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:

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!

823 Ostend San Diego, CA 92109

$1,060,000
1 Bed
1 Bath
760 SqFt
Status Active
MLS # 170001039
Property Type Detached
Beach style cottage with a Hawaiian Esq feel. Property has unpermitted additions and needs some TLC.

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!

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.

474 Weisser Way Chula Vista, CA 91911

$472,500
3 Beds
2 Baths
1,401 SqFt
Status Active
MLS # 170022927
Property Type Detached
Short Sale Approved. BEAUTIFUL HOME ON LARGE CORNER LOT. REMODELED KITCHEN WITH GRANITE COUNTERS AND ESPRESSO CABINETS. CATHEDRAL CEILINGS IN BOTH LIVING AND DINING ROOMS! NEW ENERGY-EFFICIENT WINDOWS! NEW FURNACE! FAMILY FRIENDLY CUL-DE-SAC

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.

3903 Calavo Dr La Mesa, CA 91941

$620,000
4 Beds
3 Baths
2,172 SqFt
Status Contingent
MLS # 170030295
Property Type Detached
Bring your tools! Great opportunity to fix up this 5 bed / 3 bath home up and make it your own! Plenty of potential. Large home on a large lot. Don't miss out!

39459 Via Montalvo Murrieta, CA 92563

$329,995
3 Beds
2 Baths
1,493 SqFt
Status Contingent
MLS # 170030662
Property Type Detached
NICE MURRIETA HOME - Wonderful one-story home in highly sought-after Alta Murrieta. This 3 bedroom 2 bathroom home has an open floor plan. Nice-sized master bedroom and large bathroom walkin closet! Kitchen Granite countertops,neutral back splash, Vaulted ceiling,New tiled master bathroom, beautiful mature plants. Huge 15,246 sq-foot Lot size. Home is centrally located for easy access to freeways for commuter. This home is surrounded by award winning schools and Temecula Wineries! Low Taxes, No HOA!

44825 Machon Rd Temecula, CA 92592

$355,000 - $375,000
4 Beds
2.5 Baths
2,328 SqFt
Status Contingent
MLS # 170032498
Property Type Detached
4 bed 3 bath in good neighborhood. Home has differed maintenance.

12491 Gay Rio Drive Lakeside, CA 92040

$390,000 - $420,000
3 Beds
2 Baths
1,431 SqFt
Status Contingent
MLS # 170035006
Property Type Detached
Here is your chance to get a Short Sale that is a major fixer upper, needs everything inside. Larger wooden deck in rear of house is in poor condition and may need to be rebuilt completely.