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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4111 Se Palm Avenue San Diego, CA 92154

$345,000 - $375,000
4 Beds
2 Baths
1,541 SqFt
Status Contingent
MLS # 120033684
Property Type Detached
NOT SHOWING AT THIS TIME. Bedrooms Furniture/Refrigerator Washing/dry Machine,they not convey,but maybe theyll be negotiable. not allowed showing at this time please do not knock or ring the door. I APPRECIATE IT.

500 Rancheros Drive 177 San Marcos, CA 92069

$135,000
2 Beds
2 Baths
1,248 SqFt
Status Contingent
MLS # 150023877
Property Type Manufactured Home
Manufactured home with Land! Spacious 2 bedrooms and 2 Bath Home. There is a lot of cabinet and storage space. Beautiful vews from family room! There is no age restrictions.

4107 Lake Blvd Oceanside, CA 92056

$299,000
2 Beds
2 Baths
1,080 SqFt
Status Contingent
MLS # 150056599
Property Type Attached
Single story home is located near Tri City area. Situated on a 5,000 sq, ft. lot with a sloped backyard with a lot of potential. Easy access to College Blvd and the 78 Freeway and next to shopping centers and in the award winning Carlsbad School District.

9925 Silva El Cajon, CA 92021

$670,000
4 Beds
3.5 Baths
3,200 SqFt
Status Contingent
MLS # 150058878
Property Type Detached
Outstanding one story home. Bring your family, RV and all your belongings. There is plenty of room. 2.59 acres of private and fenced space. Close to freeway with great views. Build in BBQ pit, enormous waterfall, floor décor at entry and lots of ceramic tile, formal living room office, and dining room.

5985 Dandridge 108 San Diego, CA 92115

$260,000
2 Beds
2 Baths
1,069 SqFt
Status Active
MLS # 150060995
Property Type Attached
NEWS: December BPO at $260k supported by 3 recent comps in complex. Bank ready to move on $260k, $272k January comp on fully rehabbed unit. 180 degree serene, panoramic views from the balcony & bedrooms, Coronado Bridge spectacular view from high hill side 3rd floor unit. Secured entry to building, gated underground parking. 2 Bedroom & 2 full baths. Great investment prop/rental, or safe, cozy, primary res. Washer, Dryer, Fridge, stove convey. Value has gone up & up 3 consecutive comps this winter!

1299 Rippey El Cajon, CA 92020

$550,000
4 Beds
2.5 Baths
2,674 SqFt
Status Contingent
MLS # 150061189
Property Type Detached
Quiet street, canyon views. Pool and interior need work.

3947 Bonita View Drive Bonita, CA 91902

$550,000 - $580,000
4 Beds
2 Baths
1,960 SqFt
Status Contingent
MLS # 160000785
Property Type Detached
Back on market! Beautiful property in the heart of Bonita. Large lot, premier area. Elementary, Middle School and High School nearby. Easy access to I805, SR54, I5, and supermarkets...***PLEASE NO MORE SHOWINGS SORRY*** WE ACCEPTING BACK UP OFFERS. THANK YOU....

1050 N Grape Escondido, CA 92026

$320,000
3 Beds
2 Baths
1,150 SqFt
Status Contingent
MLS # 160002223
Property Type Detached
Comfortable size 3 bedroom 2 bath home with below ground pool. Needs TLC.

1169 Peacock Dr San Jacinto, CA 92583

$190,000
3 Beds
2 Baths
1,257 SqFt
Status Contingent
MLS # 160006298
Property Type Detached
Short sale approved at $200,000. Send your offer today ! Amazing value for this 18 years old comfortable home, located in the heart the beautiful city of San Jacinto. Open bright and light floor plan. Third bedroom has no closet, and could be home Office. Living room with large window, fire place and sliding door to Patio. Master bedroom, room w/sliding door to the patio. Two car garage w/washer & dryer hook ups and side door.... Fully fenced yard shaded by trees.

996 Mountain Ash Ave Chula Vista, CA 91914

$739,900
4 Beds
3.5 Baths
3,509 SqFt
Status Contingent
MLS # 160006915
Property Type Detached
Great home for sale in The Woods. Property needs TLC. Short Sale.

2050 Via Del Torrie Alpine, CA 91901

$480,000
4 Beds
2.5 Baths
2,696 SqFt
Status Contingent
MLS # 160012802
Property Type Detached
Bring your tools. This property is a fixed. Lot's of potential!

27119 Calle De Encinas Ct. Valley Center, CA 92082

$752,000 - $799,000
3 Beds
3.5 Baths
3,633 SqFt
Status Contingent
MLS # 160014861
Property Type Detached
Located at end of a private road, stunning custom-built home has views, high quality construction, materials, finishes, fixtures, appliances & lighting. Kitchen is a cook's dream with 2 sinks, high-end appliances: Sub-Zero refrigerators, Thermador double ovens; commercial 6-burner range with grill & warming drawer. Cabinets & doors, are clear alder. Den could be made 4th bedroom. Luxurious spa master bath has 3 sinks. Needs landscape & some interior finishing, but is move-in ready. (Must see Supp Remarks)