Notice of Default/Foreclosures/Real Estate Owned

One thing we have been doing here at Whitney & Associates Real Estate is working with the owners of homes that are in foreclosure or have had a notice of default (NOD’s) as well as working with mortgage companies that now own homes after an unsuccessful foreclosure auction. We are diligently trying to place buyers in these homes and getting the buyers the best possible deal for their money.

As of April 2008 there have been 89 NOD’s and 58 foreclosures. We have been representing the clients directly before the homes hit the market with the banks. There are currently 31 REO’s in La Jolla as well and although this may seem like a lot, the La Jolla foreclosure market is very narrow compared to other areas. We have not seen anything like this kind of market in 10 years. This may be short-lived so my suggestion to eager buyers looking for a great deal is to act now. Within a year, the prices may shoot back up and there will not be many foreclosures left.