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Archive for the ‘Bank Owned Homes in San Diego’ Category

What to Anticipate When Your Landlord Faces Foreclosure

Wednesday, June 10th, 2009

Eviction Notice

My boss, Carlos Aguilar, real estate agent extraordinaire (he pays me to say things like that), receives countless emails and calls from renters whose landlord’s are being foreclosed upon, and they are left in the dark, trying to figure out what they need to do. One such email he recently received was from a woman who found out her landlord was being foreclosed on when the Home Owners Association for the complex called her and told her. And since the landlord was no longer paying her HOA fees, the HOA requested that the she pay THEM her rent.

I can imagine that it’s quite unnerving when out of the blue, you get a call from someone you don’t know telling you all this. It’s the kind of call where you hang up and say, “What the F*CK?” Then you try and contact someone…anyone who might have some information on what’s going on, and no one can tell you a thing. So, if you are a renter and your landlord is being foreclosed on, let me help ease your mind. This article is about what will happen and what you need to do.

Finding Out

A few days after the Trustee Sale (foreclosure) occurs, someone will be knocking at your door inquiring about whom you are and the names of any other occupants. This person represents the bank that now owns the property you are occupying. If you are not home, they will post a notice on the door asking you to contact them. This notice may sound harsh, and may even sound like an eviction notice, but it is not. It is simply an initial attempt to impress upon you the seriousness of the situation and to make you aware that the property is now owned by a bank and their purpose is to gather information.  The new owners need to know who you are and what your intentions are. For the most part, they will want the property to be vacant as quickly as possible. The one exception to that is Fannie Mae, who, if they are the new owners, may give the option to some tenants to continue to rent the property. But almost all other lenders are not willing to rent the property and will assign it to an eviction attorney to begin the eviction process.

Eviction Notice

The eviction attorney (or someone representing them) will present you with a notice alerting you that you have 90 days to vacate the property. Depending on how fast the eviction attorney begins the case, this notice may not come for weeks (sometimes even up to a month) after the house has already been foreclosed on. NOTE: Despite what your former owner’s HOA tells you, you DO NOT owe them any money.

Cash for Keys

The Bank, AKA the new owner, will usually offer you cash to entice you to move out and waive the 90 day eviction period. The sooner you move out, the more money the bank is willing to offer you to help with your relocation costs. Typically, if you agree to move out in the first 30 days, the bank may be willing to pay you a fee of $3000-$4000. If you move out within 60 days, this amount is reduced substantially, and if you move out towards the end of the 90 days, you most likely will not be offered any money. The reason the banks are willing to offer you a relocation fee is to offset the cost of having to pay legal fees to have you evicted. And the sooner you are out of the property, the sooner they can put it on the market for sale. And they are EAGER to sell those properties.

Whatever you do, don’t play dumb and pretend like nothing is happening (see The Life and Time of an REO Field Agent: Part III). Talk to the bank, let them know what you intend to do. Will you take the full 90 days to find a new place and move? Or will you take the cash for keys and move out sooner? Depending on how much the banks offer you in the form of cash for keys, it might make sense to get out fast if you are able. If the amount is minimal, it makes sense to use those 90 days of living rent free to search for a new place.

Any way you slice it, it’s not your fault that your landlord got foreclosed on. Don’t take the eviction as a personal attack. It is without a doubt a large inconvenience, but the sooner you address the situation, the sooner you’ll be living in a new place. And who knows, maybe you will even make out with a little extra cash in the process.

By Andrew Brentan

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A Call To Agents

Monday, March 2nd, 2009

A Call to Agents

My superiors, the President and CEO of Axia Real Estate Group in San Diego, have asked me to write a blog announcing that we have now expanded our business into Riverside County and that we are looking for agents to work in both Riverside and San Diego.  I said to them, “Superiors, with all do respect, this is not something to discuss on a blog. This is something to announce on the home page of the website or take out an ad in the Reader or SignOn SanDiego.”  As you can tell by the fact that I am indeed writing a blog on our business expansion, I did not win this argument. And so, without further ado, let me introduce to you, Team Aguilar of Axia Real Estate Group:

Under the direction and leadership of Carlos Aguilar (President), and Howard Blum (CEO), Axia Real Estate Group, Inc. has been helping buyers and sellers in the San Diego region for over a decade. Carlos loves using the line that he has “been in real estate longer then he would care to remember” which was voted by me, to be his most over-used line of 2008. But he has been at it for a long time — originally licensed in California in 1972. The bottom line is, the man knows everything there is to know about real estate in California and he’s a pleasure to work for and with. And even if he wasn’t the one paying my salary, I’d say the same thing.

So, now that Team Aguilar has expanded into Riverside, we are looking for experienced real estate agents to join our group and work both Riverside AND San Diego regions. Agents should be experienced, knowledgeable, and willing to follow up on leads. If you are interested, or have any questions, call Toll Free Number at (888) 317-1496 or email info@teamaguilar.com.

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“Problems are only opportunities with thorns on them”

Saturday, December 6th, 2008

“Problems are only opportunities with thorns on them”, said author Hugh Miller. And the economic crisis that has inflated over the past several weeks has, for many, revealed opportunities amidst a global financial downturn. In Southern California, much of these opportunities are coming in the form of Bank-Owned Properties.

Bank owned properties offer a low-cost solution to investors and first-time home buyers. According to data released from real estate research firm, MDA DataQuick, the median home sale price in Southern California was $308,500 in September, down 7% from August, and 33% from a year ago. And prices are sure to continue to drop, creating great deals for those who are looking in the right places. Christopher Thornberg, principal of Beacon Economics, a Los Angeles consulting firm is predicting that home prices will bottom late next year, with the Southern California median sale price falling to $250,000.

When home owners default on their mortgage payments, banks will take ownership of the property and as a result of this widespread housing downturn, bank’s are taking ownership of more properties than they can handle. Banks are seeking to sell these houses as quickly as possible to recoup the money from the mortgage, and this in turn, creates an opportunity for great deals on home purchases.

“There are bank-owned homes of all shapes and sizes out there, and there are indeed great deals to be had,” says Carlos Aguilar of Axia Real Estate Group in San Diego who specializes in bank owned properties, “but there is also a lot of competition for these homes, and it is important to work with someone who has experience in dealing with Bank Owned properties.” Carlos has more than thirty years of experience in Real Estate and Loan Brokerage, and though he’s never seen a decline in home prices quite like this in his lifetime, he’s been through enough real estate cycles to know the value of buying at a time like this. “Two years ago, many people couldn’t have afforded a home that they can now buy in this market. And with lower sale prices, buyers can have more money to put down up front or buy new furniture.” First time buyers may also qualify for a first time buyer tax credit for up to $7500.

To Learn more about bank-owned properties, first-time buyer tax credit, or to set up an appointment, contact Carlos Aguilar and his team of professionals at 619-209-5538 or email him at Carlos [at] TeamAguilar.com.

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Bank Owned Home for Sale in San Diego 92113

Friday, March 28th, 2008

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!

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Rehab Opportunity for Sale in Encanto San Diego – Priced to Sell!

Tuesday, March 25th, 2008

1414 Gibson San Diego CA 92114Bank 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.1414 Gibson San Diego CA 92114

 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!

 

 

 

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Very Nice Bank Owned 2 Bedroom Condo in Mission Valley

Monday, March 17th, 2008

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.

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1 Bedroom Condo in San Diego Under $75,000!

Thursday, March 13th, 2008

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.

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Foreclosures For Sale in San Diego

Monday, March 10th, 2008

Foreclosures by City in San Diego County

Every week or so we run different reports in the MLS that give us a good idea of the Foreclosure listings currently on the market. Not every bank owned listing is listed below but this will give you a good idea of where you will see the larger volume of short sale in San Diego County. Obviously San Diego will lead the way but notice the high number of Bank Owned listings currently for sale in Chula Vista, Escondido and Oceanside. Please feel free to take a look at all of the available bank owed homes below. Please view all of the current listings in our Foreclosure section. You will see that we update our bank owned listings every week.

San Diego Foreclosures 292 active Chula Vista Foreclosures 137 active Escondido Foreclosures 92 active Oceanside Foreclosures 62 active El Cajon Foreclosures 54 active Spring Valley Foreclosures 42 active San Marcos Foreclosures 36 active Vista Foreclosures 32 active Santee Foreclosures 19 active National City Foreclosures 18 active Lemon Grove Foreclosures 15 active Ramona Foreclosures 14 active Carlsbad Foreclosures 13 active Lakeside Foreclosures 13 active La Mesa Foreclosures 12 active Fallbrook Foreclosures 9 active Imperial Beach Foreclosures 6 active Poway Foreclosures 5 active Valley Center Foreclosures 5 active Bonsall Foreclosures 4 active Pine Valley Foreclosures 4 active CAMPO Foreclosures 3 active Bonita Foreclosures 3 active Boulevard Foreclosures 2 active Cardiff By The Sea Foreclosures 2 active Jamul Foreclosures 2 active Potrero Foreclosures 2 active JACUMBA Foreclosures 2 active ALPINE Foreclosures 1 active Palomar Mountain Foreclosures 1 active Escondio Foreclosures 1 active Ramonaq Foreclosures 1 active La Jolla Foreclosures 1 active TECATE Foreclosures 1 active San Ysidro Foreclosures 1 active Rancho Bernardo Foreclosures 1 active Solana Beach Foreclosures 1 active

If you are interested in buying foreclosures in San Diego please feel free to read our recent post about different ways to purchase foreclosures. We sell a lot of foreclosures so please feel free to view all of the San Diego Foreclosure information available. There are several different articles about buying foreclosures. We also recently took a listing in the Encanto area of San Diego. If you are looking for a bank owned home in Encanto please view the listing in our bank owned listings section.

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Great Bank Owned Condo in Little Italy San Diego 92101

Monday, March 10th, 2008

Bank Owned – Great 1 Bedroom unit on the 11th floor of Acqua Vista in the heart of Little Italy. Great with views of the bay, city and other areas of the downtown area in San Diego. Acqua Vista sits in the heart of Little Italy and continues to be a very desirable building in San Diego. It has easy access to freeways, close to shopping, restaurants, and close walk to the bay. The complex features a lap pool, spa, GYM and 24 hour security – on-site attendant. If this is not the unit you fall in love with please call us or view other bank owned listings in San Diego by going to our foreclosure section for San Diego County.

  

This is a great condo in a great area. We are holding regular open houses so please call to get additional information about viewing this or any other bank owned real estate in the Downtown San Diego area. We specialize in selling foreclosure real estate in San Diego County. Please contact us to help you find the bank owned home that will work for you.

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Great Condo – Bank Owned in Mission Valley San Diego

Thursday, March 6th, 2008

Bank Owned condo in the heart of Mission Valley right accross from Fashon Valley Mall. This is truely a one of a kind property that you must see! This property is in the Abbey complex in Mission Valley. Even though it is a condo it feels like it is a large single family home. It appears to have been several untis that were converted into 1 large unit. It has no common walls with any other units in the complex. It sits on a corner lot with a great view. Assessor says property is 2,480 SF condo with 5 bedrooms!

We sent our appraiser out to do a rough calculation of the square feet for this property and it appears to be 3,500+ square feet. Please review some of the information about what this property offers. Here is what I have complied to give you a better idea of how someone may look at this property if they were considering a purchase. Master bedroom 17 x 16 = 272, Bedroom next to garage with window 13 x 12 = 156, Small room off the stairs 15 x 8 = 120, Small bedroom next to small room off the stairs 15 x 10 = 150, Large Bedroom upstairs on top floor 20 x 15 = 300, Main family room off 22 x 22 = 484, Main dining room off entry 12 x 12 = 144, Main kitchen 12 x 12 = 144, Additional living room next to main kitchen on 1st floor 17 x 12 = 204, Additional dining room next to living room on 1st floor 16 x 11 = 176, 2nd family room upstairs in small studio granny flat 22 x 19 = 418, Kitchen in granny flat 9 x 8 = 72, Total of Approximately 2,640 Square Feet In addition to this square footage, there are EASILY another 1,000 + square feet in bathrooms, closets, stairs, and hallways. This count 4 usable bedrooms, 5 full bathrooms, 1 room that you walk through to get to other room that is optional room, 2 family rooms, 1 living room, 2 kitchens, 2 dinning rooms, 2 car garage. This is truly one of the most unique properties I have every seen. In addition this unit features a very large backyard with private spa, views of Mission Valley, Golf Course. It will need to have some upgrades including new carpet, paint, appliances. Appliances appear to be original. We don’t know much about this property but from talking to other neighbors int he complex, it appears that many years ago the previous owner pruchased both units in the building and had the city planning department remap the condo map to make it one large unit. That is why you have a very large unusual unit that features 2 kitchens, 2 seperate entrances, 2 large living areas, 2 different decks and 1 large backyard that. Please feel free to view all of our current bank owned foreclosures by visiting our San Diego foreclosure information section.

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