We are contacted on a regular basis with questions about how real estate agents can begin to obtain REO business. We have worked for years selling Bank Owned (REO) Real Estate and thought that we might as well put a list of all the REO departments we have. REO business is what many agents are relying on in this slower downturn in the real estate market. Please feel free to view the list of REO departments and post any questions you have in our real estate REO section of the Team Aguilar forum.

click here to view the list.

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!

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.

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.

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.

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.

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.

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.