San Diego Foreclosure Listings for May
If you’re in the hunt for a house in North San Diego County, you’re in luck and your local bank may offer you the best deal in town. Banks are absolutely loaded with foreclosure inventory.
Check out the image below and you’ll notice a growing numbers of filings of NOD’s or notices of default, but what’s really staggering is the number of “bank owned” properties where the bank is the actual owner of the real estate asset.
This means that there are plenty of opportunities to get an under market value home because banks do not want to be in the real estate business. Yes the want to loan but they do not want to own. One of the best ways to take advantage of this is pick up an accurate list of bank owned properties. Here’s my favorite Foreclosure List
I’ve been getting a weekly email from them for years and it’s amazing how accurate and informative they are.
Don’t expect that number to go down anytime soon either. I have a friend who is a loan modification specialist and she tells me that a lot of the 5 year adjustable mortgages are about to reset in the coming months. The effect of this is another oil gusher of foreclosures. In my book, nobody should have to pay retail for a house when there’s unbelievable foreclosure deals from the banks that all too happy to get them off of their books. Check it out for yourself here: San Diego Foreclosures
