Black Horse~ La Jolla, San Diego California Foreclosure Auction Search, Bank Owned Foreclosure Homes for Sale & Real Estate

Real Estate Broker/Owner with Four Seasons Properties

Hello and Welcome to Black Horse~ La Jolla, San Diego California Foreclosure Auction Search, Bank Owned Foreclosure Homes for Sale & Real Estate.


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 is it right for everyone?   We would like to help explain further about these auctions and the benefits and downsides of buying Real Estate at them.  Once you understand the processes, you may find that it's right or not right for your current situation.

Understanding the process is the key, and here is how the process goes as a brief overview:

Pre-Foreclosure (Also known as Notice of Default).  Pre-Foreclosure is usually when the current homeowner is 90 days past due on their Mortgage.  Their current lender files with the County Recorders office a Notice of Default.  When this is filed, this information becomes a matter of public record.  When this notice is filed the lender usually gives the homeowner 90 days to come current on the amound they are past due.  During this period many 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 approaches 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 Black Horse, La Jolla and actually search Pre-Foreclosures in Black Horse, La Jolla for free click the yellow map.   If you may be facing a foreclosure on your current home, please feel free to contact us for a no obligation consultation of your situation.

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 issues.  Although, most of the time this step is  being 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 at the courthouse at 220 West Broadway.  Properties are sold as is, without any warranties or guarantees, and they must be paid for on the spot with a certified cashiers check.  In many cases the winning bidder of that foreclosure 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 Black Horse and Search upcoming properties scheduled for Foreclosure click the yellow map below.


Bank Owned (REO).  Bank owned foreclosure 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 buy them back if there are no acceptable bids.  This can also be a great area for an investor, because in most all cases, the lender does not want to own these properties.  These can be great deals for an investor, 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.  You also don't have to pay cash on the spot for these homes and you will have time to do inspections.  To learn more about Bank Owned Foreclosure listings in Black Horse click here.


Re-Sale Properties.  Many people think Re Sale properties are not a great deal with all the Foreclosure properties out there.  This is actually not true in many cases.  Re Sales 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 re sale 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.   This makes many Re Sales a great option as well.  To learn more about Re Sale Homes for Sale in Black Horse click here.

Ultimately, the decision should come down to what is right for you and your situation.  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 Black Horse, La Jolla click here.

We also attend the Foreclosure Auctions for San Diego County on a weekly basis and track virtually every Foreclosure property in San Diego County!   If you are interested in buying at the auctions or Bank Owned Foreclosures, give me a call and I can walk you through the process over the phone!

We look forward to hearing from you!



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