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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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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
Price Type --
This is a SHORT SALE. Beautiful home, very well take care of. Nice area. 3 bed. 2 ba. No need to preview.

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
Price Type --
APPROVED SHORT SALE!! One lender only. There is an swimming pool. Please send your offers for your buyers. Thanks you for showing.

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
Price Type --
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
Price Type --
Short Sale 2 bed 1 bath

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
Price Type --
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.

420 Cedar Street Redwood City, CA 94063

$956,800
4 Beds
2 Baths
890 SqFt
Status Active
MLS # ML81684598
Property Type Single Family Residence
Price Type --
Bank Owned !!! Contractor Special ! Lots of Potential ! Public record shows, SFR upon inspection, prop has 2 units. Permit unknown, buyer to verify.

8818 Mines Avenue Pico Rivera, CA 90660

$440,000
2 Beds
2 Baths
1,278 SqFt
Status Active Under Contract
MLS # MB18200351
Property Type Single Family Residence
Price Type --
Short sale subject to lenders approval DO NOT DISTURB TENANT

54 Hilton Head Drive Rancho Mirage, CA 92270

$265,000
3 Beds
2 Baths
1,620 SqFt
Status Active Under Contract
MLS # 218028290DA
Property Type Condominium
Price Type --
Fixer Upper. Good location on the fairway of the Westin Mission Hills golf course. 3 bedrooms, 1 3/4 bathrooms, 1620 square feet, three car garage. Private gated front courtyard which faces the south. Community pools and spas. This is a reverse mortgage short sale.

1498 Peppermint Drive Perris, CA 92571

$339,000
3 Beds
2.5 Baths
3,485 SqFt
Status Active Under Contract
MLS # 218032904DA
Property Type Single Family Residence
Price Type --
This Short Sale Property is Located in the city of Perris, CA 92571. This 3,485 square foot house sits on a 7,405 square foot lot and features 3 bedrooms and 2.5 bathrooms. This property was built in 2006 This House is Located Nearby schools: Avalon Elementary School, Sierra Vista Elementary School and Lakeside Middle School. Shopping Centers, Restaurants, Gas Stations, Coffee Shops all very close by. 1498 Peppermint Dr is near Frank Eaton Park, Morgan Street Park and Lake Perris State Recreation Area.

42038 Bodie Road Palm Desert, CA 92260

$152,000
3 Beds
2 Baths
1,848 SqFt
Status Active
MLS # 218033494DA
Property Type Stock Cooperative
Price Type --
Great (Short Sale) Opportunity. This home has Lots of Space, 3 Bedrooms, a large family room and it is on a permanent foundation, with a 433A, for financing. The kitchen has skylight, and opens to eating area. Long driveway with plenty of parking. Lush front yard with beautiful lawn and the back yard has lemon and grapefruit trees. Master has large walk in closet, master bath has dual sinks. Situated in the heart of Palm Desert this 55+ Gated Golf Community has great curb appeal, very affordable, and you OWN the Land. Low HOA dues ($335/mo.) which includes: FREE Unlimited Golf for 2, free cable TV & Internet, free Trash Removal. Tennis, Exercise Room, 3 commnity pools with spas. A very social community, offering activities such as Pickle & Bocce ball, bingo, community dinners with events, cafe and Pub, Clubhouse with Library, Pool Table. Minutes from freeway, McCallum Theatre, El Paseo shopping, restaurants and grocery stores. Come in enjoy living in the desert.

130 E 20th Street Upland, CA 91784

$690,000
4 Beds
3 Baths
2,589 SqFt
Status Active Under Contract
MLS # 18413472
Property Type Single Family Residence
Price Type --
3 Bedroom Home with 3 bath, Home in need of Exterior and Interior Care. Pool with Fence, in need of Maintenance. Fantastic Location North of Upland ! Great opportunity to own a Large Home. Short Sale Subject to Lender Approval. Multiple Lien holders.

4903 Oakville Court Bakersfield, CA 93313

$190,000
3 Beds
2 Baths
1,387 SqFt
Status Active Under Contract
MLS # PW18296838
Property Type Single Family Residence
Price Type --
Quaint 3 bedroom 2 bath single family residence. This home does need some TLC. Only has had 1 owner since being built in 1995. Contains 2 full baths, separate laundry room and attached two car garage. Has a comfortable sized backyard that can accommodate a small shed for storage. Close to shops (Costco!), banks, and 99 freeway. Centrally located within elementary, jr. high and high schools. Don't miss this charming little place. Great starter home for first time homebuyers. This is a short sale. Sales price and commission is subject to Lenders' approval.