San Diego Foreclosures, REO's and Bank-Owned Homes

Very few of our clients have ever bought a San Diego or Carlsbad foreclosure, because that involves buying a home on the proverbial courthouse steps with a cashier's check that pays off the lender--with prayers there are no other "hidden" liens or liabilities that will surface in the months to come.

Rather, we represent buyers and sellers of REO (real estate owned) and bank owned homes.  These are homes that "failed" at foreclosure and attracted no buyers--most likely because the outstanding liens exceeded the properties' current market value. Failed foreclosures, then, are re-entered on the bank or lenders' books as "real estate owned" or REO's. 

REO's do a bank little good. Banks are in the business of moving and managing money, not managing real estate. Hence, they turn around and list the foreclosed properties with Realtors for sale as bank-owned homes.

And those are the San Diego properties we prefer to sell and to represent--for several reasons:

1. Clear title: Title insurance can be obtained, which guarantees clean and clear transfer of title.

2. Inspections of bank-owned homes are commonplace prior to closing. Timeframes may be tight for doing so, but a professional home inspection allows the buyer to be more fully informed about his or her purchase. It is also possible to obtain a home warranty to provide coverage for failed appliances, electrical and plumbing fixtures.

3. Rational Decisions: Competitive bidding at auctions and foreclosoure sales can lead one to over pay or back out of bidding prematurely. A traditional sale, on the other hand, allows for calclulated offers and the opportunilty for negotiation--even with REO's and bank owned homes.

Listed below are selected Carlsbad, Encinitas, San Marcos, Oceanside, Rancho Santa Fe, Del Mar and Solana Beach REO's and bank owned homes: