| There are different types of San Diego foreclosure | | | | About 100 homes are typically scheduled for auction |
| homes that can be purchased. The first, and what I like | | | | every day of the week, Monday through Friday at |
| to consider the "real" auction is the Trustee Sale | | | | 10:00 or 10:30am at the San Diego, El Cajon, and |
| auction of the property on the court house steps. This | | | | Oceanside court house steps. Most homes will have |
| process represents the conclusion of a lender | | | | starting bids to high or get postponed by the lender, |
| foreclosing on a home and where the original owner | | | | trustee, or because of a bankruptcy filing. |
| loses the property. | | | | But buying a San Diego foreclosure through a |
| The other San Diego Auction type is a derivative of | | | | foreclosure auction on the court house steps requires |
| the trustee sale auction because of how the starting | | | | 100% of the purchase price and comes with no |
| bids amount are often set at the trustee sale auctions. | | | | guarantees about the properties condition, other liens |
| Typically the starting bids at the trustee sale auction is | | | | against the property, and any occupants of the |
| the amount owed to the lender, which is in many | | | | property. In most cases homes bought through a real |
| cases more than the home is worth. In most cases the | | | | foreclosure auction are good deals, but do beware of |
| lender is the "winning bidder" and becomes the owner | | | | the many pitfalls before buying any of these |
| of the property for the total amount owed to them. | | | | properties. |
| The properties the lenders get back can end up being | | | | The primary things to watch out for are: |
| sold off through companies that auction off homes | | | | 1) Other Liens: Other tax or loan liens against the |
| owned by lenders, developers, or others holding a lot | | | | property that might stay with property after you buy it. |
| of homes they don't want. These post-foreclosure | | | | 2) Property Condition: The property's interior condition |
| auctions are more of a market sale and can even | | | | is typically an unknown, expect some degree of |
| lead to prices higher than market when factoring in | | | | damage or repair necessity. |
| buyers fees charged by most of them. | | | | 3) Anybody Home?: If the property has tenants, |
| The best place to find a deal on a San Diego | | | | previous owners, or squatters when you buy it who |
| foreclosure is at the "real" auctions, or trustee sale | | | | won't move out voluntarily then you'll need to evict |
| auctions. San Diego foreclosure homes sold at these | | | | them. |
| auctions occasionally have below market value | | | | 4) Zoning and Building Codes: Make sure the property |
| minimum bids set on them that can be as much as | | | | is zoned for what it is and has the proper building |
| 30% below market value. These particular San Diego | | | | permits for any additions or improvements; otherwise |
| homes typically sell for 80% of the homes current real | | | | you may have to pay to redo existing structures or |
| market value. | | | | components of the property to be in compliance. |