Share

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:

Sort by:

215 N Princeton Avenue Fullerton, CA 92831

$500,000
3 Beds
2 Baths
1,888 SqFt
Status Active Under Contract
MLS # PW20009673
Property Type Duplex
Price Type --
This Duplex, located in Fullerton, is what you have been waiting for. It's prestine location is right down the street from Fullerton Community College, California State University, Fullerton, and multiple award winning elementry, middle, and high schools. The front unit has been completely remodeled and the back unit is ready for you to put your touches on it. This property will go fast. Do not miss your opportunity to own a great investment property.

35901 Bingley Court Murrieta, CA 92562

$552,600
5 Beds
3 Baths
3,632 SqFt
Status Active
MLS # MD20009000
Property Type Single Family Residence
Price Type --
The property at 35901 Bingley Ct, Murrieta, CA 92562 is a residential single family home with 5 bedrooms and 3 bathrooms. It was built in 2004, is approximately 3,632 square feet and sits on a lot that is roughly 7,841 square feet. This Riverside county winner may be just the one you are looking for. Sale subject to solar agreement. Check out the opportunity today.

9611 Compton Avenue Los Angeles, CA 90002

$285,000
2 Beds
1 Bath
930 SqFt
Status Active
MLS # 320000183
Property Type Single Family Residence
Price Type --
2 Bedrooms - 1, zone LAR2, short sale, property is NOT financeable cash only offers will only be accepted. Addition to the home done without permits, please do not disturb occupants / tenants. Sold in As-Is Condition with no warranties expressed or implied.

12415 Sonoma Drive Pacoima, CA 91331

$454,100
4 Beds
3 Baths
1,861 SqFt
Status Active Under Contract
MLS # IV20010705
Property Type Condominium
Price Type --
Welcome to Pacoima, California. This property is located in the Sonoma Villas. This two story condominium has a two car attached garage. All potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS REO property.

3134 Lemonwood Drive Lancaster, CA 93536

$295,400
4 Beds
3 Baths
1,943 SqFt
Status Active Under Contract
MLS # IV20010161
Property Type Single Family Residence
Price Type --
Built in 1973, this charming single family residence features four bedrooms and three baths with two car attached garage. Living room entrance with brick fireplace. Kitchen with plenty of cabinet space. Separate dining area. Carpet in bedrooms. Rear covered porch. Property consists of approximately 1943 square footage of living space.

2439 Koa Drive Rialto, CA 92377

$360,000
3 Beds
2.5 Baths
2,347 SqFt
Status Active Under Contract
MLS # CV20012176
Property Type Single Family Residence
Price Type --
Nice Home in the very desirable N Rialto community above the 210 fwy. This home has alot of deferred maintenance with an empty pool with pool equipment non functional. Needs work and is fit for the right buyer who is willing to fully renovate the home.

39819 Chambray Dr Murrieta, CA 92563

$359,000
3 Beds
2.5 Baths
1,773 SqFt
Status Active Under Contract
MLS # 200002849
Property Type Single Family Residence
Price Type --
3 bed / 2.5 bath home in the gated community of Old School House in Murrietta!

59911 Hop Patch Spring Road Mountain Center, CA 92561

$560,000
3 Beds
4 Baths
2,364 SqFt
Status Active
MLS # 219044643DA
Property Type Single Family Residence
Price Type --
Welcome to your mountain retreat! Sitting on just under 5 acres, this home features a full size tennis court, 3 car garage, inviting front porch, 4 fire places, family and living room on main floor and 4 bedrooms upstairs. Master suite has stone fireplace, walk in closet, and beautiful views. Property is fully fenced and gated that backs up to park land giving you great mountain and forest views!

77270 Loma La Quinta, CA 92253

$1,999,000
4 Beds
5.5 Baths
6,039 SqFt
Status Active
MLS # 219037189DA
Property Type Single Family Residence
Price Type --
Surrounded by stunning mountain views, this home is a must see! Sitting on a double lot, this home features an open floor plan, covered patios, indoor and outdoor fireplaces and a pool/spa, making this home great for indoor/outdoor entertaining. Beautiful open kitchen with center island that opens up to the living room and dining room. Master suite is large with fireplace, two walk in closets, and large master bath. Unique home located in Enclave Mountain Estates. Courtyard entrance into the pool area.

32159 Sapphire Lucerne Valley, CA 92356

$190,000
3 Beds
2 Baths
1,572 SqFt
Status Active
MLS # DW20012148
Property Type Single Family Residence
Price Type --
BANK APPROVED THIS SHORT SALE AT 190K.IT IS LOCATED ON THE AREA OF LUCERNE VALLEY ,2006 HOME WITH OVER 1500 SQ FT CONSTRUCTION, WITH 3 BEDROOMS 2 BATHROOMS WITH 2 CAR ATTACHED GARAGE,SITTING ON A 28K SQ FT LOT.VERY CLOSE TO FREEWAY 18 AND JUST 25 MIN FROM APPLE VALLEY.

8348 Tampa Avenue Northridge, CA 91324

$610,000
4 Beds
2 Baths
1,344 SqFt
Status Active Under Contract
MLS # 220000688
Property Type Single Family Residence
Price Type --
Charming starter home featuring 4 bedrooms and 2 baths, providing approximate 1,344 sq.ft of living space on spacious lot of 7,198 sqft. Air conditioning offered throughout ensure pleasant summer days and nights. Don't miss out on this opportunity!

1185 E Alejo Road Palm Springs, CA 92262

$251,750
2 Beds
2 Baths
1,221 SqFt
Status Active
MLS # 219037351DA
Property Type Condominium
Price Type --
Bright end unit condo, ready for your fresh touches! You'll enjoy the indoor/outdoor living of this downtown close condo and your friends or guests will love the community pools with expansive views. Greenhouse is known for its well-manicured grounds, tennis, two relaxing pools, majestic mountains views, walking distance to thriving downtown and to the fashionable Design District, shopping, cafes, and soon to be sports stadium. The best in condo living with an amazing central location!