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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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1498 Peppermint Drive Perris, CA 92571

$339,000
3 Beds
2.5 Baths
3,485 SqFt
Status Active Under Contract
MLS # 218032904DA
Property Type Single Family Residence
Price Type --
This Short Sale Property is Located in the city of Perris, CA 92571. This 3,485 square foot house sits on a 7,405 square foot lot and features 3 bedrooms and 2.5 bathrooms. This property was built in 2006 This House is Located Nearby schools: Avalon Elementary School, Sierra Vista Elementary School and Lakeside Middle School. Shopping Centers, Restaurants, Gas Stations, Coffee Shops all very close by. 1498 Peppermint Dr is near Frank Eaton Park, Morgan Street Park and Lake Perris State Recreation Area.

42038 Bodie Road Palm Desert, CA 92260

$152,000
3 Beds
2 Baths
1,848 SqFt
Status Active
MLS # 218033494DA
Property Type Stock Cooperative
Price Type --
Great (Short Sale) Opportunity. This home has Lots of Space, 3 Bedrooms, a large family room and it is on a permanent foundation, with a 433A, for financing. The kitchen has skylight, and opens to eating area. Long driveway with plenty of parking. Lush front yard with beautiful lawn and the back yard has lemon and grapefruit trees. Master has large walk in closet, master bath has dual sinks. Situated in the heart of Palm Desert this 55+ Gated Golf Community has great curb appeal, very affordable, and you

130 E 20th Street Upland, CA 91784

$690,000
4 Beds
3 Baths
2,589 SqFt
Status Active Under Contract
MLS # 18413472
Property Type Single Family Residence
Price Type --
3 Bedroom Home with 3 bath, Home in need of Exterior and Interior Care. Pool with Fence, in need of Maintenance. Fantastic Location North of Upland ! Great opportunity to own a Large Home. Short Sale Subject to Lender Approval. Multiple Lien holders.

4903 Oakville Court Bakersfield, CA 93313

$190,000
3 Beds
2 Baths
1,387 SqFt
Status Active Under Contract
MLS # PW18296838
Property Type Single Family Residence
Price Type --
Quaint 3 bedroom 2 bath single family residence. This home does need some TLC. Only has had 1 owner since being built in 1995. Contains 2 full baths, separate laundry room and attached two car garage. Has a comfortable sized backyard that can accommodate a small shed for storage. Close to shops (Costco!), banks, and 99 freeway. Centrally located within elementary, jr. high and high schools. Don't miss this charming little place. Great starter home for first time homebuyers. This is a short sale. Sales price and commission is subject to Lenders' approval.

207 5th Ave. Unit 508 San Diego, CA 92101

$270,000
-- Bed
1 Bath
311 SqFt
Status Active
MLS # 190004119
Property Type Condominium
Price Type --
Lender approved short sale at $270,000. Own a condo hotel room with King-size bed with view of the Coronado Bridge. Rock Royalty owners skip the lines and check in at private lounge. Owners share in the rental income. HRH has outdoor bar at FLOAT with firepits, 207 bar has premium selection of liquor, American-style comfort food at Mary Jane’s Diner and world renown Japanese dishes at Nobu. Walking distance to downtown fun.

6423 Deep Dell Place Los Angeles, CA 90068

$998,000
3 Beds
3 Baths
2,862 SqFt
Status Active Under Contract
MLS # LG19038149
Property Type Single Family Residence
Price Type --
short sale property needs a lot of updating and repairs

2107 Greenwood Court Fullerton, CA 92833

$680,000
3 Beds
2 Baths
1,745 SqFt
Status Active Under Contract
MLS # 19433136
Property Type Single Family Residence
Price Type --
This is a rare Short Sale in this area. THis one story house built in 1983 sits in Coyote Hills Estates. It has 3 Bedrooms and 2 Baths in about 6,500 squre ft lot and needs some interior and outside of work. A great opportunity for the investment. This sale is contingent upon all lenders/lien holders approval.

24993 Painted Rock Ramona, CA 92065

$324,900
3 Beds
2 Baths
2,513 SqFt
Status Active Under Contract
MLS # 190008176
Property Type Single Family Residence
Price Type --
CA$H ONLY. Short Sale!! Here is the bad: Solar batteries failing, diesel generator must run to keep lights on. Buyer to investigate bringing SDGE power to home, poles currently on property line. Plumbing backed up, needs new sewer lines and septic tank. Here is the good: 5 flat acres surrounded by Cleveland National Forest and Barona Indian Reservation. Really nice home with vaulted tongue and groove ceilings, open floor plan. Paid for solar, still producing energy. Workshop is newer w/ permit.

14651 Grandview Moreno Valley, CA 92555

$325,000
2 Beds
2 Baths
1,635 SqFt
Status Active
MLS # IV19059087
Property Type Single Family Residence
Price Type --
If you are 55+and looking for a change, Here are a few common thoughts: Are you ready to downsize, or from a two story to a single? Have you thought of moving to a quieter and more secure place. How about two major hospitals and two shopping centers within a three mile radius. There is no more Mello Roos, property tax's are 1.25% The lowest HOA fees for the amenities available such as Swimming pool, Jacuzzi, tennis court or pickle ball , workout room and picnic area. This home plus two other to choose from, are the most desirable models. Two of them arke Short Sales. It will be the Banks prerogative for accepting the final settlement. So all offers will be submitted for bank approval. Back on the market is now BANK Approved. BANK APPROVED.

1295 N Kraemer Boulevard Unit 23 Placentia, CA 92870

$316,500
2 Beds
1 Bath
884 SqFt
Status Active Under Contract
MLS # TR19062847
Property Type Condominium
Price Type --
Short Sale. One Lender.

8920 S Harvard Los Angeles, CA 90047

$515,000
4 Beds
3 Baths
2,767 SqFt
Status Active Under Contract
MLS # 19448600
Property Type Single Family Residence
Price Type --
This is a REVERSE MORTGAGE Short Sale, Seller is ready to move. BANK APPRAISAL CAME IN AT $515K and will not negotiate any lower. Property needs appox. $110k work of interior and exterior work, The potential is great for buyer to come in and make it their own. Records show 3 Bathrooms, however, there are a total of 4 bathrooms, buyer to do their own investigations. This is a Fixer. Bring your hammer, nails and paint. Please make offers subject to Inspection.

402 Johnson Road Oxnard, CA 93033

$280,000
2 Beds
2.5 Baths
1,195 SqFt
Status Active Under Contract
MLS # 219003893
Property Type Condominium
Price Type --
Short Sale BARGAIN!!..** BOM WITH SHORT SALE LENDER APPROVAL AT $280,000 FIRM...BUYER FAILED TO PERFORM. **Excellent Opportunity for First Time Home Buyer or Investor **Price reflects FIXER condition..Submit ALL OFFERS !!!Subject to S/S Lender Approval.**Located in Desirable Strawberry Shores complex **Open airy floor plan with HIGH Ceilings..**1st LEVEL - LivRm w/Fplc, Dining Area off of Ktchn w/Breakfast Bar, Guest 1/2 Bath..Private Open Air Patio..2 Car Attached Garage w/Laundry**2nd LEVEL - Very Large Master Brm w/Private Full Bath & Walk-in Closet PLUS Large 2nd Brm w/Private Full Bath & Big Closet. . **DON'T MISS THIS BARGAIN BABY!!!