San Carlos Foreclosures Remain Steady

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San Carlos currently has 52 single family residences in some part of the foreclosure process.  It is interesting to note that this number is only higher by two, over the amount of foreclosed homes on the market last year at this time. First, it is important to note that there are different stages to the foreclosure process.  Second, most homes going into foreclosure will never hit the market as a foreclosed home.  Most homes are either sold or the owner finds a way to pay the amount in default and take the home out of foreclosure.

Generally, homes fall into the following 3 stages of foreclosure:

Stage 1:  Pre-foreclosure

When a homeowner fails to make their payment on time, the mortgage holder will generally file what is called a “Notice of Default,” or what is commonly called, an NOD.  The Notice of Default is a public document filed at the county recorder’s office.  It lets the homeowner know that the mortgage holder will be initiating a foreclosure action, if the home is not brought out of default, in order to protect their security interests in the property.  Generally, the Notice of Default period lasts about 120 days, at which time the home will be sold at a public auction if the loan is not brought current.

Stage 2:  Notice of Trustee’s Sale

Toward the end of the pre-foreclosure period (usually about 90 days), the bank will schedule the home for auction.  This is the first sign to the general public that the owner has been unsuccessful in any attempt to bring the home out of foreclosure and it would seem more likely that the home will actually make it to auction.

Stage 3:  Auction/Bank Owned

Depending on the amount owed on the property, a member of the general public or the bank will purchase the property at auction.  If the property is underwater in terms of what is owed versus market value, nobody will bid on the property and the title will revert back to the bank.  At this point the property becomes bank owned. This is the final stage to the foreclosure process.  The bank will then take the property as quickly as possible and put it on the market as a foreclosed home.  As mentioned above, in San Carlos, many homes in the process do not make it this far.  Another reason that foreclosed homes have not been labeled a tremendous bargain in San Carlos is because, the inventory in San Carlos is extremely low right now and we also have very  high demand.  The result is that any foreclosed home that debuts on the market at a lower than market price will be brought up to market value by virtue of multiple offers.

San Carlos Foreclosed Homes

The information below shows the amount of homes on track for foreclosure in each Area of San Carlos as well as the stage of the foreclosure.  Currently, there are 52 single family residences that fall somewhere along the foreclosure timeline.  For a detailed map of each of the six areas of San Carlos click here:

Area 350 Alder Manor

Pre-foreclosure:  3

Scheduled for Auction:  1

Bank Owned:  2

Total:  6

Area 351 Beverly Terrace

Pre-foreclosure:  9

Scheduled for Auction:  5

Bank Owned:  5

Total:  19

Area 352  El Sereno (White Oaks)

Pre-foreclosure:  5

Scheduled for Auction:  4

Bank Owned:  1

Total:  10

Area 353 Howard Park

Pre-foreclosure:  1

Scheduled for Auction:  1

Bank Owned: 0

Total:  2

Area 354 Clearfield Park

Pre-foreclosure:  4

Scheduled for Auction:  0

Bank Owned:  1

Total:  5

Area 355 Cordes

Pre-foreclosure:  5

Scheduled for Auction:  3

Bank Owned:  2

Total:  10

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