A Premier San Diego Real Estate & Mortgage Company
Prestige Properties & Finance
San Diego Pre-Foreclosure 101
What does "pre-foreclosure" mean?
Pre-foreclosure describes properties that are in default on their mortgage or another
lien in one fashion or another. The typical stages are:

Default: It's past the grace period and the mortgage hasn't been paid.

Notice of Default or NOD: The lender has sent a notice that the property is in default
and they will exercise their remedies (foreclosure) if the payments aren't brought
current.

Notice of Trustee's Sale or NOT: The trustee has sent a notice that the property will
be sold on a certain date at a trustee's auction (the court house steps) if not worked
out between the lender and the borrower (home owner) before hand.

Right to Redeem: The borrowers final right to redeem (pay current) the loan before
the trustee's sale.

Trustee's Sale: The day the property is auctioned off on the county court house
steps. The minimum bid is the amount owed the lender foreclosing. If no one bids
that amount or higher then the property goes to the lender and payment for the debt.


How do I buy a pre-foreclosure?  More info to: Get the best deal
You scour through lots of data from a data provider and find the properties you like
and then figure out how you want to go about buying it. Whether it be working with
home owner, buying the note from the bank, or bidding at the auction.


What are the pro's and con's of pre-foreclosures?
In today's market there are 1,000's upon 1,000's of "pre-foreclosure" properties. The
vast majority of these properties are worth less than the loan that is foreclosing on
them and aren't worth looking at until they reach the MLS priced at market prices.

The con's would be that because of the current market finding the right
pre-foreclosure property is like finding a needle in a haystack.

There are no pro's to speak of versus foreclosures listed on the MLS.


How can I find and purchase a pre-foreclosure?
Find a data provide that provides NOD, NOT, and trustee sale information.
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