Foreclosures in Downtown San Diego

Downtown San Diego foreclosures have been separated on this site under this header: San Diego downtown foreclosures.  While this list contains all of the actual bank foreclosures, it does not contain the investor purchased trust deed sales.  Agents at the Downtown Condo Showroom have found these properties to be priced very well and offer the same advantage as purchasing foreclosures.

There is a significant advantage to writing offers on foreclosures vs short sales.   Specifically, foreclosures are properties that are immediately attainable and do not require secondary lien holders consent to sell like short sales do.  In fact, a true foreclosure, or trust deed sale, will not have any junior lien holders at all.  For the buyer that translates to "what you see is what you get".

Short Sales in Downtown San Diego

When buying a short sale property on the other hand, there can be several obstacles in consummating the final deal.  First, the seller's motivation and intentions are directly related to the success or failure of the transaction. With belaboring the point, if a seller doesn't really want to sell the unit, the short sale won't happen.

Second, there can be multiple junior lien holders all requiring payment.  Examples of such include: a second home loan, a HELOC (home equity line of credit), home owners association back dues, back taxes, contractor’s liens, and so on.  In some cases the payoff needed to satisfy the junior lien holders may increase a net increase of purchase price above fair market value.

Finally, the process itself is arduous.  If a realtor is attempting to take on the negotiations on their own, they will be burdened by the processes in place by the bank that has the first trust deed.  If a professional negotiator is hired to communicate the offer to the bank, then another fee is accrued and will need to be satisfied.   In some cases the buyer picks up the fee, and in others, the realtors share a reduction in commissions to make it happen.