Some quick facts about bank owned properties in San Diego County;
Most sell within 30 days
Over 84% of these properties will sell at listed price or 1-3% above
The average bank owned property will get 8 offers on it
The highest buyer demand for these properties is within 8 miles of the coast (beach)
Our office sales are comprised of 24% bank owned and short sales. We have extensive knowledge of dealing with the banks and successfully negotiating these sales.
Secrets of buying a foreclosure;
Stay away from late night TV marketers that want to show you how to buy foreclosures for 50% below market. If that was possible we real estate profesionals would be doing it and making a fortune.
Look for times of the month especially around holidays to buy a foreclosure. Other buyers your competing with will be distracted by the holiday and you will have less competion. Recently, we were able to help a buyer purchase a home 20% under market by using this approach. Savings of $200,000 !!
Insist that your agent write a "clean" offer and make it a full price offer if you believe the property is a good value.
Most importantly; know the inventory of the homes for sale and know if you are getting a good deal.
SUPER Secret of buying a foreclosure;
If you have read this far then i will reward you with the best secret of all: the best deals on homes are NOT among the foreclosures. They are among the homes that come to market AFTER a foreclosure sells in the neighborhood. In other words, look for a home that is a regular sale (the home has equity) but it is priced like a foreclosure. These homes have been taken care of, often times with upgrades, but are priced at the level of the foreclosure.
Contact my offfice if you are having a hard time finding an agressive agent that is active in the market. I will be happy to help you or refer you to someone you can trust.