Legal aspects of foreclosed properties in California

In the current economic depression, many foreclosed properties are up for sale. While this unfortunate scenario has caused considerable heartbreak, it has been a boon to many prospective home buyers who are fortunate enough to be able to make a purchase in the current scenario. Additionally, it is also an opportunity to those wishing to make a property investment in California. Banks and other lenders often find it advantageous to cut their losses by selling a foreclosed property at heavily discounted prices to recover their investment.

California is a title theory state where a loan is secured by a mortgage or deed of trust until the underlying loan is paid in full. California is a consumer friendly state where the rules governing foreclosures are often complex. A non-judicial foreclosure, which does not involve court action, is normally the primary method adopted. Usually in California it takes a minimum of 120 days to effect an uncontested non-judicial foreclosure.

Foreclosure purchases in the San Jose Area

To purchase a foreclosed property either as a future home or investment it is advisable to retain the services of a reliable and dynamic realtor who knows the territory and the complex foreclosed property legalities. Dale Warfel is a licensed realtor who has been working in the Bay Area for over a decade. He constantly updates himself with the increasing list of foreclosed properties and is conversant with the legal process. Dale can advise his clients of the property’s condition and has a realistic price to offer when bidding at a sight-unseen auction. You can reference Dale’s free multiple listing service for updated details of bank-owned homes for sale in San Jose, distressed properties and foreclosed homes. Further details are available on his webpage http://dalewarfel.com/Nav.aspx/Page=/PageManager/Default.aspx/PageID%3d2120216 or you can email him at dale@dalewarfel.com .