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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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500 Rancheros Drive 177 San Marcos, CA 92069

$243,000
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 vIews from family room! There are no age restrictions.

6046 Gaines St San Diego, CA 92110

$475,000 - $495,000
3 Beds
2.5 Baths
1,408 SqFt
Status Active
MLS # 150060246
Property Type Attached
UPDATE Nice 3 B /2.5BA at the end of park like setting of Park Place Estates. Location Location Location! The end unit faces the Clubhouse & pool area allowing owners to enjoy the cool breeze from the shades of grown trees and the lovely grass and flowered walk paths in the front yard. This town-home has many great features including one car garage with one car port. A fantastic town-home in a quiet and calm setting central located in Fashion Valley area

2412 S Trail Court Chula Vista, CA 91914

$579,000
3 Beds
2.5 Baths
2,238 SqFt
Status Contingent
MLS # 160017055
Property Type Detached
SHORTSALE. SINGLE LEVEL BRIGHT AND OPEN FLOOR PLAN. 3BDRM PLUS EXTRA ROOM/DEN. LOW HOA AND NO MELLO ROOS. CLOSE TO SCHOOLS, SHOPS, I-125 AND COMMUNITY POOLS.

791 Valley Crest Dr Oceanside, CA 92058

$350,000
3 Beds
2 Baths
1,254 SqFt
Status Contingent
MLS # 160019277
Property Type Detached
Home has lots of potential, needs TLC perfect for the investor or seasoned home owner, has large flat yard.

1446 Caminito Sardinia Chula Vista, CA 91915

$390,000 - $420,000
3 Beds
2.5 Baths
1,810 SqFt
Status Contingent
MLS # 160026112
Property Type Detached
BOM!!! Short Sale Priced to sell at $390k-$420k a must see. This charming home has it all from ceramic tile, dark cabinets, stainless steel appliances, upgraded carpet. The house has 3 bedrooms plus a spacious loft, 2 1/2 bathrooms, 2 car garage, small private court yard. Conveniently situated across the Otay Ranch Mall, Walmart, supermarket, restaurants, and Starbucks; there is no need to drive very far! This is a Short Sale and all terms (including purchase price) are subject to lender's approval.

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.

446 Via Cruz Oceanside, CA 92057

$459,000
3 Beds
2.5 Baths
1,921 SqFt
Status Contingent
MLS # 160046084
Property Type Detached
Short Sale Subject to Lender Approval of buyer. The beautiful entry glass front door welcomes you to this great family home in Vista Capri. Maple laminate wood floors in the living, dining rooms & kitchen. Maple cabinets, granite countertops and eating area in kitchen. Family room has a fireplace with large mantel & new firebox with lovely glass screen. Sliding glass doors lead to covered patio & low maintenance backyard. Perfect for entertaining. Top rated school district.

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!

2004 Caminito De La Cruz 178 Chula Vista, CA 91913

$275,000
2 Beds
2.5 Baths
1,400 SqFt
Status Contingent
MLS # 160063874
Property Type Townhome
Great condo in the prestigious Master Plan Community of Otay Ranch. Close to schools, parks, freeways and the new Otay Ranch Mall. Fireplace in living room, 2 car garage with direct access to unit, washer/dryer hookups. A great place to call HOME!!

3165 Torreon Dr Alpine, CA 91901

$499,000 - $519,000
3 Beds
2 Baths
2,368 SqFt
Status Contingent
MLS # 160060195
Property Type Detached
Quiet seclusion of a mountain cabin minutes from shopping & freeway. Quality construction. Anderson windows, doors & skylights. 3M siding is fire & insect resistant. Designed to capture flow through summer breeze & warm winter sun. Corian counters, rimless sinks. Beautiful kitchen cabinetry & garden window. 4 easy accesses to wrap around deck. Breezeway, yard & deck for easy entertaining. Private entrance to lower level granny flat; teen quarters; rental. Fruit trees, low maintenance yard.

1717 Fawntail Chula Vista, CA 91913

$500,000 - $515,000
5 Beds
3 Baths
2,454 SqFt
Status Contingent
MLS # 170043320
Property Type Detached
SHORT SALE - SUBJECT TO SHORT SALE APPROVAL HOME IS LOCATED ON BEAUTIFUL CUL-DE-SAC. PERFECT HOME FOR CONTRACTOR OR INVESTOR. HOME NEEDS WORK. 5TH BEDROOM THAT IS ON TAX RECORDS IS A LOFT

4860 Rolando Ct 31 San Diego, CA 92115

$172,000
1 Bed
1 Bath
571 SqFt
Status Contingent
MLS # 160063381
Property Type Attached
Gated complex within walking distance to shopping, dual pane windows stainless steel appliances and much more.. Tenant occupied short sale in need of TLC.