San Diego Foreclosures

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Multiple Offers!!!

 

 

 

If you are a buyer wanting to get in a Bank Owned Foreclosure in San Diego, you better be prepared by being Pre Approved and ready to make a strong offer.  These Bank Owned properties are selling fast and the number of offers on the table are amazing.  For example, last month I took out one my buyers to see a Bank Owned Foreclosure in Mira Mesa which was only on the market for 6 days and they had 22 offers on the table.  Not only that, a week later another property in Mira Mesa we found had 25 offers in 4 days of market time.  Also a townhome in Scripps Ranch had 12 offers in a week.  Another situation today where one of my buyers absolutely loved a Bank Owned property in El Cajon had 14 offers on the table which the bank just accepted one and they were really bummed out.

So again, be Pre Approved, not Pre Qualified and be ready to make a strong offer.  There are some great opportunities out there, you just have to be ready!  Let me know if you have any questions. 

Paul Caparas
Broker Associate

Cell: 858-349-2390
paul@paulcaparas.com | www.PaulCaparas.com
Cal BRE # 01397640

Selling San Diego Real Estate since 2003

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judyo

I have one of 4 buyers (last time I spoke to the listing agent) on a short sale and we're going into our 2nd month of waiting. I realize foreclosures don't always take as long to get an answer, at least not the foreclosure I listed vs. a short sale listing I had. Are these multiple offer "winners" still getting a good deal or are they paying market value (or more)? My one foreclosure listing got an OK deal but was the only offer on the table. My short sale listing sold for what I consider to be under market value although we were never told what it actually appraised for. I felt it was worth about $250,000 and it sold for $236,000. So I'm wondering if foreclosures in San Diego are good deals or market value?

Paul Caparas

Hi Judyo, most of these foreclosures in San Diego are great deals. We just got one in our office today which was at least $50,000 under value! Also I have a buyer right now purchasing a foreclosure under $60,000 value! There are some really good deals out here. It's AMAZING!

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