Oceanside California Courthouse Foreclosure Auction, Bank Owned REO, Homes for Sale

Hello and Welcome to Oceanside California Courthouse Foreclosure Auction, Bank Owned REO, Homes for Sale, Real Estate for June, 2012

Understanding the foreclosure property auction (also known as Trustee Sale) process takes time, due diligence, and understanding.  Saavy Real Estate investors can find some of the best deals around buying at these auctions, but it is not right for everyone.   We would like to help explain further about these auctions and the benefits and downsides of buying Real Estate at them.

Here is how the process works as an overview, but feel free to call or email me if you would like more detail: 

Pre-Foreclosure (Also known as Notice of Default Stage).  Pre-Foreclosure is usually when the current homeowner is 90 days past due on their Mortgage.  The current lender files with the County Recorders office a Notice of Default.  When this is filed, this information becomes a matter of public record.  Usually when this is filed the lender gives the homeowner 90 days to come current on the amount they are past due.  During this period a good amount of homeowners lately have been trying to obtain new financing terms by doing a Loan Modification with their current lender or a Short Sale with a Realtor if they know they aren't going to be able to keep up the payments due to hardship.  Both of these things often times delay the foreclosure process as the bank looks to work with the current owner to see if one of these options may be a fit.  To learn more about Pre-Foreclosures in Oceanside and actually search Pre-Foreclosures in Oceanside for free click the yellow map.

Foreclosure Sale (Alo known as Notice of Trustee Sale).  The Foreclosure sale usally occurs and is scheduled roughly 90 days after the Notice of Default is issued.  Although, most of the time this process is delayed currently.  Notice of Trustee sale usally takes place on the courthouse steps in the County in which the property is located.  In this case, most auctions take place in Downtown, San Diego or in El Cajon.  Properties are sold as is, without any warranties or guarantees, and they must be paid for on the spot with a certified cashiers check.  Many times the buyer of that foreclosured property has to end up evicting the current homeowner or tenant and this sometimes can be a process.   However, even though its a riskier process, the reward can be great.  To learn more about Foreclosure Sales In Oceanside and Search upcoming properties scheduled for Foreclosure click the yellow map below.

Bank Owned (REO).  Bank owned properties are the properties that have gone through the two steps above and didn't sell at the Foreclosure Sale.  In this case, the current lender has to take them back if there are no acceptable bids.  This can also be a great area for an investor, because in a lot of cases, the lender does not want to own these properties.  These can be great deals for an investor or a home owner who wants to live in the property, you can also research these properties in greater detail than Foreclosure Auctions, and most all of the time you can use financing and obtain a home warranty with these and buy title insurance.  To learn more about Bank Owned REO listings in Oceanside click here.

Resale Properties.  Many people think resale properties are not a great deal with all the Foreclosure properties out there.  This is actually not true in many cases.  Resales have to be priced aggresively and in line with Foreclosures if they want to have a chance of selling in todays market.  In a lot of cases a buyer or investor can buy a resale that has been taken good care of, doesn't have much fix up to perform, and is very close in price to that of a Foreclosure that might require a lot of work.  Sometimes people think that because they are buying a Foreclosure at 20% below market value that its always a steal, however sometimes there is 20% worth of rehabilitation to get the property back to standards that actually makes it the same deal as a re-sale.   To learn more about Resale Homes for Sale in Oceanside click below.

I would love to hear from you if you are interested in any of the above options.   Also, if you have a friend or a family member who may be in need of doing a short sale, please let me know.   I may be able to help and also get them $3,000 or more in some cases at the successful close.

We have built a fully integrated Real Estate Website that will allow you to search every aspect of what we have discussed above.  To search Pre-Foreclosure, Foreclosure Auction, Bank Owned REO, and New and ReSale Homes in Oceanside click here.

We also attend the Foreclosure Auctions for Encinitas on a weekly basis and track virtually every Foreclosure property in San Diego County!

I look forward to hearing from you!