Dec 29, 2008
Diane Conaway answered:
A point of clarification. I did not mean that the bank was assigning the new REO before they owned it. Merely a reference to some of them assigning them almost as quickly as the gavel falls, while others take months to assign. In the case of the San Marcos example I gave, there was no tenant. It was vacant during the summer when it was winterized and was just now assigned. Some banks aren't staffed to handle the volume so some homes languish vacant for many months. Yes, others have tenants that need to be negotiated with. Each one has a different story to tell. ... more
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Sat Jan 12, 2008
Roberta Murphy answered:
Though the overall number of qualified buyers has declined since 2006, Encinitas still has strong buyer appeal. We recommend to our clients that in times of market turmoil, it is best to put money into blue chip investments.

Is Encinitas in blue chip territory?

Absolutely!

The schools are excellent, the beaches are nearby and there is a wide choice in neighborhoods.

For additional information about Encinitas, visit http://www.SanDiegoPreviews.com/encinitas and for real time market reports about Encinitas, click the link below:
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Wed Jun 27, 2007
Jeff Dowler answered:
As a buyer it makes sense, in this market, to explore all your options for homes, especially if your price range is limited. Short sales and foreclosures can be an important part of your home search, but be aware they can be very time consuming and may not be the great deals you hope they are. And some short sales never get finalized but simply foreclose.

Unrepresented sellers (a.k.a. FSBOs) shoud also be considered. But keep in mind that they are not represented by a licensed real estate professional, so this is a risk to you in terms of liability. Make sure YOU are represented as the buyer, in any transaction, so you have a knowledgable person looking out for your best interests as the buyer.
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