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San Diego foreclosure and REO investors who are planning to move up often wrestle with the dilemma: "Should we sell first or buy first?" You'll find plenty of agents advising you to buy before you sell, depending on the situation. The first step, is to find a good Realtor who knows the San Diego foreclosure and REO market, and will advise you well.

Of course, which comes first, the chicken or the egg, depends on the market -- is it a buyer's or a seller's market -- and your personal motivation to invest in a San Diego foreclosure or REO. However, for most sellers and buyers, the smart thing to do is to sell before you buy.

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foreclosure with your San Diego area home.  You will be spending a lot of time on the telephone having conversations with many different people.   This is not a time to get lazy with documentation.  If possible make taped conversations; just make sure you let the person know that they are being recorded.

Follow every important phone call with a letter.  Sending a certified letter with return receipt requested will, if nothing else, show the courts or regulatory agencies that the borrowers made an attempt to work out a solution and the lender may be forcing a foreclosure by "losing" negotiation offers.

San Diego homeowners also need to do everything they can to keep on top of the lender's requests for information. When the mortgage company requests a package of financial documents or a hardship letter, the borrowers should comply with the request as soon as possible usually no later than 24 hours after the phone call.

Keeping in close contact with a mortgage lender eat up as many resources as a part-time job, but homeowners who want to work with their banks need to put in much effort to negotiate a mortgage modification or other solution. Lenders have thousands of foreclosures to work with, and the most persistent, hardest-working borrowers will be the ones who receive a solution, while the less diligent will simply lose their homes. In every case of foreclosure, though, it is important for owners to maintain open lines of communication with the bank and document or record every conversation, and follow up by complying with the bank's requests and sending copies of every document via certified mail.

To Search San Diego's #1 source for distressed properties: foreclosures, pre-foreclosures, REOs, bankruptcy, FSBO and tax lien listings click here.

Get The 411 On Important Real Estate Terms In San Diego Foreclosures and REO's

Many people interested in investing in San Diego foreclosures and REO's have asked for a more specific definition of "acceleration clause" a commonly used mortgage term. When a mortgage is used to purchase a San Diego foreclosure or REO, there is a good chance that the mortgage agreement will include an acceleration clause. Essentially, the acceleration clause is a statement or series of statements within the mortgage contract that outlines a number of reasons that will allow the lender to demand payment of the outstanding balance of the loan that you use to purchase the San Diego foreclosure or REO. Here are some basics about the acceleration clause, and how the inclusion of the clause can help to protect the lender in the event of a number of scenarios.

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se you are well known does not mean you are immune from the foreclosure crisis.  Celebrities like Jose Canseco, Courtney Love, Ed McMahon, Marion Jones and Michael Jackson all have found themselves in trouble with their mortgages.  

Read Also:  Rich & Famous not immune

Celebrities are not immune from making bad financial decisions and the realities of foreclosure.  Interested in seeing what celebrities are in danger of losing their luxury homes there are several articles over at Luxist that share the celebrities in trouble.

Read Also:  LALand's Celebrity Foreclosure List

It is hard to understand how someone who is rich and famous could be running out of money and facing foreclosure.   But just because they are famous does not mean that they make sound financial decisions.   The housing market has seen better days, and when Real Estate values were rising, and there was no end in sight to the increases.   To maintain that lifestyle costs money and many of these celebrities are living paycheck to paycheck.

Read Also:  Celebrity Foreclosures

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When it comes to real estate investment options, the decision to invest in San Diego foreclosure properties is always a sound choice, even under the best market conditions; however, currently San Diego foreclosure properties may be an even better choice for profitable real estate investment than ever before. The rising foreclosure rates are making San Diego foreclosures available to new investors every day.

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