The San Diego Foreclosures Process

The California laws which dictate the way in which San Diego foreclosures are handled result in an approximately four-month out-of-court process. Because San Diego foreclosures are not subject to Court oversight, lenders seeking to foreclose on a San Diego property do not have to get a deficiency judgment against the defaulting borrower, and can sell the San Diego foreclosure as soon as the foreclosure has been processed.

The lender begins the San Diego foreclosure by filing a notice of default with the San Diego County recorder; the notice will state both the amount the property owner owes and the length of time which the home owner has to cover the debt.

The County recorder will mail the San Diego foreclosure notice to the property owner and anyone who has a lien on the property, like other lenders from whom the owner may have borrowed money and used home equity as collateral.

If the property owner can come up with enough money within ninety days to pay off the debt and the fees associated with the foreclosure proceedings, he or she will be able to keep the property. If, at the end of the grace period, the homeowner has not paid off the debt and fees, the lender will arrange for a sale of the San Diego foreclosure property.

All San Diego foreclosures require that a Notice of Trustee's Sale be published locally at least twenty days before the sale is scheduled to occur; the lender must also post a notice of sale on the property itself.

At the time the notice of sale is posted on the property, copies of it are sent to both the homeowner and all parties who have requested notification. San Diego foreclosures notices of sale will have information regarding the name of the foreclosing lender and the property owner, the location and time of the sale, and the property's specifics.

When the San Diego foreclosure sale is completed, the high bidder on the property is required to pay in for the purchase either with cash, or, in certain instances, with a cashier's check. Those purchasing San Diego properties through foreclosure sales are often able to get them at prices significantly lower than those of homes sold on the open market.

How You Can Find And Profit From San Diego Foreclosures

One way to keep track of San Diego properties headed for foreclosures is through online foreclosure websites. The best ones start tracking homes through the filings at the San Diego County Recorder's Office as soon as they enter the pre foreclosure stage with the filing of a Notice of Default. They also list properties which have not had their defaults cleared and are the subjects of Notices of Trustee's Sales.

The best thing about these sites is that you don't have to be in San Diego to follow the homes in which you are interested; but once they enter the San Diego Foreclosures process you can either go to San Diego and attempt to negotiate directly with the homeowners or lenders, or perhaps contact a San Diego realtor who handles San Diego properties in foreclosure.

If you want to maximize your chances of profiting from San Diego foreclosures, however, you should have pre-auction inspections, appraisals, and title searches done on any properties in which you are interested.

Doing so will give you a good idea of any repair costs you need to deduct from you final bid, and also notify you of total amount the existing liens on the property, which you, as the new title owner, will have to satisfy before you can sell it again. You may find that the costs involved with making a San Diego foreclosure home either livable or salable outweigh the savings you might get from purchasing it for a discount at auction.

San Diego foreclosures which do go to auction, however, will frequently sell for between twenty and fifty percent below fair market value. They may even, in some cases, be purchased for the amount of the past due payments, with the purchaser assuming the existing mortgage.

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