Balboa Park Foreclosures

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Buying a Balboa Park Foreclosure

Buying a bank owned home is preferred by many because of the non-emotional process and ability to close quickly; compared to buying from a distressed property seller. Below are some tips for buyers and investors of foreclosure properties in Balboa Park San Diego.

Foreclosure Buying Tip #1Not all “REO‘s” or Bank Owned Homes are good deals.
Many banks want market value in order to recoup as much of their losses as possible. Others are more concerned with liquidating their REO inventory as these non-performing assets have a negative impact on their books. Speak with a Foreclosure Specialist on our San Diego Connection Real Estate Team to learn which bank owned assets can give you the best value.

Foreclosure Buying Tip #2Get Pre-Approved From A Lender Willing To Do “Cross-Qualifications”
If you’re trying to buy a property from, say Bank of America, it can help to get a pre-approved mortgage from Bank of America. Doing so may cause lenders to look more favorably on your bid if it’s similar to others. Since you may not know which bank you may be purchasing your next Balboa Park Foreclosure from, we recommend being pre-qualified through a local direct lender that can complete a “cross-qualification” for you. It is important that your loan officer be able to do this promptly and possibly multiple times without charging you extra.

Foreclosure Buying Tip #3Limit or Remove Your Contingency Periods.
When buying a foreclosure in Balboa Park, you should assume that you will be competing against a cash buyer. In order to make your offer just as (or more) intriguing than the cash offer, you may want to consider limiting or removing contingency periods. We recommend a 10 day inspection period to start. If you really want to go for it, remove your appraisal and loan contingencies. There are several ways to make your purchase offer more intriguing while still protecting yourself. Speak with our local San Diego Connection Foreclosure team to learn more.

Foreclosure Buying Tip #4Increase Your Initial Deposit.
Who’s not intrigued when more money is at stake? Banks like to see high initial deposit amounts. This shows a more solid commitment to close escrow. If you’re putting 10% or more as your down payment, think about making this your initial deposit amount.
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Central San Diego Foreclosures

Allied Gardens
Balboa Park
Bankers Hill
Bay Ho
Bay Park
Bird Rock
City Heights
Civita
Clairemont Mesa
Coronado
Downtown San Diego
Golden Hill
Grantville
Hillcrest
Kearny Mesa
Kensington
La Jolla
Linda Vista
Logan Heights
Mira Mesa
Mission Beach
Mission Hills
Mission Valley
Normal Heights
North Park
Ocean Beach
Old Town
Pacific Beach
Point Loma
Sabre Springs
San Diego
Scripps Ranch
Serra Mesa
Sorrento Valley
Sunset Cliffs
Talmadge
Tierrasanta
Torrey Hills
Torrey Pines
University City
University Heights
Balboa Park foreclosures

If you’re an Investor or Buyer looking for Lender Owned Value-Priced Properties, give our San Diego Real Estate Investment Team with California Real Estate & Mortgage a CALL at 619-309-7883.