search foreclosed homes in San Diego

Understanding the foreclosure process gives you some insight into locating San Diego foreclosures and REO homes and condos at their earliest stages. The Federal government forecloses on hundreds of  homes each year that have been financed through several of its funding source: Veterans Administration (VA), Housing and Urban Development (HUD), FANNIE MAE and Federal Depository Insurance Corporation (FDIC). These San Diego foreclosure homes and condos can make lucrative investments and there are many special programs to allow purchasers to buy these foreclosure homes with little or no down payment and many have repair allowances.  Once the homes are taken back by these federal agencies they appear on this web site, please contact us to see the San Diego foreclosure and REO houses and condos for sale today!

Banks and financial institutions take back homes that they have loaned funds against.  They refer to the properties they retrieve as REO's or real estate owned.  Within larger banks, they are REO departments solely devoted to the resale of these properties.  Banks supply their REO listings to foreclosure real Realtors.  Most contain the bank's name and the contact person's name and phone number.

New homes can also appear on bank REO lists.  Builders who build "spec" homes, homes not presold but built "speculatively", finance the construction through banks.  Sometimes when a builder has several homes that have remained unsold for an extended period of time, the bank will take back the homes. These homes will also appear within the bank's REO listings.  

In some cases and with some additional effort, you can find these homes prior to going into foreclosure or pre-foreclosures.  In the case of bank REO's, when reviewing the list of banks and their contacts become familiar with local contacts of REO departments at banks in your city.  As you become acquainted with these contacts, you can tell them the type of home you are looking for and the area.  If you check back on a regular basis, you may obtain information on homes prior to it being added to the public database, however, Realtors usually obtain this information faster and work harder to get you the right property.

When you review the database further, you will notice that many smaller banks do not include their REO listings. They may have too few foreclosures to have a REO department.  You should contact these institutions directly and ask who is the person designated to dispose of these properties.  Again, your effort may reap you information about properties that are not in any public database.

"Preforeclosure Short Sales" are not handled in the REO departments of banks, but rather in the "Loan Loss Mitigation" Departments.

Bottom line, if you are serious about fixing and flipping a foreclosure property, the best method of locating a good deal is to use a foreclosure real estate specialist.

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