Buying A Downtown San Diego Condo: What is the Foreclosure Process

Since foreclosures require adherence to laws and regulations, it sometimes seems confusing to the average consumer.  The San Diego real estate market has been experiencing the impact of foreclosures and short sales.  We found a really easy chart that will show how many avenues can be used for a foreclosure.

Foreclosure Radar, a company that tracks foreclosures nationwide has summarized the overall foreclosure status and then down to California's foreclosures.

Nationwide Summary:

"Foreclosure filings and sales increase throughout most of our coverage are in August. Foreclosure starts jumped significantly, reversing what had been a declining trend over the past several months. Investors bought more properties on the courthouse steps in August than in July everywhere except in Washington. The number of properties Sold Back to Bank jumped significantly in Oregon, and also rose in California and Nevada. 

Foreclosure starts (the first notice filed, either a Notice of Default or Notice of Trustee Sale depending on the state) rose in every state. This appears to have been primarily driven by Bank of America and related entities, where we saw an overall 116 percent increase from July to August. Wells Fargo and US Bank also saw an increases in foreclosure start filings, while filings by JP Morgan Chase and Citibank were essentially flat. 

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Buying a Downtown San Diego Condo is Like Getting Married.

How can purchasing a Downtown San Diego condo be like getting married?  Easy...there never seems to be a right time for either. People think they will wait until they have the time to get married, or have the perfect income, or a huge downpayment to purchase. Turns out there is never the perfect time.  There is only the best time with all factors considered.

The Downtown San Diego condo market has turned a corner. At first glance it seems like there are a lot of foreclosures and short sales in the downtown San Diego market.  That is absolutely correct.  But further analysis indicates this is a good thing.

If you look at foreclosures in other parts of the country, you are struck by how high San Diego foreclosures and short sales seem to be compared to other states.  The reason for that is due to our method of foreclosing.  California has a process in place that does not require court approvals.  Once the Notice of Default is filed, the system takes over.  That is unlike foreclosing in some other markets. Courts are involved and if you read the news, you know a lot of the robo foreclosures have been halted by courts.  California foreclosures have just been chugging along, slowly but surely.

Halting a foreclosure doesn't mean it goes away.  It just means it becomes part of the shadow inventory.  California has some of the lowest "shadow inventory" in the country.  Areas like New York, Chicago, Long Island are going to have a lot longer road to reach the light than we are.  

We have a report showing how the "shadow inventory" is working and if you would like a Free copy of this report, just shoot us an email or text Victoria and ask for Shadow Inventory report.   Of course make sure you leave us a valid email or street address.

It is a fantastic time to purchase in Downtown San Diego.  Once we finish the bulk of foreclosures by the end of 2011, you will see there is really no new inventory being built in Downtown San Diego.  Be part of the exciting Downtown San Diego lifestyle.  Get up off the couch and give us a call or email.  We are here to help you achieve your dream of ownership.

Downtown San Diego Condos: What Are The Investors Thinking?

During down real estate markets, the first group that senses the market is going to get better are investors.  We have noticed that San Diego real estate market investors are appearing at foreclosure sales.  These are the investors who have been sitting on the sidelines and they are starting to purchase  properties for all cash, fixing them up, and starting to resell.  This is an activity for the expert investor, but it has begun.  I came across this article in Property Wire, which is an international property website.  Investors are starting to pick up activity in many parts of the world, although they seem to be waiting for the United States to kick off a real recovery.  Take a glance at this article about Wealthy Real Estate Investors Ready to Buy in 2010 As They See Rock Bottom Prices.

 

Watching investors will tend to give us an idea of where they think the market is headed.  Things are still soft.  Sellers are not going to get as much as they want, but they will obtain what the property is worth.  Don't sit on the sidelines if you think 2010 is the year for you to purchase.  It's like sitting on a bus bench and then napping as the bus goes by.  Don't miss the bus.

This  is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents.   Visit on our San Diego Crowns Real Estate Facebook page.

Downtown San Diego Condos: Who Would Want Ramona?

Sharyn Crown of Crown & Crown writes...

Who would want to live in Ramona? That is the question, especially if you live in Downtown San Diego.  Ramona and Downtown San Diego are 60 minutes apart, but lifestyle opposites.  For the most part, downtown San Diego residents are either younger, second-home owners, or retirees.  There are some families living downtown but it is not the place with a lot of yards and open spaces.  Granted there are parks where children can play, but it's not so much the "family-style" neighborhood many young parents are looking for when their children begin to arrive.

That leads us to Ramona.  Ramona is still somewhat rural with one main road running thru town.  If you want Ramona you probably want open spaces.  One of our current property listings is located in Ramona. 

This is what Ramona is about...open spaces with room to roam.

 This particular home has just had a significant price reduction of $50,000 or more.  The "or more" means we are now priced in a range of pricing, so the opportunity for a bargain is here.

The owners of this particular Ramona house are meticulous. They take care of their home like very few people do and the condition shows this focus on quality care.

These particular sellers are moving north to be with their children and are motivated to sell their home.  The best part about this property is that it is not a foreclosure or resale.  Although buying a distressed property causes people to think they are getting a "deal", sometimes the "deal" is on them.  Short sales and foreclosures have no promise of repairs if anything is needed.  Banks do not have to disclose anything.  Distressed sellers don't have any money to fix anything.  It's like the old saying "Buying a pig in a poke."  You have no clue that you are buying the money pit.

Ramona has some of the most diverse real estate in San Diego County. You can live in an old home or enjoy the most modern of homes.

Purchasing from a seller like our seller is a much better choice because you have owners who are not distressed and know their home.  These sellers are so meticulous that they have lists of anything you might want to know about the house.

We are priced $499,000-$549,000 and the sellers will work with VA or FHA buyers.  In life you always pay the piper, one way or another, or as another saying states, you get what you pay for.  If you want to pay nothing, you get nothing.  If you pay for quality, you get a home like this.

Call us at 619-977-3174 for more details, or take a look at our "Featured Listings" on this website.  Either way we would love to enhance your knowledge about this quality home.

This is a series of articles by Sharyn & Victoria Crown, downtown San Diego Realtors. 

Downtown San Diego Condos: Buying at a Foreclosure Sale?

Are you thinking about purchasing a foreclosure at a foreclosure sale?  Some buyers, most commonly investors, actually participate in the foreclosure sale process and buy their home or condo on the "courthouse stairs".  Here is Fred Eckert from Chicago Title giving some tips if this is in your gameplan.  Chicago Title is involved in lots of foreclosures, and Fred Eckert knows the title insurance business.  Watch his video.  It only takes a couple of minutes.

By Sharyn & Victoria Crown, Coronado and Downtown San Diego real estate brokers

This is part of a series of articles entitled, Downtown San Diego Condos.