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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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3287 Via Las Faldas Jamul, CA 91935

$1,249,900
5 Beds
5 Baths
7,250 SqFt
Status Active Under Contract
MLS # 190020572
Property Type Single Family Residence
Price Type --
Don't miss this great SHORT SALE OPPORTUNITY! LUXURY AT A HUGE DISCOUNT PRICED UNDER APPRAISED VALUE. You’re freeway-close to this hidden gem. If you’re looking for a home in El Cajon, Mount Helix, or Poway, look no further. Only 20 minutes from everything in central SD and a short distance from shopping, restaurants, theatres, plus one of the newest YMCAs in the area.

1925 Willowbrook Drive Oceanside, CA 92056

$625,000
3 Beds
2 Baths
2,002 SqFt
Status Active
MLS # 190020576
Property Type Single Family Residence
Price Type --
Single Story Home in great area. Bright open floor plan w/vaulted ceilings. Spacious kitchen w/center island & breakfast nook opens to big family room. Lots of cabinets. Tile in traffic area. Master bath W/sep.tub/shower. A/C. Lg.level lot. Vista Schools. Covered patio. 3 car garage. Photos are not or up to Date with regard to Current Condition of Home. Very Desirable Neighborhood. No Home Owner Fee. No Mello-Roos. Short Sale. Need Bank Approval.Terms, conditions, subject to lender approval.

68840 Tachevah Drive Cathedral City, CA 92234

$245,000
3 Beds
2 Baths
1,352 SqFt
Status Active Under Contract
MLS # 219011575DA
Property Type Single Family Residence
Price Type --
This sale is subject to bank approving the short sale. Property to be sold AS IS. The property has 3 bedrooms / 2 baths with a private pool an open floor plan, with high ceilings. ACCEPTING BACK UP OFFERS!

50200 Mazatlan Drive Coachella, CA 92236

$254,000
4 Beds
2.5 Baths
1,656 SqFt
Status Active Under Contract
MLS # 219011567DA
Property Type Single Family Residence
Price Type --
Short Sale Nice 4 bed 2 1/2 bath 2 story home in the heart of Coachella 1656 sq. ft.ceramic tile throughout 1st level of home, Beautifully Landscaped backyard with amazing Alumawood covered patio. schedule a visit, view it, make plans and buy it!

82710 Mandrone Drive Indio, CA 92203

$325,000
4 Beds
2.5 Baths
2,451 SqFt
Status Active
MLS # SW19094204
Property Type Single Family Residence
Price Type --
Bank approved short sale.....Lovely four bedroom and three bathroom original owner home located in the quiet gated Desert Trace community. Boasting almost 2,500sqft of open floor plan living with neutral diagonal laid tile, carpet, and paint throughout. Huge 13,504 sqft lot-the possibilities are endless for this space! The kitchen has gorgeous dark cabinets accented with a light granite finish and stainless steel appliances. The home also has a built in security system located on all the windows and doors. This is a pet friendly community with lots of walking trails surrounding it along with family friendly events throughout the year. Professional photos will be uploaded Friday.....

21212 Stonecreek Drive Rancho Santa Margarita, CA 92679

$678,000
3 Beds
2.5 Baths
1,550 SqFt
Status Active Under Contract
MLS # OC19080591
Property Type Single Family Residence
Price Type --
Pre-Approved Short Sale! Beautiful home in highly desirable Robinson Ranch neighborhood. Large pool size lot, on friendly cul-de-sac, with fantastic back yard and views of surrounding hills. Open and spacious floor plan with soaring vaulted ceilings and large windows bringing in lots of light. The kitchen, opens to the family room, with breakfast bar and cozy wood burning fireplace. Master suite features dual sink vanity, walk in closet, and large soaking tub. 2nd and 3rd bedrooms include mirrored closet doors, plenty of space, and Jack and Jill bathroom. The large back yard is perfect for entertaining family and friends. Newer heating / air conditioning system. Walking distance to award winning Robinson Elementary. Assigned high school is Mission Viejo. Association amenities include Olympic size pool, wading pool, and spa, sport court, tot lot, BBQs, and sports field. Close to Cleveland National Forest and plenty of hiking/biking trails. No Mello-Roos taxes and low HOA. Welcome to Robinson Ranch, a great community!

6273 Gamay Court Rancho Cucamonga, CA 91737

$510,000
4 Beds
2.5 Baths
1,832 SqFt
Status Active
MLS # SR19098906
Property Type Single Family Residence
Price Type --
This is a short sale and all terms and conditions are subject to lien holder approval. 4 bedroom fixer, north of the 210. Close to Freeways and shopping.

295 Arrow Highway Unit 9 Glendora, CA 91740

$450,000
3 Beds
3 Baths
1,430 SqFt
Status Active Under Contract
MLS # 219004684
Property Type Townhouse
Price Type --
SHORT SALE! 2 story, 2 car garage parking, newer construction built in 2016. Builder installed solar panels that save energy costs, an open floor plan, hardwood flooring in living area, large open kitchen with granite countertops, separate dining area, double pane windows, recessed lighting, central AC and heat, laundry room inside, loft space in upstairs, tile roof, upstairs laundry room for convenience, nest thermostat and custom drapery.

1634 Beaver Creek Unit A Beaumont, CA 92223

$219,000
2 Beds
2 Baths
1,183 SqFt
Status Active
MLS # EV19092452
Property Type Condominium
Price Type --
SHORT SALE APPROVED FOR THE LIST PRICE. BELOW APPRAISED VALUE! Great price on this beautiful Four Seasons 55+ Springdale II condo. Exclusive resort style living. This home is nestled in the community surrounded by beautiful green grounds. Entering this home you have beautiful wood laminate, tile floors, blinds, and custom window coverings. The beautiful kitchen has plenty of cabinets, tile counter tops, and huge island. The kitchen opens to your cozy family room which leads you to your private side patio. This home features a master bedroom with private bath and large closet. Your indoor laundry is conveniently located and has easy access to your 2 car garage. This home has so much to offer and is just waiting for someone to call it home. The association fee at these condos covers the outside maintenance, watering of the lawn, plant bed areas, upkeep to the outside structure as far as the roof, stucco, trim, etc. This is an active senior living at its finest. This 55+ active community is just waiting for you. Four Seasons Clubhouse has it all with The Bistro, Theater, Billiards, Meeting halls, library, arts & crafts and state of art fitness center. The outdoors sports are bountiful with indoor and outdoor pools, walking trails, tennis courts, Boccie Ball, poolside Cabanas, BBQ and much more. You can be as active as you want to be. Close to shopping and easy freeway access. Four Seasons is located about 40 minutes from Palm Springs and close to casinos and Cabazon Outlet.

6581 Trask Avenue Westminster, CA 92683

$599,000
3 Beds
2.5 Baths
1,408 SqFt
Status Active Under Contract
MLS # 19459702
Property Type Single Family Residence
Price Type --
Perfect Fixer Home in Quiet Westminster Residential Neighborhood! Living room w/ vaulted ceiling. Open concept kitchen layout w/ breakfast bar. Spacious backyard w/ covered patio - perfect for entertaining! 2 car garage. Short sale subject to lender approval.

1223 E Avenue J Lancaster, CA 93535

$244,000
3 Beds
2 Baths
1,532 SqFt
Status Active
MLS # SR19096242
Property Type Single Family Residence
Price Type --
Short Sale, all terms and conditions are subject to Short Sale approved. .

4124 Via Del Rey Oceanside, CA 92057

$539,000
3 Beds
2.5 Baths
1,790 SqFt
Status Active
MLS # 190023083
Property Type Condominium
Price Type --
SHORT SALE Brand new community at Beazer Pepper Tree at Mission Lane built Nov 2017. Upgrades includes granite counter tops, stainless steel appliances, tankless water heater, water softener, hard wood floors, shutters (5k), 3 ceiling fans, AC, 4 accent painted walls. Amenities includes community pool, spa, barbecue grill, fire pit, cabanas. Walking distance to shopping, restaurants and you can take a bike ride to the harbor along the bike path,only 4 miles from the ocean. No age restriction!