Share

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:

Sort by:

67926 Whitney Court Desert Hot Springs, CA 92240

$135,000
3 Beds
-- Bath
1,895 SqFt
Status Active Under Contract
MLS # 41459320
Property Type Single Family Residence
This is a SHORT SALE. Beautiful home, very well take care of. Nice area. 3 bed. 2 ba. No need to preview.

2860 N Los Felices Road Unit 108 Palm Springs, CA 92262

$60,000
1 Bed
1 Bath
589 SqFt
Status Active Under Contract
MLS # 41462690
Property Type Condominium
BACK ON MARKET! Timing is everything. In demand condo in popular Palm Springs Villas I. FEE LAND. LA, OC, SD weekenders love this place which has all the amenities expected in a relaxing retreat: pools, spas, tennis. Want excitement: close to town will all the village has to offer. This one bedroom one bath hideaway is just steps from the pool. Very much in demand seasonal rental. FURNISHED. SHORT SALE.

50445 El Dorado Drive La Quinta, CA 92253

$1,199,000
4 Beds
4.5 Baths
4,449 SqFt
Status Active
MLS # 214012336DA
Property Type Single Family Residence
Fabulous Short Sale Opportunity! Ventana on Mountain View's premier street bordering The Polo Estates! Panoramic mountain, fairway and lake views. Entertainer's backyard with palm groves, pool, spa, waterfalls, firepit and BBQ kitchen island. The courtyard entry leads into the 18' high, skylit rotunda foyer, huge 43' Great Room, huge 35' Master, big 17' office/den/library - 4449 sf. of spacious luxury. Courtyard casita plus two guest rooms with their own sitting room (or media room or family room). Highly upgraded, this elegant home is move-in ready! Dramatic 12' soffited ceilings in the living areas, sound systems, custom european cabinets including a wine cellar center, granite counters, gourmet kitchen, elegant window treatments, Jacuzzi whirlpool tub and huge walk-in dual shower in master bath, recirculating hot water, eight-foot high patio doors, security system with smoke, fire and motion sensors. This home is truly feature rich.

251 Oasis Blythe, CA 92225

$129,900
3 Beds
2 Baths
1,290 SqFt
Status Active
MLS # 214014309DA
Property Type Single Family Residence
This is Home! Call Today and make a appointment to view your new Home! Located in a well established neighborhood. Short sale purchase price subject to lender approval.

739 E Rowland Street Covina, CA 91723

$540,000
3 Beds
2 Baths
1,790 SqFt
Status Active Under Contract
MLS # 14765527
Property Type Single Family Residence
APPROVED SHORT SALE!! One lender only. There is an swimming pool. Please send your offers for your buyers. Thanks you for showing.

81805 Villa Reale Drive Indio, CA 92203

$307,985
5 Beds
4 Baths
2,885 SqFt
Status Active
MLS # 214081912DA
Property Type Single Family Residence
Bank owned and priced to sell. This is a great buy in upscale Palazzo, a gated community with low HOA dues, and is conveniently located close to new hardware shops and grocery store and the Golf Club at Terra Lago Resort. This immaculate 5 bedroom, 4 bathroom home, including a casita, shows very well and has many custom features. The gourmet kitchen has stainless steel appliances, granite countertops and lots of cabinets. Very private backyard which is ready for you to build your own pool. Take advantage on this bank owned property that is aggressively priced.

2031 Denton Avenue Unit B San Gabriel, CA 91776

$300,000
2 Beds
2 Baths
1,128 SqFt
Status Active Under Contract
MLS # TR14189914
Property Type Condominium
Short sale subject to inspection.

627 Terrace Street Salinas, CA 93905

$148,999
3 Beds
2 Baths
1,300 SqFt
Status Active Under Contract
MLS # ML81438218
Property Type Single Family Residence
SHORT SALE, BUYER TO VEFIFY ALL INFORMATION, GREAT FOR INVESTORS AND RENTAL PROPERTY WITH BUILT-IN TENANTS. AS-IS, LOTS OF POTENTIALS, NEEDS SOME WORK.

1692 Beverly Street Porterville, CA 93257

$92,000
2 Beds
1 Bath
1,342 SqFt
Status Active Under Contract
MLS # ML81438801
Property Type Single Family Residence
Short Sale 2 bed 1 bath

34575 Borchard Road Lake Elsinore, CA 92530

$479,800
3 Beds
2 Baths
1,856 SqFt
Status Active
MLS # SW15009008
Property Type Manufactured On Land
PRICED REDUCED FOR THIS POST FORECLOSURE BARGAIN! Own your Mini Ranch, Home made by Cavco, stick built 4 car garage measuring 24X44' with 220V and 8 foot doors; 30 GPM well,underground irrigation system throughout the property, several horse pipe corrals, 4 horses hot walker,120x210 fenced 3-rail PVC riding arena,NO CCR's,NO HOA's,NO WATER BILLS,NO SEWER BILLS,two water systems, one 3/4 for the residence and 1-1/2 system for the field and pasture.Outside sewer water and power for RV.4 car garage (stick built measuring 24X44') with 220V and 8 foot doors.LOW TAXES,ONLY 1.00350% tax base, with $51.28 special assessments per year.Kitchen open and airy w/granite counter tops, tile flooring, panoramic views and a ton of potentials!3.90 splittable (min 2 acres lot )double access entry no need to turn large trailer around,simply drive through and around.Please agents make sure to open all the supplements on this listing for plat maps and floor plans plus a detailed well completion report included.As you relax on the front porch enjoy watching the boaters on the lake and the parachutes jumping from the airplanes. Airport is just half a mile. Very private and relaxing. Must see to appreciate!!

1250 S Beverly Glen Unit 207 Los Angeles, CA 90024

$679,000
2 Beds
2 Baths
1,318 SqFt
Status Active Under Contract
MLS # 16976649
Property Type Condominium
This is a Short sale. Price is subject to lender approval.

30624 Janlor Drive Agoura Hills, CA 91301

$525,000
3 Beds
2 Baths
1,708 SqFt
Status Active Under Contract
MLS # 216006984
Property Type Stock Cooperative
Cash offers only for a quick sale. Need offer immediately for this short sale. House needs new kitchen, new bathrooms, air conditioning. Pool filter does not work. Jacuzzi is also not operational. Great opportunity for a contractor. 3 bedrooms, 2 bath, on cul-de-sac street. Home backs to shopping center on Thousand Oaks Blvd.