San Diego Foreclosures
WHAT TO KNOW BEFORE BUYING A FORECLOSURE IN SAN DIEGO.
Before you buy a San Diego Bank Owned Property,
Foreclosure or Short Sale Property
Know the Facts.
There are many bargains to be found in Bank Owned / REO foreclosure properties and Short Sale Properties here in San Diego. There are also many pitfalls.
In most Real Estate Transactions the seller has to fully disclose anything they have done or know about the property. This is called full disclosure. meaning if a seller knows his foundation is cracked or that his property is slowly sliding down a hill he must disclose this fact to any buyers.
This rule does not apply to REO / Bank Owned houses or Short Sales. In these types of transactions "It is Buyer Beware". You need to be able to do your research on these properties and do them quick. The bank usually only gives you 5 to 10 days after the acceptance of your offer to do the research needed instead of the standard 17 days. Therefore, it is very important that you know exactly what you need to do to make sure the deal you are getting into really is a deal and not a losing proposition.
That's where we come in:
Our responsibility is to you the buyer and we exclusively represent you.
We have the Experience
WE are tenacious when it comes to negotiating REO / bank-owned properties and we have the contacts and the experience to find the right properties for you. Our team has over 40 years combined Real Estate experience. Some of the areas of expertise are: Commercial Real Estate, 1031 exchange property transactions, Loans, Foreclosures, Bank Owned / REO Bank Owned Properties, Short Sales and Raw Land Investment.
Why you should Not Negotiate a Bank Owned foreclosure or Short Sale on your own.
Many people believe that they do not need a buyer’s agent in a real estate transaction; they think they can negotiate better with the seller on their own. The fact is, if you have a good agent that knows the market, that agent will save you a lot more than if you would have tried to negotiate alone. Foreclosures / Bank Owned Property can be tricky and if you try to go it alone you could lose thousands of dollars and lots of precious time because of the learning curve. By working with us (your Exclusive Agent) we do all the Research and Negotiating for you.
If you were to call up the listing broker or the bank and try negotiating you are starting out at a disadvantage. The seller wants the highest price he can get for the property without doing any work to fix the property up. The bank is not required by law to do anything to the house or even tell you if there is something wrong with the property. You are buying the property in "AS IS" condition. All costs of repair usually fall on the buyer. They usually have a take it or leave it attitude, but that truly is not always the case.
The fact is the banks need to get these non performing assets off their books and usually will do a lot of negotiating to free themselves from these burdensome properties for fear the FED may step in. If a bank has to many foreclosures or Bank Owned properties on their books they could open themselves up to a lot of regulation and a possible Federal take over.
If you choose to go it alone, remember! The Banks Real Estate Agent has a fiduciary responsibility to his client (The Bank) and there is no one on your side representing you.
If you are serious about buying a home in San Diego or a San Diego investment property, fill out the form below and we will custom tailor a list of properties that fit your needs.
To Sign up for our complementary San Diego Real Estate Newsletter please fill out your email address in the space provided below.
For Email Marketing you can trust
Grace and Company Real Estate and Mortgage Services
Courtland and Albertine Young
Agent
Frans Vanleeuween
Broker
www.HomeDreams.com
www.ShortSaleandReoExpert.com
5858 Mt. Alifan Drive
San Diego, CA. 92111
858-492-9262
858-349-6420