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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.

50445 El Dorado Drive La Quinta, CA 92253

$1,199,000
4 Beds
4.5 Baths
4,449 SqFt
Status Active
MLS # 214012336DA
Property Type Single Family Residence
Price Type --
Fabulous Short Sale Opportunity! Ventana on Mountain View's premier street bordering The Polo Estates! Panoramic mountain, fairway and lake views. Entertainer's backyard with palm groves, pool, spa, waterfalls, firepit and BBQ kitchen island. The courtyard entry leads into the 18' high, skylit rotunda foyer, huge 43' Great Room, huge 35' Master, big 17' office/den/library - 4449 sf. of spacious luxury. Courtyard casita plus two guest rooms with their own sitting room (or media room or family room). Highly upgraded, this elegant home is move-in ready! Dramatic 12' soffited ceilings in the living areas, sound systems, custom european cabinets including a wine cellar center, granite counters, gourmet kitchen, elegant window treatments, Jacuzzi whirlpool tub and huge walk-in dual shower in master bath, recirculating hot water, eight-foot high patio doors, security system with smoke, fire and motion sensors. This home is truly feature rich.

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.

6536 Springpark Avenue Los Angeles, CA 90056

$1,146,000
5 Beds
4 Baths
3,269 SqFt
Status Active Under Contract
MLS # 17189736
Property Type Single Family Residence
Price Type --
**SHORT SALE* 5 Bedrooms and 4 Bathrooms***GREAT LADERA HEIGHTS OPPORTUNITY***Large Living Room,family room has Dual fireplace, Breakfast BAR, Large Kitchen granite counter top, Master Bedroom, Main Bathroom, Heated Pool,Large Back Yard and side yard. Lots of Indoor and Garage Storage, 3 car garage.Home is located close to future LA RAM'S STADIUM.Inglewood FORUM for Concerts,Shopping Centers,and only a 20 min drive to LA Live in Downtown Los Angeles. SELLER DOES NO REPAIRS.THERE IS A DECK IN BACK YARD, HAS NO VALUE NOT INCLUDED IN SALE PRICE, BUYER CAN RESTORE.

350 W 234th Street Carson, CA 90745

$420,000
3 Beds
1 Bath
940 SqFt
Status Active
MLS # TR17115505
Property Type Single Family Residence
Price Type --
SHORT SALE BPO IN AT 440000 ALL CASH. Clean property located on an excellent area of Carson, walking distance to Figueroa and 110 Fwy. Extremely conforming neighborhood. Sellers extremely cooperative. Agent has City of Carson residential property report correction check list, available upon request. There is a City Inspection Report indicating that the cost to bring the property in compliance is $20K at a minimum Please see Supplement

25232 Rockridge Road Laguna Hills, CA 92653

$2,200,000
5 Beds
7 Baths
6,210 SqFt
Status Active
MLS # OC17116552
Property Type Single Family Residence
Price Type --
This large estate is located on a prime cul-de-sac in Nellie Gail Ranch. The home has 5 bedrooms, 5 full baths, and 2 half baths. This elegant floor plan is over 6000 square feet, with a grand entryway and 2 story high ceilings leading to a sweeping staircase. The gourmet kitchen has granite counters, large center island,and top-of- the- line appliances. It sits adjacent to the sun room that has built-in nook seating. The family room has a grand fireplace and entertainment center. The master suite has coffered ceilings, fireplace and balcony, which looks over private rear yard which has pool.spa, and waterfalls. A covered patio with barbecue center, fire pit, and nice lawn area, makes this the perfect home for entertaining. Buyer to contribute up to $60,000 towards additional liens not covered in the Short Sale.

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.

119 Miramar Street Upland, CA 91784

$649,000
4 Beds
3 Baths
2,805 SqFt
Status Active Under Contract
MLS # IG18066645
Property Type Single Family Residence
Price Type --
GREAT SHORT SALE OPPORTUNITY ON THIS NORTH UPLAND EXECUTIVE HOME! LARGE OPEN FLOOR PLAN ON HUGE 1/2 ACRE LOT W/RV PARKING ON PEACEFUL CUL-D-SAC CLOSE TO SHOPPING, AWARD WINNING SCHOOLS, TRANSPORTATION, PARKS AND MUCH MORE! 4 LARGE BEDROOMS, 1 BEDROOM AND FULL BATH DOWNSTAIRS, TRI-LEVEL STAN SIEVERS BUILT HOME. GATED POOL/SPA IN GOOD CONDITION BUT DOES NOT HAVE WATER. BUYER STRONGLY RECOMMENDED TO COMPLETE ALL INVESTIGATIONS AND INSPECTIONS PRIOR TO CLOSE OF ESCROW.

8145 Puritan Street Downey, CA 90242

$450,000
2 Beds
1 Bath
1,174 SqFt
Status Active Under Contract
MLS # DW18120021
Property Type Single Family Residence
Price Type --
SHORT SALE APPROVED. This 2 bedroom, 1 bathroom charmer has an open floor plan and lots of outdoor space for entertaining. This home has a detached 2 car garage, extra long driveway, and a new roof! Zoned R2, great for expansion.