Bank Owned Homes San Diego, CA

Homes in La Jolla and San Diego are well sought after because of the beautiful weather, the fabulous beaches, and the unbeatable California lifestyle. When looking for a home or investment property, keep your options open by considering real estate owned or bank owned homes San Diego and La Jolla.

A real estate owned (REO) or bank owned home is a house which was repossessed by the bank or lender. When home owners cannot pay their mortgage, the home is auctioned off too the highest bidder. For whatever reason, if the property is not sold, then the bank or lender will repossess the home. Banks and lenders have no need for repossessed homes and are happy to sell them at discount prices. This is where you, as a savvy buyer, can benefit from the situation.

There are many reasons why buying a bank owned home San Diego and La Jolla is a good idea:

  • No Homeowner: bank owned homes are owned by banks so you do not need to deal with sentimental home owners who may be reluctant to negotiate or lower prices due to sentimental value.
  • No Taxes Due: in a regular sale, if the previous owner did not pay the property taxes you will be left to pick up the tab. Not so with bank owned homes. Here, the bank will waive any outstanding property taxes.
  • Home Inspection: unlike foreclosure auctions, you are permitted to have the home inspected by a professional before you purchase it. This is a great relief to buyers who want to know what (if anything) is wrong with the home before they buy it.
  • Lower Price: because banks and lenders do not want or need an overabundance of homes just waiting to be sold, the prices for a typical bank owned home is much discounted compared to a similar house sold by a private homeowner.

bank owned homes san diego
However, buying a bank owned home can take longer than buying a home from a private seller. You will need to be patient and it is advisable to get a bank owned home San Diego specialist to help you make the purchase. Please call La Jolla San Diego Homes to wee what is available: (619) 777-8354 or contact us by email.