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REOs and Bank-Owned HomesREOs and  Bank-Owned homes are in short supply within our San Diego real estate market. And short sales aren’t much better.

More and more, these transactions are coming to resemble e-Bay transactions. It’s so frustrating for a buyer to submit a bid, only to find out there are 12 other competing bids on the table. But don’t give up. Here are some of the things you can do to increase your chances for successful foreclosure (as well as short sale) bidding:

1. Prior to submitting an offer, we speak with the listing agent to “seek guidance” for our buyer’s offer–especially when we are in a competitive situation. It doesn’t always work, but when we know how other offers stack, we stand a much greater chance of winning the bid.

2. Be thoroughly pre-qualified with a direct lender and have that letter on hand to submit with your offer. If a cash offer, be prepared to show proof of funds that can be submitted with your offer. Feel free to black out account numbers.

3. Propose a fast closing date with no contingencies. Lenders like speed and certainty–at least from you. Lenders may or may not reciprocate.

4. Present a strong earnest money deposit. For example, we recommend at least $5,000. on almost any offer of substance. That deposit, if your offer is accepted, goes towards down payment and/or closing costs. Any excess would be refunded to you. A strong deposit indicates a strong buyer.

5. Finally, and most importantly, do not get emotionally involved with the transaction and the home until you know your offer is accepted.
Another thing we suggest–and when there are no other offers on the table–is to ask the listing agent to place the property as “pending” if you submit a reasonable or full price offer. It’s a long shot that occasionally works–and helps insure a successful transaction. No buyer feels secure with the prospect of overbids possibly trumping his or her offer. We have had this happen on a couple of occasions and watch listing status carefully.

We have found that foreclosures generally close more quickly, compared to short sales in the San Diego market. Lenders are also more demanding with foreclosures and will frequently insert hefty per diem charges into their counters for any delays that result from buyer’s side. We have a transaction now, where lender wants a 3-week closing and $100. per day for any delays beyond that time. Buyer will likely need an extra 15 days and will gladly pay the additional $1500. because the deal still makes a great deal of $en$e.
Good luck in finding your San Diego dream home, whether it’s a short sale, equity sale or foreclosure. Your timing could hardly be better with record low interest rates and dwindling inventory levels.

In the meantime, if you would like to search for those rare REOs and bank-owned homes, you might try searching for those active listings in San Diego and outlying regions below:

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7671 La Brisa Rancho Santa Fe, CA 92067

$1,350,000
3 Beds
2 Baths
2,414 SqFt
Status Contingent
MLS # 160007539
Property Type Detached
BACK ON MARKET FOR SHORT SALE. A GREAT BUY IN 92067. VERY PRIVATE, QUIET LOCATION. VERY OPEN NICE FLOOR PLAN. 384 SQ FT GUEST HOUSE WITH 3/4 BATH.

12635 Pedriza Road Poway, CA 92064

$600,000
4 Beds
2.5 Baths
2,663 SqFt
Status Contingent
MLS # 160043755
Property Type Detached
Short Sale!!! This 4 bedroom 2.5 bathroom home is located in a quiet Cul-De-Sac.

721 Billow Dr San Diego, CA 92114

$249,999 - $299,999
3 Beds
1 Bath
949 SqFt
Status Contingent
MLS # 160042025
Property Type Detached
Distressed property in Encanto that needs to be updated. Major fixer not for the faint of heart. Bring your tools and make this one shine again!

2802 Hopkins San Diego, CA 92139

$275,000
3 Beds
2 Baths
1,520 SqFt
Status Contingent
MLS # 160057528
Property Type Detached
Found some major repairs needed for this property.

398 El Monte Road El Cajon, CA 92020

$390,000
3 Beds
2 Baths
1,341 SqFt
Status Contingent
MLS # 160065253
Property Type Detached
PRICE REDUCTION AND IT IS NOW A SHORT-SALE! Walk inside of this home and enjoy its beautifully updated living spaces. Located in a great neighborhood conveniently close to shopping and freeways. This property offers spacious curb appeal, drought friendly landscaping, private POOL, outdoor fountain and fireplace. Plenty of space for entertaining and guests. MOTIVATED seller. Please note that property has no garage.

823 Ostend San Diego, CA 92109

$1,075,000
1 Bed
1 Bath
760 SqFt
Status Contingent
MLS # 170001039
Property Type Detached
Property Appears to have unpermitted additions. Serious fixer, needs lots of TLC, structural retrofit and Termite woodwork repairs needed.

6166 Daisy San Diego, CA 92114

$299,999
3 Beds
2 Baths
1,202 SqFt
Status Contingent
MLS # 170001783
Property Type Detached
Property has lots of repairs needed! Has unpermitted room, Please check with your lender for financing.

8965 Butternut Ln. San Diego, CA 92123

$469,000 - $499,000
2 Beds
2.5 Baths
1,695 SqFt
Status Contingent
MLS # 170005786
Property Type Attached
Opportunity is knocking at this 2BD, 2.5BA Townhome w/ its bright open floor plan, 10ft. ceilings, and tile flooring. The open-concept kitchen includes granite countertops, plenty of bar seating, cognac cabinets, and stainless GE Profile appliances. The Master en-suite features 2 closets and a large soaking tub. Full sized laundry, a private balcony, and a fireplace also add convenience and comfort to this urban-style home. Come view the luxury Townhome community of Boardwalk at Spectrum!

13424 Silver Lake Dr Poway, CA 92064

$460,000
2 Beds
2 Baths
1,089 SqFt
Status Contingent
MLS # 170052975
Property Type Detached
BOM Short Sale was previously approved; Remodeled house beauty (3rd be converted into walking closet could be reverted) located in one of the most desirable areas of Poway, offers character; curb appeal; wonderful community; a house that has been pampered and where pride of ownership is evident. Opens up to a unique yard w/pool to entertain & enjoy summer days. Kitchen w/granite counters; laminate wood flooring and carpet in rooms. Large Bonus room, Leased Solar Panels. GARAGE ELECTRICAL CAR CHARGER.

913 River Oaks Ln Fallbrook, CA 92028

$535,000
3 Beds
2 Baths
2,000 SqFt
Status Contingent
MLS # 170018545
Property Type Detached
BOMK, short sale unsuccessful. 3 BR, 2.5 BA 1684 sq ft home on 1.3 acres w/ bonus rm off kitchen area. Whole house solar system, new roof, new energy efficient HVAC & windows. 2 car garage w/ 1/2 BA, RV parking & circular driveway. Some family fruit trees remain but water had to be reduced for lawn & landscaping due to draught. Pictures are from previous list period (with permission from list agent) & are not reflective of current house & yard condition; provided to show property potential.

1906 Fairway Circle Dr San Marcos, CA 92078

$330,000
2 Beds
2 Baths
1,150 SqFt
Status Contingent
MLS # 170024632
Property Type Attached
Wow!! An almost 160 degree golf course view from this top floor 2 bedroom and 2 full bathroom end unit with 2 private covered decks. Front deck is 17x6 & back deck is 15x8. Home mostly in original condition, yet clean and ready for updating. Open beam vaulted wood ceiling in living room with fireplace--great place to sit and enjoy your view. Central heat and air conditioning. HOA fees include exterior maintenance of buildings, roof, termite, pool, clubhouse, spa, tennis court, water, trash, sewer -- Wow!

6901 Alvarado Rd 2 San Diego, CA 92120

$203,000
3 Beds
2 Baths
990 SqFt
Status Contingent
MLS # 170048366
Property Type Attached
3 Bedroom 2 Bath Condo in San Diego. Needs some Repairs. HOA covers exterior janitorial & courtesy for interior pests once a month. Water & Water heating paid by HOA. HOA has master insurance policy for structure.