At Billionaires Row in La Jolla, our expertise of the area, extensive knowledge of the market, and impeccable client services, sets us apart from the rest. Not only have we been in the real estate business of La Jolla for 22 years, but we have handled La Jolla’s foreclosed properties for just as long. Having worked on foreclosures with major institutional lenders in the past such as TransAmerica, Home Savings, World Savings to name a few, we are now one of only seven agents in San Diego that work directly with Washington Mutual (now JP Morgan).
Working so closely with these financial institutions has helped us learn the mechanics of how each bank operates from the inside when it comes to foreclosures in La Jolla. We have a keen sense of what each bank allows as far as credits, extensions, and overall time periods to get a deal closed.
In this kind of market, we see a lot of overbids of foreclosed properties. Billionaires Row La Jolla has been successful by using escalator clauses. For example, we would write an offer for $5000 over the best offer presented not to exceed a certain amount. However, a number of banks are now requiring all buyers to submit their highest and best offers to be submitted for review. We try and beat out all other offers by making ours as clean as possible. For example, we may do a short close of escrow or not ask for the seller (in this case the lender) pay for termite inspections and termite work. This does not preclude the buyer from doing inspections and investigations. At Billionaires Row La Jolla, we use one of the best physical inspectors in the greater La Jolla area and conduct detailed investigations of the property you are buying. We use a camera to snake down the sewer line and check all sewer connections, search for mold or potential mold problems; extensively search for any structural issues, etc. All of the findings from these procedures could potentially change the valuation of the property from what we may have the home in escrow for. Conducting these intense investigations has helped make our strong reputation and allow hundreds of past clients or friends in La Jolla to refer new buyers to us looking for short sales and foreclosures in La Jolla.
We also have a customized website that notifies you, the potential buyer, of all La Jolla foreclosures and defaults on a daily basis. In addition to La Jolla foreclosures, we follow all of the defaults on homes in the La Jolla area. Having that list of defaults permits us to contact the La Jolla homeowner directly prior to the property going into foreclosure. We then negotiate directly with the La Jolla homeowner and help him or her into a short sale before the property is turned over to the lender.
If a property in La Jolla ends up going to foreclosure in a trustee sale- the home can be purchased directly on the court steps with a cashier’s check. Billionaires Row La Jolla can help you determine if the value is good or if it is still too high. If in fact the value is too high, we would advise you to wait and let it go into foreclosure. With our strong relationships with lenders, it allows us to go directly to the bank before it gets handed to another realtor. At that point, it’s very simple. We conduct a strategic Broker’s Price Opinion (BPO) to determine the value to best represent out La Jolla buyers.
It is extremely important when choosing an agent in La Jolla that you choose one who can determine the intrinsic value of a property, one who has vast experience in the La Jolla area, and one that can help you obtain the best value in the purchase of a La Jolla home or condo.
Values are the lowest they have been in the past 10 years with some La Jolla homes being discounted 60% of the value they were in 2005. Right now is a great time to buy foreclosed properties in La Jolla, we are here to help.
Working so closely with these financial institutions has helped us learn the mechanics of how each bank operates from the inside when it comes to foreclosures in La Jolla. We have a keen sense of what each bank allows as far as credits, extensions, and overall time periods to get a deal closed.
In this kind of market, we see a lot of overbids of foreclosed properties. Billionaires Row La Jolla has been successful by using escalator clauses. For example, we would write an offer for $5000 over the best offer presented not to exceed a certain amount. However, a number of banks are now requiring all buyers to submit their highest and best offers to be submitted for review. We try and beat out all other offers by making ours as clean as possible. For example, we may do a short close of escrow or not ask for the seller (in this case the lender) pay for termite inspections and termite work. This does not preclude the buyer from doing inspections and investigations. At Billionaires Row La Jolla, we use one of the best physical inspectors in the greater La Jolla area and conduct detailed investigations of the property you are buying. We use a camera to snake down the sewer line and check all sewer connections, search for mold or potential mold problems; extensively search for any structural issues, etc. All of the findings from these procedures could potentially change the valuation of the property from what we may have the home in escrow for. Conducting these intense investigations has helped make our strong reputation and allow hundreds of past clients or friends in La Jolla to refer new buyers to us looking for short sales and foreclosures in La Jolla.
We also have a customized website that notifies you, the potential buyer, of all La Jolla foreclosures and defaults on a daily basis. In addition to La Jolla foreclosures, we follow all of the defaults on homes in the La Jolla area. Having that list of defaults permits us to contact the La Jolla homeowner directly prior to the property going into foreclosure. We then negotiate directly with the La Jolla homeowner and help him or her into a short sale before the property is turned over to the lender.
If a property in La Jolla ends up going to foreclosure in a trustee sale- the home can be purchased directly on the court steps with a cashier’s check. Billionaires Row La Jolla can help you determine if the value is good or if it is still too high. If in fact the value is too high, we would advise you to wait and let it go into foreclosure. With our strong relationships with lenders, it allows us to go directly to the bank before it gets handed to another realtor. At that point, it’s very simple. We conduct a strategic Broker’s Price Opinion (BPO) to determine the value to best represent out La Jolla buyers.
It is extremely important when choosing an agent in La Jolla that you choose one who can determine the intrinsic value of a property, one who has vast experience in the La Jolla area, and one that can help you obtain the best value in the purchase of a La Jolla home or condo.
Values are the lowest they have been in the past 10 years with some La Jolla homes being discounted 60% of the value they were in 2005. Right now is a great time to buy foreclosed properties in La Jolla, we are here to help.
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