Bank foreclosures transpire when a homeowner continuously fails to make payments on their home. The homeowner then becomes delinquent and a NOD (Notice of Default) is filed by the lien holder or lien holders. This typically takes place due to a financial hardship on the San Diego home owner. Once the lien holder has foreclosed on the previous property owner, the loan and or mortgage no longer exists. It then is referred to an REO or Real Estate Owned.
Bank foreclosures go through a long bout of eviction, appraisal, property valuation and sometimes repairs. If it is owner or tenant occupied the bank and or assigned listing agent will work with the occupants and come to an agreement and trade cash for keys.
San Diego bank owned properties typically sell under fair market value, yet is not always the case. A great REO agent will always do the research for their clients in regards to comparable properties, pricing and making sure that their clients are getting exactly what they need in order to purchase a foreclosure.
San Diego is well stocked with a number of great REO agents that are experts in certain areas of San Diego as well as extremely knowledgeable in the foreclosure field of Real Estate. There are many online portals to find REO agents that will work best with you for exactly what you are looking for in your dream home.
Each bank in San Diego works differently, but they all have a parallel goal which is achieving the highest price. This is where third party asset managers come into play to facilitate the sale of this home. Every foreclosure is different. If there are multiple offers on the property it is expected that the bank will send out a multiple counter offer requesting your clients “highest and best offer.” The bank will never disclose how many offers they have obtained which leaves a lot of guess work for the selling agent and their clients.
It is always a good time to then view comparable properties in the neighborhood or surrounding area’s to decide how much more the client would like to offer for the property. Bank owned properties in San Diego have assisted first time home buyers and move up buyers in attaining their perfect homes at a great value. REO’s have prompted the falling home prices and the actual cost of owning a home in San Diego considerably.