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San Diego, CA- Buying a bank owned foreclosure in San Diego,CA - 5 Things You Must Know
–San Diego has the most moderate, sunniest weather in the world and the baby boomers by the mega millions are now looking for a place to retire. Don’t expect to get a foreclosure home for pennies on the dollar. It’s just not going to happen.
–The vast majority of the bank owned foreclosures are usually located in the middle to lower income zip codes. There are occasionally foreclosures that show up for sale in the higher priced areas, but they are rare.
–Of any place in the United States, the economy is diversified and more resilient than most cities. It not only has the tourism industry, it has electronics, armed forces, as well as several casinos. As less bank owned foreclosures come on the market, home prices will begin to stabilize more quickly.
–When putting offers on bank owned foreclosures, also known as REOs, many people make the mistake of always offering less than the asking price. Most REOs are priced strategically by the banks, to be quite a bit below current market price, so as to stimulate as many offers as possible. And get offers they do! Many foreclosure homes receive 5 to 10 or more offers at one time. Of course, they will take the highest offer, which many times is above the actual asking price. It pays to know the most current value of the home you are purchasing.
bank owned foreclosures
–When you purchase a foreclosure home, you will get title insurance issued on it by the selling bank, just like a purchase from a private individual. You are guaranteed to get clear title, free from any of the debts incurred by the previous owner. Most bank owned foreclosures are under $500K in San Diego county. The sub-prime loan limits, from a few years back, put most foreclosure homes in this range. The market for this price range has become very brisk recently because of recent tax incentives, just passed by the legislator, for first time home buyers. Interest rates which are now around 5% for a 30 year mortgage, are also stimulating home sales.
To receive daily updates of San Diego bank owned homes, just put up for sale in San Diego county, go to http://sandiegohomebuying.info/pages/daily-update.html
Donald S. McCraig, owner/broker of Premier Investors Realty and specialist in selling San Diego foreclosure homes. For more info: http://www.PremierInvestors.com
Tags: bank owned foreclosure, foreclosure home, foreclosure homes