REOs 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:
Milpitas
CA 95035
$660,000
4
Beds
4
Baths
2,524
SqFt
Status
Pending
MLS #
ML81323296
Property Type
Single Family Residence
Price Type
--
Short Sale Tri-level home in a gated community. Amenities are granite kitchen countertops, cabinets, and hardwood flooring. Master suite may need new carpet.
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.
Outside Area (inside Ca)
CA 93933
$508,999
4
Beds
3
Baths
2,129
SqFt
Status
Pending
MLS #
ML81438217
Property Type
Single Family Residence
Price Type
--
THIS IS A SHORT SALE, SOME TLC AT THE BACKYARD AND FRONT YARD BUT GENERALLY, A READY TO MOVE IN PROPERTY, BEAUTIFUL NEIGHBORHOOD
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
Outside Area (inside Ca)
CA 93923
$700,000
4
Beds
3
Baths
2,232
SqFt
Status
Pending
MLS #
ML81452215
Property Type
Single Family Residence
Price Type
--
This Single Family Residence property is a Very Large home that sits on A Reasonably sized lot. This may be an opportunity that may possibly be within your grasp! This property situated at 24695 Handley Dr is located in the city of Carmel. within the great state of CA. According to tax records this property was built in 1965, offering 4 beds, 3 bath, with 2232 square feet. This is a bank owned property to be sold as-is. Buyer and agent to verify all.
260 N D St
Tulare, CA 93274
$110,580
2
Beds
1
Bath
875
SqFt
Status
Pending
MLS #
170005480
Property Type
Single Family Residence
Price Type
--
Great opportunity for investors or first time buyers. Corner lot house sits on 7,500 Sq Ft of space. Property currently being rented for $ 875.00 tenants may want to stay with new owner. Short Sale. Still need bank approval. Submit your offers. Detached garage was converted to studio. It is unknown if conversation was permitted or registered with the city. Neighborhoods: Tulare Other Fees: 0 Topography: LL
1836 Crenshaw Boulevard
Los Angeles, CA 90019
$799,000
3
Beds
1
Bath
2,252
SqFt
Status
Pending
MLS #
PW20214902
Property Type
Single Family Residence
Price Type
--
Great opportunity for savvy investors. This property is located in the Arlington Heights area in the Mid City neighborhood of Los Angeles. It is close to shopping, schools and transportation, Centrally located it is accessible to most venues in the City from Downtown LA, Hollywood, Inglewood and the beach cities. Zoned R3 and located in a Transit Priority Area( TOC Tier 3) and not a HPOZ this property is perfect to be redeveloped into a premier property with plenty of potential for you. REO property will be delivered tenant occupied in AS IS condition, No repairs, no termite report. Buyers to conduct their own due diligence. NO PROPERTY ACCESS,DO NOT DISTURB OCCUPANT, CASH OFFERS ONLY!
10131 Bell Avenue
Lower Lake, CA 95457
$129,700
2
Beds
1.5
Baths
1,440
SqFt
Status
Active
MLS #
IV21256825
Property Type
Single Family Residence
Price Type
--
Have you always dreamed about having a home out of the hustle and bustle, yet not far from the water and freeways? This multi-story residence is nestled away and is waiting for you. Relax in tranquility at home or venture out a short distance to many outdoor recreational activities, Clear Lake, a vast array of cuisines, shopping, and entertainment. Excellent opportunity to put your finishing touches on this gem and make it your own. Don’t let this rare opportunity to own a piece of paradise get away from you! All potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details. This is a REO Property.
563 E Bonnie Brae Court
Ontario, CA 91764
$380,000
3
Beds
1
Bath
1,120
SqFt
Status
Pending
MLS #
PW21269594
Property Type
Single Family Residence
Price Type
--
SHORT SALE GREAT PROPERTY MUST SEE ... NEEDS SOME TLC.
2310 N Catalina Street
Burbank, CA 91504
$375,000
2
Beds
1
Bath
1,040
SqFt
Status
Pending
MLS #
BB22009105
Property Type
Single Family Residence
Price Type
--
Perfect opportunity for Development in the middle of Burbank . The property has been completely Gutted out . This is a short sale and it is subject to Lenders approval . “The sale of the property contingent on the mortgage holders and the mortgage insurer's if applicable, agreement to the sale. The seller's obligation to perform on this contract is subject to the rights of the mortgage insurer (if any) and the mortgage holder relating to the conveyance of the property.
1950 Knollcrest Lane
Tracy, CA 95376
$448,888
3
Beds
2.5
Baths
1,461
SqFt
Status
Active
MLS #
ML81877942
Property Type
Single Family Residence
Price Type
--
This is rare short sale! You will not want to miss this opportunity.
3511 San Gabriel River Parkway
Baldwin Park, CA 91706
$525,000
3
Beds
2
Baths
1,240
SqFt
Status
Pending
MLS #
IV22030479
Property Type
Single Family Residence
Price Type
--
home needs a little TLC to make it perfect for a family with everything driving distance you have the 605 freeway …10 freeway and 210 freeway minutes away …you also have Kaiser Permanante Hospital and Tracey Elementary school district near by plus A few shopping centers and restaurants walking distance come see this beautiful home short sale bank request on purchase
