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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.

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.

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.

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!

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
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.

32141 S Grade Rd Pauma Valley, CA 92060

$221,730
4 Beds
2 Baths
1,600 SqFt
Status Active
MLS # 160039689
Property Type Detached
Secluded mountain ranch on over 8 acres of land in San Diego County. Home offers 4 bedrooms, 2 full baths and over 1700 square feet with tile flooring, French doors to wrap around covered porch, open kitchen with breakfast bar and more. This property is not connected to the power grid. Power was supplied by the previous owner by battery and generator and on a well which has not been tested for quantity or quality. No record of any building permits. Bank Owned. Excellent opportunity for the right buyer

661 Paradise Way National City, CA 91950

$280,000
2 Beds
2.5 Baths
1,272 SqFt
Status Contingent
MLS # 160039953
Property Type Attached
BOM. End unit. Highly desirable townhomes in National City. LOW HOA & MELLO ROOS. Tri-level with 2 car attached garage. Tiled kitchen area. Granite counters. Spacious bedrooms. Stainless steel appliances. PLEASE SEE CONFIDENTIAL REMARKS.

446 Via Cruz Oceanside, CA 92057

$465,000
3 Beds
2.5 Baths
1,921 SqFt
Status Contingent
MLS # 160046084
Property Type Detached
Short Sale. Subject to Lender Approval. 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.