The most common type of foreclosure property you'll encounter in your home search here in Baja California, is a Real Estate Owned, or REO, property.
REOs are properties that have been foreclosed and are now owned by the bank.
Some of our REO properties we cannot publicize on the internet, as we are not allowed. But we can show you here and tour the properties. These are oceanfront condominiums that range from $93,000 dlls to $119,000 for one bedrooms and from $137,000 to the $170’s for two bedrooms and in the $300,000’s for huge three bedrooms Penthouses.
The REOs that we handle are vacant… some in perfect condition and a few in need of minor repairs. But often they look and feel just like other Baja oceanfront condos and homes for sale, and they're listed by a real estate agent, in this case, REMAX Baja Realty. Although they're typically sold as-is, it's very common here for an REO to be in move-in condition. But the process of buying an REO is a little different than other home purchases. Here in Baja it is actually easier and risk free!
With the help of a qualified real estate agent who knows the terrain of the REO market, your REO transaction will run more smoothly – and you'll likely get a great deal in the process.
RE/MAX agents lead the industry in distressed property training. Working with an agent experienced in Baja California REO transactions & real estate will make the difference between a successful purchase and a frustrating, confusing experience.
Ferreting Out Foreclosures
With the profusion of foreclosure properties on the real estate market today; you are likely to find one in your price range. Find a REMAX real estate agent who can help you hasten the purchasing process. Many REMAX Baja Realty real estate professionals are informed of foreclosed homes that are available very soon after they are listed.
Foreclosures: Fact and Fallacy
With the scuttlebutt surrounding foreclosed homes, many buyers think all foreclosures need repairs and gutting. Since many builders were caught in the downturn, new homes are available from lenders at low prices, who in turn them over to prestige real estate offices, like REMAX Baja Realty to sell for them. When the market plummets, many real estate developers could not lease their properties. Some upscale homes and condos here in Baja, are being sold for 50 to 75% lower than their asking prices.
When the real estate bubble burst, many lovely properties were forced into foreclosure. Most foreclosure properties do not require repairs, and many only require a fresh coat of paint and yard work.
What are foreclosed properties in Baja that we handle?
A foreclosed property here – also known as Real Estate Owned (REO) – is a home that was once builder-owned but has been turned back to the mortgage holder as the result of a foreclosure action or acceptance of a deed-in-lieu of foreclosure.
Are properties sold at a discount?
Properties are listed at an average 50% below market value. We work with local Baja and National banks, as well as real estate agents, to review similar listings for price comparisons, assess the property condition, and set a best price.
Making properties attractive to buyers is important to us, so we make every effort to maintain and prepare homes for sale, making repairs as needed.
Do I need cash to buy a foreclosed property?
Most Baja foreclosed properties are cash-only purchases. However, we can help you find a loan to purchase your home or condo; or you may take out a refinance of your home and pay cash to the bank here.
What conditions are the homes in?
Not all properties need the same level of preparation for sale. However, most are in perfect condition. A few would need about $5,000 to $10,000 dlls to be in perfect condition.
How quickly can I get a response to my offer?
Typically, we respond to offers in three business days with either an acceptance or information on minimum price However, at Remax Baja Realty we will disclose to you the minimum prices the bank has given us, up front.
To streamline the process, promptly submit any additional information or documents the listing agent requests.
A few examples. Please check our MLS listings !
Rosarito Beach Condo Hotel
La Jolla del Mar (Move-in ready)
Amazing units. For around 50% off market value
Las Olas Grand (luxury tower)
Deluxe Tower. Amazing prices…. Check our MLS listings
-Las Palmas Ocean Front Condo
-One Hectare in Punta Colonet
Ocean Front parcel for only $55,000 USD. Comparable selling at $110,000 USD.
It is indeed a perfect time for you to invest and purchase at a discounted and below developer's price. Don't miss this opportunity. Owner of this unit bought at the first phase of construction and is now selling at a discounted and bargain price.