Buyer Resources
Search for Foreclosures and Foreclosure Information
REO Simplified
How is the foreclosure process different from the typical buying process of a San Diego property?
When considering a San Diego REO property, as with all San Diego properties, it is important to be well informed so you're aware of the process from the first handshake through the closing.
What is an REO?
An REO is an acronym for "Real Estate Owned". REO is a financial industry term referring to properties that an institution has foreclosed upon and now owns.
If I submit my offer directly to you rather than through a listing agent, will the lender accept a lower price?
Coastal Premier Properties only accepts offers that have been submitted through a listing agent. We price our foreclosure properties in accordance with the local market and expect to sell them at market value. As with any property listing, our asking price takes into account its condition as compared with the local market.
After submitting my offer, how long should it take to receive a response?
Coastal Premier Properties will provide either an offer acceptance or counter offer to the listing agent within 48 hours of receiving the offer. If an offer is submitted during the weekend, it will be reviewed on the next business day.
What if the property requires repairs, either minor or substantial?
Make sure that you speak with the listing agent to ensure that you understand the terms of the listing clearly. In most cases, the foreclosure property will be offered in an "as-is" condition, with the list price reflecting its condition. When purchasing a foreclosure property "as-is," ensure you've done your homework to clearly understand the structural and mechanical condition of the building, HVAC, internal plumbing, the well and septic system. Depending upon the condition of these components of the home, the types of financing available may be impacted. However, there are special loan products available that will lend on the "after improved" value of the home thereby making it possible to purchase even the most neglected property and to make it the home of your dreams.
Coastal Premier Properties
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