Q-How long does it take for a property to be foreclosed in San Diego or Riverside CA?
A-Late on payments causes:
1. Day 1 Notice of Default is recorded by the bank
2. Day 14 Notice of Default must be mailed to borrower 10 days after recordation.
3. Day 91 Notice of Trustee’s Sale is recorded, published and mailed. (Lenders usually file 31 days before the sale because of an IRS notice requirement).
4. Day 115: Deadline to cure default (5 business days before Trustee’s sale).
5. Day 122: Trustee’s sale (Deadline to pay off loan is anytime before Trustee’s sale begins). Trustee’s sale is a foreclosure sale: the forced sale of a property at public auction (usually the court house steps) to satisfy the debt incurred from the substantially delinquent payments. The buyers at the court auction are required to have cashiers check for the full amount of the sales price, usually without inspection of the property,as is, inside unseen, high risk, usually the price goes thru a bidding up process toward market value.
6. After the court auction, if there are no bids, due to the loan being higher than the market value of the home, thr majority of foreclosures go back to the bank, if it does not sell.
7. When it goes to the bank, it will take an average of 1-2 months before it gets listed with a real estate and than you will see it listed on our website at County Properties.
8. Contact me, as your Realtor (R) I will help you to find the home your looking for at a good price.