Globella Buyers Realty >  Resources > Four Things to Know Before Buying San Diego Foreclosures

Bookmark and Share

Four Things to Know Before Buying San Diego Foreclosures

For some, buying a San Diego REO (a San Diego bank-owned foreclosure property) is a viable option. Others may want to stay away from purchasing a San Diego foreclosure listing. Here are four things every buyer must know before buying a San Diego foreclosure.

1. Buying a Home As-Is

When you buy a San Diego bank-owned foreclosure property, you need to know that banks are typically quite serious about selling a property in its current condition, or as-is. This means that, although you can certainly ask the bank to pay for repairs, the bank is already telling you up-front that it will not complete or pay for any repairs. What you see is what you get. 

What condition can you expect a San Diego foreclosure listing to be in? You name it, we've seen it! Some foreclosure listings are in terrible condition (cracked slabs, leaking roofs, termite-infested, bad plumbing, bad odors, ruined flooring, etc.). Some simply need some new flooring, paint, and appliances. Others have already been cleaned and fixed-up by the bank - at least to some extent. If you are considering looking at San Diego foreclosures for sale, you should have already considered the fact that you may need to put some work into your new home. You should also determine how much it's going to cost you in repairs before you write an offer to purchase a San Diego foreclosure.

2. No Disclosures

When you're buying a San Diego foreclosure property, you need to know that the bank is disclosure-exempt. California law requires that a seller fill out a Transfer Disclosure Statement (TDS) in all residential real estate transactions. The TDS offers great protection to San Diego home buyers. There are many questions that the seller answers on the TDS that a buyer would want to know about the property before making the final buying decision. In fact, it has been argued that a seller must disclose anything that may affect the value of the property in the buyer's mind (view a sample of the Transfer Disclosure Statement).

If you plan to move forward with a purchase of a San Diego foreclosure property, you must do so with the understanding that you are giving up some of your California home buyer rights. Your research and inspection of the property become that much more critical when you purchase a San Diego foreclosure. Be sure to hire a licensed property inspector, and leave no stone unturned.

 

3. Bank Contracts and Addendums

Normally, when you purchase real estate for sale in San Diego, your purchase contract would be written up using the California Association of REALTORS® residental purchase agreement (RPA). Globella's San Diego exclusive buyer agents make it their business to know the RPA and to know how to protect the best interests of Globella's buyer clients with this contract. When you buy a foreclosure in San Diego, you need to be prepared to see new contracts and/or new addendums that are foreign to anything you or your agent have seen before. Banks have been known to use their own contracts or addendums to change many important parts of the purchase agreement.

Globella advises each client who purchases a San Diego foreclosure property to review the purchase agreement and addendums with a licensed real estate attorney. Our goal is for you to be protected, and a real estate agent is not qualified to offer legal advice. As your advisor, we will help you find the answers to all of the important questions that come up throughout your San Diego foreclosure purchase.

4. Patience

If you've made it this far and are still open to looking at San Diego foreclosures for sale, then this last point may seem elementary to you. However, it's still important to understand. As a buyer of a San Diego foreclosure property, your patience is going to be tested. You are not dealing with a typical seller. You're dealing with an institution, and everything is going to take longer than normal.

When you submit your offer, you could normally expect a response within three days, but with a bank-owned foreclosure it may take a week or two. If your offer is accepted, you may need to wait another week or two until the seller actually signs the contract. This can be frustrating to deal with, but not if you already know what to expect. Globella's San Diego exclusive buyer agents are experts at helping you navigate through your San Diego real estate transaction, and we will be there for you every step of the way.

Naturally, there is a lot more to know about San Diego foreclosures, but these four issues are a good starting point. Some of our clients purchase San Diego foreclosures. Others instruct us not to show them any foreclosures. Our job is to provide you with all the information you need to make a decision. We'll never tell you what to do, because you're the boss. However, you can count on our years of experience and our specialty of helping buyers-only to provide wise counsel throughout your San Diego real estate purchase.

See Also: FAQ: What is an REO? REO Definition

See Also: FAQ: How long does it take to buy an REO property in San Diego?

See Also: San Diego Short Sale Guide for Buyers Only

 

Bookmark and Share


Exclusive Buyer Agent in San Diego, CA, Justin GrammJustin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage. He also writes a blog, "For San Diego Home Buyers."

Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.

If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or  E-mail.

More about Justin Gramm on .

Globella Buyers Realty > Resources > Four Things to Know Before Buying San Diego Foreclosures

San Diego Exclusive Buyer Broker, Buyer's Agent, Real Estate | DRE License #01855249
E: info@globella.com | T: 858.437.2662
Find Globella on FacebookFind Globella on LinkedInFollow Globella on TwitterFind Globella's Blog for Buyer's
Globella's Profile on TruliaFind Globella on ZillowMember of the National Association of Exclusive Buyer AgentsMember of the San Diego Association of REALTORS®Member of the California Association of REALTORS®Member of the Real Estate Buyer's Agent CouncilMember of the Sandicor MLSLearn about Short Sale & Foreclosure ResourceLearn About Accredited Buyer’s RepresentationMember of the National Association of REALTORS®


Justin Gramm, Broker
Globella Buyers Realty
Ph: 858.437.2662  -  Fax: 858-228-9801
4315 Corinth Street
San Diego, CA 92115
 CA BRE# 01714813
www.Globella.com

 

Buyer Strategy Session |  Buying a Home in 2019 |  When to Hire an Agent |  How My Schedule Works |  About Globella |  When to Buy? Part 1 |  Globella Questionnaire |  How I Work |  About Justin Gramm |  Buyer Representation |  Helpful Buyer Links |  Home |  How I Get Paid |  VIDEO: Meet Justin |  Location = Lifestyle |  Buyer's To-Do List |  Relocating to San Diego |  WE SEARCH San Diego |  Testimonials/Reviews |  About Buyer Agency |  YOU SEARCH San Diego |  How to Write an Offer |  First-Time Homebuyers |  10 Best School Districts |  What is an EBA? |  North Cty vs. San Diego |  What is Dual Agency? |  New Construction |  Paperwork |  Paperwork Explained |  The Informed Buyer |  Retiring in San Diego |  The Dual Agent Trap |  Dog-Friendly Buildings |  3 Investing Strategies |  Home Buying FAQ |  The Globella Difference |  Buying a Condo |  Help for Luxury Buyers |  Accredited Agent (ABR) |  5 Reasons to Rent |  Buying Foreclosures |  1031 Exchange Tips |  Privacy Policy |  5 Reasons to Buy |  Agency 101 |  Avoid Moving Twice |  Preapproval Questions |  Negotiation Expert |  Agency Disclosure |  Agent Ethics |  Top 1% of Realtors |  Foreclosures |  Choosing a Lender |  Buyer Agent Interview |  Second Home Expert |  Negotiating Your Loan |  Buyer Services |  Hiring an Inspector |  Buying a New Home |  Avoiding Wire Fraud |  Termites! |  Get a Home Warranty |  Hot vs. Cold Market |  Checking HOA Health |  Hazard Insurance Tips |  Condo Litigation |  Earthquake Insurance |  SD Weather Tips |  Property Taxes |  Cost of Granny Flat |  Vesting as LLC or Trust |  Buying with a VA Loan |  Investor Services |  Code of Ethics |  Buyer Resources |  About the Name |  Contractor List |  Moving Checklist |  The Grande: Downtown Condos |  Seven on Kettner |  Treo |  Beech Tower |  Citymark at Cortez Hill |  Park View |  Gaslamp City Square |  Watermark |  235 on Market |  Atria |  Brickyard |  Columbia Place |  Harbor Club |  Island Lofts |  Angove Lofts |  Jacaranda Studios |  Rowhomes on F |  Bella Via |  Columbia & Fir Lofts |  Date Street Townhomes |  Ecco Lofts |  Finestra Lofts |  Hawthorn Place |  Kettner Rowhomes |  Lusso Lofts |  The State |  The Waterfront |  Victorian House |  Aperture |  Preparing a Short Sale Offer |  How A Short Sale Lender Analyzes an Offer |  Short Sale Lenders Approval Options |  Different Short Sale Lenders Act Differently |  Loss Mitigation vs. Foreclosure Departments |  Short Sale Defined |  The Ideal Short Sale Seller |  Why Do Banks Even Consider Short Sales? |  Some Listed Short Sales Are Not Closeable |  La Jolla |  Del Mar |  Point Loma |  Rancho Santa Fe |  Pacific Beach |  Coronado |  Downtown San Diego |  Contact Us |  Search Options |  Communities |  Buying Short Sales |  FAQ |  4 Search Drawbacks |  International Buyers |  Luxury Buyers |  First-Time Buyers |  Vacation-Home Buyers |  Move-Up Buyers |  Downsizing Buyers |  1031 Exchange Buyers |  Luxury San Diego Real Estate |  Fair Housing |  Investment Buyers |  San Diego Photos |  New-Home Buyers |  Testimonial Chuck Smith |  Testimonial Downtown Steve |  What's Exciting! |  How We Work |  Short Sale Testimonial |  Investing |  Buying a Home |  Footer Links |  Local Restaurant Reviews |  SD Restaurant Reviews |  Things to Do in SD |  SD Eatery Reviews |  Paperwork |  How We Work |  About Our Name |  How We Get Paid |  Before Writing Offer |  Before You Write an Offer |  Before Writing an Offer |  Del Mar Buyers Agent |  92101 Buyers Agent |  Loan Doc Signing Tips |  Testimonial - Samantha Z. |  How I Work |  Review from Melanie & Michael |  Review from Erica M. |  Buying in 2014 |  Spring Home and Garden Show 2014 at Del Mar Fairgrounds |  Review from Daniel E. |  how-to-sell-my-home-&-buy-another-without-moving-twice |  Review from Steve and Chi |  Buying in 2015 |  Spring-Home-Garden-Show-San-Diego-Del-Mar-Fairgrounds |  Buying a Home in 2016 |  Review from Michael I. |  Review from John and Wendy |  Review from Allison H. |  Review from Frank S. |  Broken-Landing-Page |  San-Diego-Spring-Home-and-Garden-Show-2016 |  Your Ivy at Carmel Valley Exclusive Buyer's Agent |  Your Sea Cliff Exclusive Buyers Agent |  Your Avery Pointe at Veridian Exclusive Buyer's Agent |  Your Lanai in Carlsbad Exclusive Buyer's Agent |  Your Pacific Gate San Diego Exclusive Buyers Agent |  Your SummerHouse Carlsbad Exclusive Buyers Agent |  2016 San Diego Market |  Your-Park-at-Bankers-Hill-Exclusive-Buyers-Agent |  Your Aura Exclusive Buyers Agent |  San Diego Buyer Agent Review from Mary R. |  San Diego Buyer Agent Review from Dan B. |  Your Estates at Del Sur Exclusive Buyers Agent |  San Diego Buyer Agent Review from Ken and Cindy |  Three Reasons to Buy a Home in Hillcrest, San Diego |  Three Reasons to Buy in Bankers Hill San Diego |  Your Elms at Carmel Valley Exclusive Buyers Agent |  When to Buy? Part 2 |  San Diego Buyers Agent Review from Kevin C. |  Three Reasons to Buy in Encinitas San Diego |  San Diego Buyer Agent Review from Natacha S. |  Is Fall a Good Time to Buy a New Home? |  Your Elms at Carmel Valley Exclusive Buyers Agent |  Your Canterra Exclusive Buyers Agent |  Three Reasons to Live in Normal Heights, San Diego |  San Diego Buyer Agent Review from Renaud P. |  Buying a Home in 2018 |  Your Estancia at Cielo Exclusive Buyers Agent |  Your Upper Cielo Exclusive Buyers Agent |  Three Reasons to Buy a Home in La Mesa |  Your-Cottages-at-St-Cloud-Exclusive-Buyers-Agent |  Your Harmony Grove Exclusive Buyer Agent |  Three Reasons to Live in Kensington, San Diego |  8 Home Maintenance Tips for Spring |  Federal Interest Rate Hike and San Diego Homebuyers |  Review from Stewart H. |  Review from Roland M. |  Review from Duane and Nancy |  Review from Natacha S. |  Review from Shandi and Michael |  Your Savina Exclusive Buyers Agent |  Your Escaya Exclusive Buyers Agent |  Your Terraces at Robinson Ranch Exclusive Buyers Agent |  Your Signature Exclusive Buyers Agent |  Your Garrison Landing Exclusive Buyers Agent |  Review-from-Joseph-C |  Review from Kara S. |  Review from Martin and Jackie |  2018 Market Update |  Three Reasons to Live in South Park San Diego |  Review-from-Adam-W. |  New Granny Flat Law in San Diego |  Why Buy at Civita |  Review- from-Randy-F. |  Review-from-Oline-C |  Buyer's Privacy Rights |  Review from Alex M. |  Three Reasons to Live in Tierrasanta |  Review from Greg C. |  Review from Kenjie S. |  Review from L.T. |  Review from Mike L. |  Sandicor Statistics |  Videos |  Market Statistics |  Blog |  Site Map | 

Powered by LinkURealty - Real Estate Web Design & Websites

By: Justin Gramm

.

 

Globella's Real Estate Blog "For San Diego Home Buyers":

Real Estate Blog for San Diego Home Buyers | Solana Beach Real Estate Buyers Agent - 92075 | San Diego Real Estate Market Statistics and Trends 2nd Quarter 2011 | Cardiff Real Estate Buyers Agent - 92007 | Encinitas Real Estate Buyers Agent - 92024 | Coronado Island Real Estate Buyers Agent - 92118 | Point Loma Real Estate Buyers Agent - 92106 | Talmadge Real Estate Buyers Agent - 92115 | Clairemont Real Estate Buyers Agent - 92117 | Poway Real Estate Buyers Agent - 92064 | Carlsbad Real Estate Buyers Agent | Talmadge Real Estate Buyers Agent - 92115 | Clairemont Real Estate Buyers Agent - 92117 | Poway Real Estate Buyers Agent - 92064 | Carlsbad Real Estate Buyers Agent