San Diego Real Estate and an NOD. Last night my wife's friend said the house down the street was in foreclosure and that it was overpriced. I wondered what that meant. Is the house owned by the bank, a so called REO or Real Estate Owned? Is the property stilled owned by the individuals? Have they just gotten their Notice of Default.
Next I wondered why the heck is 1.5 million. Its priced about $200,000-300000 over market. Well I looked it up on the MLS and it did not seem to be an REO, but it did not say subject to third party approval.
I was wondering what the heck the owners were doing. Overpriced and perhaps on the road to foreclosure. So many options available and yet siting there with no chance of a sale.
My advice, do not just accept a foreclosure, do not just think about a short sale, in many circumstances an attorney can bypass the loss mitigation department and get through to the legal department or the foreclosure department. Those departments are generally much more sophisticated and willing to work with attorneys. Short sales are just one option.
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