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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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24181 Tamarisk Avenue Boron, CA 93516

$95,000
2 Beds
2 Baths
1,425 SqFt
Status Active
MLS # SW19206942
Property Type Single Family Residence
Price Type --
Great big house with garage and driveway parking. Convenient location. REO, make offer.

32195 Joshua Drive Wildomar, CA 92595

$499,000
3 Beds
2 Baths
2,042 SqFt
Status Active
MLS # SW19207039
Property Type Single Family Residence
Price Type --
Great big lot, modern style house, Views, Views, Views. This home has three bedrooms and two bathrooms. There is a great view and a potentially sparkling swimming pool. Double garage and other modern features. There is a gate at the road and plenty of room for storage or equipment. Please make an appointment to view. REO, buyer to verify all.

12 Oak Canyon Coto De Caza, CA 92679

$2,495,000
7 Beds
7.5 Baths
7,300 SqFt
Status Active Under Contract
MLS # OC19207198
Property Type Single Family Residence
Price Type --
APPROVED SHORT SALE !This Secluded, 3 acre, 5 bedroom, Custom Estate, offers the ultimate in privacy with panoramic and sunset views along with access to the Cleveland National Forest bordering in the back of the property.. The equestrian property has a gated-security entrance and long driveway with circular turnabout leading to the main house with rock, water-slide pool, spa, BBQ, large flat grass areas and walking trail that provides access to multi-use recreational land, plus an additional 1,500 sq ft, 2 bedroom guest house with great room and no expense spared. From the main house you can enjoy magnificent views. The gorgeous upgrades throughout including 3 fireplaces, high ceilings, main floor bedroom and bath, library, theater room, kitchen with granite, industrial, Jenn-Air refrigerator, state-of-the-art Thermador stove top, stainless steel appliances and huge upstairs laundry room with dual washer/dryers. Entire home is light and impressive, with open flow and dual staircases. All bedrooms are en-suites. The guest house has a fireplace with magnificent grand marble hearth and built-in bench seat, unique travertine countertops, stainless steel appliances, vaulted ceilings, grand balcony with forever views and a 4 car garage with extra high ceilings high enough to store a boat or RV.

7 E Deerwood E Irvine, CA 92604

$829,000
4 Beds
2 Baths
2,125 SqFt
Status Active
MLS # OC19207840
Property Type Single Family Residence
Price Type --
this is a short sale but is great investment, good condition. nice yard.

66214 Avenida Dorado Desert Hot Springs, CA 92240

$218,000
3 Beds
2 Baths
1,409 SqFt
Status Active Under Contract
MLS # 219023119DA
Property Type Single Family Residence
Price Type --
Short Sale! 3 beds and 2 baths home in a nice area in Desert Hot Springs, close to hiking trails and nice views. Open concept, vaulted ceilings and gas fireplace in the living room, the kitchen offers plenty of cabinets, large pantry, breakfast bar, garden window and quartz counter top in kitchen and baths. large master bedroom with wall to wall closet and double sink bath and tiled shower. Recess lights in kitchen, living room and hall with ceiling fans in all 3 bedrooms. Indoor laundry, finished 2 car garage with direct access, nice courtyard to enjoy the views. Call for private showing. Home sold As Is, seller will not do any repairs.

2249 Serrano Road San Bernardino, CA 92405

$268,000
4 Beds
1 Bath
1,428 SqFt
Status Active Under Contract
MLS # DW19211332
Property Type Single Family Residence
Price Type --
SHORT SALE APPROVED AT $268,000 ***Don't miss this opportunity for a large family, 4 bedrooms, 2 bathrooms formal dining room, good size kitchen and nice size living room + 2 car garage! Ready to move in!!! Close to freeways, schools and entertainment!!

43808 Fallon Drive Lancaster, CA 93535

$252,000
3 Beds
2 Baths
1,365 SqFt
Status Active
MLS # SR19211216
Property Type Single Family Residence
Price Type --
APPROVED Short Sale at $252,000.00 This beautiful single story is situated at the end of a quiet cul-de-sac and offers 3 bedrooms, 2 baths and 1,365 square feet of living space. Features include two large living areas, brick fireplace, beautiful engineered wood flooring and a large backyard with covered patio.

41971 Jojoba Hills Circle Aguanga, CA 92536

$564,900
3 Beds
3.5 Baths
3,050 SqFt
Status Active Under Contract
MLS # SW19196487
Property Type Single Family Residence
Price Type --
BANK OWNED property,COUNTRY LIVING, NOT TOO FAR FROM CITY!!! It’s Southern California best kept secret! Looking for a secluded custom built home on 4.6 acres?? This is it!!This home is located in a gated community of Palomar View Estate,Costume built 3200+ SQFT home with four bedrooms 3.5 bathrooms and a generous size office, all located on the first floor, Over-sized bonus room located on the second floor. This panoramic view home sit on 4.6 acres of usable land and plenty of rooms for horses and toys.

1240 India St Unit 604 San Diego, CA 92101

$615,000
2 Beds
2 Baths
1,079 SqFt
Status Active
MLS # 190050321
Property Type Condominium
Price Type --
Charming Single level condo centrally located in Downtown San Diego. TREO building has close proximity to Train Station: Little Italy: Courthouse: Restaurants: Entertainment Spots and Weekend Farmer's Market. This unit features Master Suite plus the 2nd bedroom & bath: Granite Counter tops: In-Unit Laundry: Fireplace in living room & Breezy Balcony. Complex Association Offers Pool/Spa, Fitness, BBQ grills & Community Room. Tenant and Unit Management remain in until 3/31/2020.

39805 Calle De Suenos Murrieta, CA 92562

$899,000
4 Beds
3.5 Baths
4,862 SqFt
Status Active
MLS # DW19223963
Property Type Single Family Residence
Price Type --
Located on top of a hill in the highly sought after La Cresta neighborhood, this large home has views for miles. Imagine sitting on your back patio at night time admiring your neighbor's private vineyards along with endless mountain and valley views. The seller of this house started building it in 2005 and almost finished it before he passed away, it has never been lived in since it was built, so it's a brand new home. Features include: Formal entry with custom inlay flooring, Vaulted ceilings throughout, Family room, Large living room, Large dining room, Big kitchen with lots of cabinet space and granite counters, Indoor laundry room, three good sized bedrooms and a huge master bedroom with attached master bathroom. The home also has two attached 2 car garages. This will be a short sale.

10114 S Broadway Los Angeles, CA 90003

$335,000 - 5Br/2Ba -  for Sale in Los Angeles
New
$335,000
5 Beds
2 Baths
1,591 SqFt
Status Active
MLS # RS19276446
Property Type Single Family Residence
Price Type --
Probate short sale. The property is being sold as-is, where is. MAJOR FIXER. Will not qualify for financing. Uncooperative tenants residing in the property do not disturb. Buyer responsible for relocation and any eviction process of current occupants. Submit offers on Probate purchase agreement. No seller repairs, termite or retrofitting.

274 69th St San Diego, CA 92114

$399,999
3 Beds
2 Baths
1,031 SqFt
Status Active Under Contract
MLS # 190051672
Property Type Single Family Residence
Price Type --
Short Sale - Great family home recently remodeled. This gem features a new kitchen, quartz countertops, wood cabinets with crown molding, light gray flooring, porcelain tile, paint, carpet, stainless steel appliances and NEW roof! Large backyard with a full private fence prefect for family gatherings! Come see this great home today!