What’s the best way to buy a foreclosed home cheap in San Diego (or surrounding area)?

Question by Query: What’s the best way to buy a foreclosed home cheap in San Diego (or surrounding area)?
What about Murrieta, Temecula, or Wildomar.?Are Sheriff sales an option? What about auctions? Also, What websites and services are good for this type of stuff?

Best answer:

Answer by Randall Parker, MBA
Buying a foreclosed home does not guarantee a bargain. Quite often, the homes are not well-maintained and may require a bit of work on your part to bring them up to neighborhood standards.

In addition, a lot of people are looking at foreclosed homes, trying to find a bargain, and these homes are often bid up to, or even above, true market values by these uneducated speculators.

If you want to save money on a foreclosure property, place a classified in the paper offering to help people get out from under their homes before they go into foreclosure. Do some research on “short sales” (no, not underwear) online. This is where the money is made by people “in the know” right now.

If you need more information, feel free to contact me. Good luck!

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1 Comment → “What’s the best way to buy a foreclosed home cheap in San Diego (or surrounding area)?”

  1. Tamara

    Dec 02, 2012

    I would say the best way is to do some re-search. There are plenty of deals to be had, and there are also some pitfalls –

    Be careful with auctions, you may not get clear title to the property.

    With Bank Owned Properties (REO) you can pick up a pretty good deal. You do have to do your homework. You need current comparable properties that have sole, preferably other foreclosed homes, you need to make sure the property has all its inspections as the bank will not be able to tell you what has gone on with the property repair wise.

    With Short-Sales you need to be prepared to wait. Sometimes it takes a long time to hear from the bank on a decision, but when you do get a decision you need to move fast. You can get a great deal here though.

    In any case you would need to get pre-qualified for a home loan, and sometimes the banks are specific with who.

    I would also say get a qualified Realtor to help you with your search. The commission is paid by the bank (or the seller) of the home, not by you the buyer. This way they can guide you through everything so you won’t get burned.

    Hope this helps – you can always contact me through http://www.tntsellhomes.com if you need any additional info.


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