Buying a Bank-Owned Property in Escondido

Reblogger Joe Kenny
Real Estate Sales Representative with Realty Executive Midwest

I know I missed the following 60 Minutes story originally on how banks lost paperwork that were part of mortgage back securities but I just finished watching it and I can not believe what I just watched.  Wow!  I’d like to thank Melissa Zavala for sharing this.

Original content by Melissa Zavala Cal BRE #01324959

 

If you are considering buying a foreclosure or bank-owned property in Escondido, you should be aware of certain circumstances that could impact your purchase. Recently, on 60 Minutes, there was a not-so-nice report on the mortgage mess throughout the United States. In this report, Scott Pelley shares the problems that the mortgage lenders are having in verifying the validity of the debts both prior to and after the official foreclosure. Because of this, there is trouble verifying that the property is available to sell, since there may not be a clear chain of title.

Check out the 60 Minutes report here:

We have seen many buyers of foreclosures in Escondido who have been stuck in the purchase while they waited for the bank to verify the validity of the debt and confirm with 100% certainty that the subject property could be legally sold. Buyers have to wait and wait while the bank verifies the chain of title—and there is not any guarantee that the chain of title and the validity will be confirmed.

The key to avoiding this situation is to hire a qualified Realtor® experienced with purchasing foreclosures in Escondido in order to represent you and assure that you do not get into an unfortunate situation. As you can see, the 60 Minutes feature story really sheds new light on purchasing a foreclosure in Escondido, San Marcos or just about anywhere in San Diego, Riverside County and throughout the state of California.

 

 

CDPE, HAFA Certified
Broker/Realtor® ● DRE #01324959
Broadpoint Properties, Inc
Short Sale Expeditor®

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IMPORTANT NOTICE

Broadpoint Properties, Inc is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

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Rainer
184,535
Arleen Montford
Selling NW Florida Homes in Pace/Milton/Pensacola FL
KELLER WILLIAMS REALTY GULF COAST

Happy Easter Joe Kenny, I can;t get the video to work I will again later. because if you say it is worth watching I know it must be. Happy Easter.

April 24, 2011 09:51 PM
Rainmaker
1,261,754
Anita Clark
Realtor - Homes for Sale in Warner Robins GA
ColdwellBanker SSK Realtors ~ 478.960.8055

I completely missed this one the first time around...thanks for the re-blog Joe.

April 24, 2011 10:45 PM
Rainmaker
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Joe Kenny
Better Than Your Average Joe
Realty Executive Midwest

A&T Thanks for checking it out.  I hope you get to see it.

Anita- That's because you were too busy staying on top of the foreclosures in your market.

April 24, 2011 11:18 PM
Ambassador
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Melissa Zavala
Broker, Escondido Real Estate, San Diego County
Broadpoint Properties

Joe: Thank you for reblogging my post. It certainly was an interesting feature story.

April 25, 2011 09:33 AM
Rainmaker
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Joe Kenny
Better Than Your Average Joe
Realty Executive Midwest

Melissa, it was too good not to repost.

April 26, 2011 11:51 AM
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Joe Kenny

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Does a Realtor have any value when a buyer is purchasing a home?
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