San Jose is a vibrant Northern California city in the heart of Silicon Valley. It has a substantial real estate market that includes a steady flow of new foreclosed properties. Lenders can foreclose and sell San Jose homes and other real estate in accordance with California law. The lenders must first give public notice so that potential buyers can find San Jose foreclosures. They can then proceed with the public auction. Bidders can place the highest bid at the auction to buy foreclosed homes in San Jose, California.
Hunt down San Jose foreclosure listings. You can call or visit the Santa Clara County Clerk-Recorder’s Office to ask about San Jose foreclosures. San Jose is located in Santa Clara County, so you can request how to find foreclosure notices for the whole county plus San Jose through this office. Visit the main page for the clerk-recorder at sccgov.org/portal/site/rec.
Note that the Santa Clara County Tax Assessor and the county sheriff may also conduct certain kinds of San Jose foreclosure sales. For example, when a home owner fails to pay taxes, the county may sometimes foreclose and auction off the property to raise the overdue taxes. Visit the Santa Clara County website at sccgov.org to look for these offices and hunt down more San Jose foreclosed properties.
Use the listings you find to get all the relevant information on San Jose foreclosures. You will want to know the auction schedule and location and the address and amount due on each foreclosed property. Looking at the amount due will help you narrow down your foreclosure buying choices. Keep in mind that the bank or other lender routinely bids this amount to start the bidding on a foreclosed home in San Jose.
Further narrow your list of desired foreclosures by estimating the fair market value. Of course, homes are very expensive in the San Jose area. You will need to know approximately what the homes in the neighborhood of the foreclosure are going for to help you come up with the fair market value. Appraisers and real estate brokers may have this information.
Once you have a figure for the foreclosure’s value, you can then arrive at a maximum bid that is some number between the amount due and the fair market value. Stick to that bid to get a good house deal through San Jose foreclosures.
Prepare whatever percentage of your maximum bid that you need to pay on the foreclosure’s sale date. Look at the individual listing for a foreclosed property to see the payment terms. In California, you can generally pay by either cash or certified funds (cashier’s checks or money orders).
Bid on and buy San Jose foreclosed properties by placing the highest bid at individual auctions. Pay the bid amount to the lender/seller to complete your foreclosure purchase.
Get a deed from the seller. In California, it is important to obtain a real estate property deed when buying foreclosed homes in San Jose or any other city. A deed protects your rights in the foreclosure if you file it properly with the county. Go to the Santa Clara Clerk-Recorder’s office to file the property deed as soon as possible after receiving it from the seller (tax assessor, sheriff, lender, etc.).
California Laws on Foreclosure: Foreclosure.com