Different Ways to Buy Foreclosures - you can buy foreclosures a number of different ways. Below are the 3 most common with some perspective on my experience with 30+ years in the real estate business.

Buying directly from the homeowner - You can purchase foreclosures directly from the homeowner prior to it going to sale and back to the bank to be sold as a “Bank Owned” property. I am not a fan of this option for one simple reason. Homeowners are being taken advantage of and deeding their homes over to crooks who promise to bring their mortgage payments current and never do anything. This is the option that all of the late night infomercials are always talking about. It’s unfortunate that when someone is in a difficult situation that these crooks come out of the woods to steal equity away and convince homeowners to deed the property to them. If they really did what they say they will do then great, but it’s too often I hear horror stories about homeowners that were taken advantage of. What typically happens is a number of different things, including renting out the home to collect rent payments for 6-12 months while never make any single mortgage payment. The end result in many of these scams is that homeowners are sold on the idea that they will avoid a foreclosure showing up on their credit. If you have equity in your home then you should try to sell it with a local real estate agent. Your lender will give you some time to sell the property if you show them you are making an effort to sell it.

Buying at a real estate auction - not a big fan! These homes that are being sold at auction are homes that didn’t sell via OPTION 3 of this article. They were listed with local real estate agents as “Bank Owned” homes and as a result of them not selling in a timely manner the bank turns them over to an auction company for sale. Would you go purchase a foreclosure amongst hundreds, if not thousands of other buyers when you could have purchased it a month earlier with no other competition?  Auctions are not my favorite, you are in a room with people that do not take the time to research the property and they are sold on this slogan. “Buy this previous valued home of $450,000 with a starting bid of $275,000!!!” I have news for you, take the time and go to one of these auctions and you will see that by the time it actually sells you really aren’t getting a good deal compared to the foreclosures available for sale in the local MLS.

Buying from a local Realtor - my favorite option maybe because I am a Realtor! :) No, it’s because it makes the most sense. You find a local real estate agent who specializes in selling bank owned real estate. I would recommend that you do a Google search for “bank owned real estate for sale CITY NAME” and you should come up with some options. Buying from a local real estate company will allow you time to do your inspections on the home you are buying; you will get a clear title with title insurance. If you purchase your home listed with a real estate company that is “Bank Owned” you do not have to worry about the title history because you will be provided with a title insurance policy when you close escrow. You will have typically a 30 day escrow which will allow you to purchase with financing.

Other things to understand about buying foreclosures - One big misconception is that you deal directly with the bank. Let me tell you that it doesn’t happen. Banks don’t sell real estate. They find local real estate agents who know the local market and pay them a commission to get the property sold. Don’t waste your time trying to work out a great deal directly with the bank or insist that your low offer at 50% of the listing price should be considered. Banks want to sell these foreclosures but they are not stupid.

Things to do after you purchase a foreclosure property - Get the locks changed as quickly as possible, many banks use the same key cut for all of their listings because they have so many vendors to deal with they have the locksmith re-key all of their foreclosures with the same cut key. You should really invest $100 to have your new home re-keyed.

If you would like any San Diego Foreclosure Information please feel free to contact us.

BANK OWNED - BEAUTIFUL HOME! THIS IS ONE YOU NEED TO GET OUT AND SEE. IT’S PRICED TO SELL AND THE PREVIOUS HIGH SALES PRICE OF $375,000! WOW!!! WE HAVE IT PRICED BY THE BANK AT $257,500!!! GREAT FIRST TIME BUYER OPPORTUNITY. WONT LAST LONG. ONE BIG MISCONCECPTION IS THAT REAL ESTATE IS NOT SELLING AND YOU CAN BE PATENIT UNTIL IT COMES DOWN MORE IN PRICE AND THAT IS JUST NOT HAPPENING. BANKS ARE PRICEING THESE HOMES RIGHT AND THEY ARE SELLING. NOTHING TO DO BUT MOVE IN! HOME IN GATED COMPLEX LOCATED IN A VERY QUIET NEIGHBORHOOD NICE CLEAN PARK ACROSS THE STREET - CLOSE TO ALL, NICE CLEAN QUIET BKYRD WITH FENCE GREAT 3 BED, 2BA, 2CAR GARAGE LAYOUT PRICED TO SELL AND GREAT 1ST TIME BUYER OPPORTUNITY! WONT LAST LONG! Take some time and make sure you look at this home before you decide to purchase anything. If this home is not something you are interested in please feel free to view all of the other bank owned homes for sale in San Diego. Please click on this link to be taken to the Bank Owned homes for sale section. 

Please review the graph below provided by city data. It will give you detailed information about the values of real estate over the last few years. One thing to remember is that this home previously sold for $375,000 and is now for sale for $257,500. If you have questions about buying bank owned real estate please feel free to call us today. Thank You

MLS # 086021370

Carlos Aguilar    800-332-1687

Graph provided by City Data

Bienes Raices en San Diego are real estate services we provide!

Bank Owned - For all of the developers, rehab contractors looking for a great rehab opportunity this may be one to consider. Property needs a lot of work and will probably end up being a major remodel but the lot is what this property has going for it. It sits on a nice hill at the top of Gibson Street in Encanto that has great views from every area of the lot. When you stand in the front of the house you have great views across the Vally. The back yard has great views to the west over looking the home below. The lot size is just under 5,000 square feet current home features a large backyard. This property is definitely worth looking at with your contractor. We recently had the windows boarded up to keep unwanted people out. Please call us if you would like more information about this listing. We would be happy to show it to you.

Please call if you have any questions. Also feel free to view all of our other bank owned real estate for sale in San Diego by following this link.

 MLS # 076093523

Carlos Aguilar 800-332-1687

Bienes Raices en San Diego!!! Carlos is originally born in Mexico so he is able to work with all of the fluent Spanish speakers if you prefer to deal with a bilingual real estate agent in San Diego!

Call him today if you have any questions!

Looking for a great condo development in the heart of San Diego’s Gaslamp district? Park Terrace condos is in the heart of the downtown area of San Diego. It’s a brand new development that is right next to the ballpark in San Diego. There are 2 towers in the complex, 1 that is 7 stories and the 2nd is 14 stories. The complex features security access for both buildings, great underground parking, community room with TV, Pool Table and Outside Patio area with BBQ’s. 

Park Terrace sits around the corner from everything in the downtown area. It;s close to popular bars, restaurants and many shops. Petco Park is the home of the San Diego Padres and makes it a great place to be for exciting times during baseball season.

If you are thinking of buying a condo in the downtown area of San Diego then Park Terrace is a development that you need to look at. Please call us today if you would like additional information on all of the current units available for sale.

Carlos Aguilar     800-332-1687

Alex Aguilar        619-209-5508

Team Aguilar specializes in selling condos in the downtown area of San Diego. We have sold condos in the Ballpark, Marina, Little Italy, Gaslamp and Cortez Hill districts of downtown San Diego. Please call us for any additional information. We can set up a customized real estate search for any of the downtown areas and target specific projects, buildings, districts, type, size or anything else you may be looking for.

Bienes Raices en San diego

Bank Owned - Priced to sell - single level floor condo with updated with wood laminate flooring. It’s located in a quiet location of the complex on the corner with very little traffic. The complex features a great pool and spa that gives you a resort style feel. Complex also has a very nice community laundry facility that is very close to this unit. There are BBQ’s around the pool. The pool spa area has great landscaping that is maintained very well. Everything about this particular unit and complex is very nice. The parking is also in a grated area for added security. The unit is very close to the pool and looks out to trees and beautiful landscaping. Your HOA fees include, exterior building maintenance, common areas such as the pool and spa and many other nice features which include a small club house room with pool table and room for small meetings. Great student rental or purchase if you have students attending school in the area. The complex is very close to the freeway and within minutes of San Diego State University, UCSD, Mesa College, USD and Palomar. If you are looking for a 1st time buyer opportunity this may also be a great option because of the price!

MLS #  086019796

Property Information - 6386 Rancho Mission #311, San Diego, CA 92108

Property being offered for $179,900

Call Carlos for Information on this property 800-332-1687

We sell bank owned real estate in San Diego. If this property does not interest you please feel free to view all of the other bank owned property for sale in San Diego. We also have a great foreclosures section full of useful information you can view about buying San Diego Foreclosures.

We just listed 2 units for sale in Oceanside California. It’s a fixer opportunity, 2 unit occupied by owner & Family. Bring all offers. Sold “as is.” Buyer to verify all before close of escrow. This is a great opportunity to buy investment property in San Diego. These units need work, don’t be fooled by the pictures. The kitchen is very nice and highly upgraded but unfortunately that is where it ends.

The rest of the units need work but make an offer. Get these units at a discount cost! Seller may be willing to rent 1/2 of building for up to 12 mos. Property in need of repairs to maximize rent potential. Check what other duplexes have sold for in this area and make an offer. You will see that this is priced right for 2 units in this area. Call us if you have any questions. Units are very easy to show, current owner is always available and can show units just about any day. If you are looking for real estate in Oceanside or any other city’s in San Diego County please email us so we can meet with you and find the perfect real estate for your needs.

Property located at 1505-1507 Puls Oceanside CA 92054

MLS #: 086011586

Call Carlos Aguilar for additional information

800-332-1687

Great home for sale in Rancho Penasquitos. Seller will consider offers between $525,900 to $549,900 on this beautifully upgraded Penasquitos Home. Professionally remodeled with new kitchen, appliances and counters. Recessed lighting creates the perfect mood in this home that your clients will love. See Supplement for additional features;

Lovely yard with custom pool and spa, built in BBQ and bar creates a perfect entertainment center for enjoying the California lifestyle. The owners have spared no expense to remodel this home with top of the line appliances, new FAU and AC units. Additional storage in garage attic with pull down stairs and lighting. Tank less water heater means you never run out of hot water. This is as clean a home as you will find. And it is in the Poway School District. Please call for additional information. This property wont last long!

Carlos Aguilar - 800-332-1687 San Diego Real Estate

Property located at 12821 War Horse St. San Diego CA 92129 MLS #086017746

Other news on the real estate market in San Diego? The market is holding strong and despite the availability of money or financing not being what it was just a few months ago there are still many loan programs available. The market will hold it’s own, we are dealing with many investors that are buying up a lot of inventory because this is the time to buy! We are also working with a lot of first time home buyers that were priced out of the market the last few years. If you have been sitting on the fence get off that fence ASAP because there are deals out there and they wont last very much longer. The market will come back because it always does!!!

Bank Owned Condo - Yes, you can buy this condo for under $75,000. This condo is fresh on the market - Great opportunity to get into this condo and own something in central San Diego. Close to all of the freeway’s right off of Interstate 94. Complex features a great pool and spa in the complex, exercise room and is in a gated community. Bank Owned - NOT a short sale! Seller is motivated. The condo is clean and sits in a great area of the complex with small balcony on the 2nd floor overlooking complex. Don’t worry about having anyone above you because you are on the 2nd floor in this unit.

The price of this condo is currently listed at $74,900. It just came on the market today and is already creating a lot of interest. If you would like to view this condo please call us today and we will make arrangments to show it to you. You can also view all of our current San Diego bank owned foreclosures for sale by clicking on this link. Thank You.

Let’s walk away from the real estate market for a few moments and talk about Wall Street. What was the big news today on Wall Street? Wall Street experienced huge gains today in the markets. The Federal Reserve announced that they would provide $200 billion in Treasury securities for 28 days in return for mortgage back securities. What does this mean?

Mortgage Backed securities have not been very desirable with all of the uncertainty in the mortgage market. This will help increase the demand for mortgage backed securities and supply liquidity to help revive a market that appears to be really locked up by the fear of where mortgage back securities may be heading.

By no means does this mean we are coming out of the current housing crises but it could be considered a small step in the right direction. It’s very important to restore confidence to mortgage back securities and make investors feel comfortable investing in them again.

This will be a short term fix and be in effect for 28 days. We will see how things go and over time the real estate market will come back and be stronger then ever but it will also take time to get past this current run of loans that are experiencing default rates higher then investors hoped for.

An increase in Foreclosure activity in any market also results in increased activity for Real Estate Auction companies.  Let me clarify a key point that seems to be causing some confusion.  When I refer to “Real Estate Auction” I am not talking about the Trustee Sale that occurs when a lender takes title to property because the property was lost to foreclosure.  The Trustee Sale is a totally different type of auction and one that i will write a different article on at future date.

What I am referring to is the Auctions that we now see being advertised heavily on television and newspapers.  These auctions are offering single family homes and condos at what appears to be substantial price reductions. 

These auctions are as a result of the current property being a bank owned listing that has been on the market longer then expected and the bank needs to sell it ASAP. The interesting thing is that these properties have already been available to the public for sale and as a result of them not selling they give the auction company the right to sell them and it creates a big frenzy and many people feel like they are really getting a great deal and sometimes they are but many times the property ends up selling above what it was being previously listed for.

Auctions are not a bad way of buying real estate foreclosures but you will find that you don’t find the true investors buying a large % pf their portfolio at the auctions. You will have a much better chance of getting a good deal on real estate buy doing your own homework and looking to purchase foreclosures prior to them going to auction. Contact me for additional information about buying bank owned real estate in San Diego County.

Please feel free to read our article recently written about different ways to purchase foreclosures. You should also call a local real estate expert in your area that can help you find the foreclosure you arelooking for. We have all the San Diego Foreclosure Information you need if you are looking in the San Diego area.