San Diego Real Estate: How To Search For Foreclosures & Bank Owned Properties.
It is true, the huge foreclosure run on San Diego real estate has past. Does this mean there are no bank owned homes available for purchase? Absolutely not. Below I am going to describe the two very best ways to include foreclosures and bank owned homes in your San Diego real estate search.
Let’s be clear on exactly what a foreclosure property or bank owned home is: We are talking about properties that have already gone through the repossession period or trustee sale making them technically Real Estate Owned or REO. Once a property becomes REO, the holder will likely bring the property to public market. These are the foreclosure and bank owned properties you see listed for sale on MLS and your favorite San Diego real estate agent’s website.
Search All San Diego Real Estate for Sale
What we are not talking about here are trustee sales and real estate sold at a trustee sale. Trustee sales are all cash transactions, no due diligence periods allowed, and money must be paid on the spot (on the court steps in most cities). There is risk of epic proportions here. This is for professionals only and even they lose money frequently. Just tune into Flipping San Diego or to any of the other numerous home flipping programs out there. You do not know what you are buying other than what you see from the outside. Bottom line is skip the trustee sales.
Very Best Way Number One To Find A San Diego Foreclosure: First way to find foreclosures and bank owned properties when searching for San Diego real estate is to use your real estate agent’s home search feature on his or hers website. There are a thousand ways to configure this but start by searching San Diego foreclosures and bank owned homes here. Simply click the previous link, select your city or zip code(s) of interest, select any other criteria that is important to you such as number of bedrooms, bathrooms, pool, home size, home type, etc… Once you have made those selection, simply scroll to near the bottom of the page on the right and select “Reo” under the “Sales Restrictions” box. Scroll back to the top and click the “Search” button. Every San Diego foreclosure and bank owned property will be displayed with details, price, and pictures that meets your search criteria.
Very Best Way Number Two To Find A San Diego Foreclosure: The second way to search for San Diego foreclosures and bank owed properties is to make your San Diego real estate agent do all the work! Sounds good right? Follow this foreclosure sign up link, select all the criteria in a home or condo you might be interested in, and simply click send. It’s like placing an order to go. Once I receive your order, I’ll create a computerized notification alert customized just for you. The moment any San Diego property lists for sale that matches your search criteria, you will be automatically notified. In many cases, you will know about a hot new San Diego foreclosure or bank owned property before myself and other agents in the neighborhood. This is a huge advantage for you as a San Diego real estate consumer.
So there you have it. First option is for those whom would prefer to drive their own San Diego foreclosure and bank owned property search. Second option is for those whom would prefer to let a San Diego real estate agents do all the work. Both approaches are highly effective ways of securing a bargain priced foreclosure or bank owned home.
Questions? Comments? Please send them to me anytime!
