In every state across the nation, there are homes in various stages of foreclosure and San Diego is also included among the list. The sad thing about foreclosures is that most individuals looking to purchase a home do not realize the opportunity they can have with foreclosures. As a matter of fact, many steer clear of foreclosures.
Before you shy away from a San Diego home in foreclosure, you should first understand what a foreclosure is and the ways to buy the home. A foreclosure is the same as any other home on the market only that for some reason this owner cannot no longer pay the mortgage payments and is behind with the lending company. The home may be under foreclosure due to the death of the bread winner, a lost job, or thousands of other reasons.
The San Diego homes you can find in foreclosure today range from small bungalows on the beach to million dollar homes on acreage and along with the various homes available the price tags also vary. The lending company, in the majority of cases, wants the money that is owed them from the loan; this means that if the home loan was $450,000 and the amount left on the mortgage is only $95,000, then the bank would want the $95,000 along with any fees that have incurred due to placing the home in foreclosure. This may sound very simple, but you cannot just walk in and give the lending company the $95,000 and the house becomes yours. There are specific ways in which to purchase homes in foreclosure.
No matter what you may hear about buying foreclosures, the best way is to ask a professional Realtor for help. A local Realtor in the San Diego area has the experience needed to work with the lending companies and the homeowners while ensuring your best interest is at heart. When you choose a professional real estate agent, you can rest assured that all the legal papers will be signed and dotted and you will be able to enjoy your new home. The Realtor will make sure the home in foreclosure is inspected, have the appraisal done, and learn if there are other mortgages or liens on the property. With a professional realtor, everything that needs to be checked and double checked before buying a foreclosure will become a smooth and easier transaction for all concerned.