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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:

2249 Serrano Road San Bernardino, CA 92405

$249,000
4 Beds
1 Bath
1,428 SqFt
Status Pending
MLS # DW19211332
Property Type Single Family Residence
Price Type --
SHORT SALE *** CASH BUYERS ***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!!

8557 Red Hill Country Club Drive Rancho Cucamonga, CA 91730

$515,000
4 Beds
2.5 Baths
2,758 SqFt
Status Pending
MLS # 19530418
Property Type Single Family Residence
Price Type --
Short Sale. This 2 story home has valley views!!! Located in the hills of Red Hill Country Club Dr. this home will give you the space you have been looking for. Bedrooms, bathrooms and living areas are on both floors. This double lot offers many possibilities, in the spacious backyard. Home needs work but with your own personal touch, you can create the home of your dreams. Wood and laminate floors in the common areas carpet in the bedrooms. Sunken living room with fireplace, which opens up to a formal dining room. Kitchen is across from family room and around the corner from the master bedroom with an en suite bathroom. Lower level of the home features a second family room, 3 bedrooms and a bathroom. Agents see private remarks for more information on the short sale.

11538 Venezia Way Porter Ranch, CA 91326

$975,000
4 Beds
3 Baths
2,655 SqFt
Status Pending
MLS # SR19276668
Property Type Single Family Residence
Price Type --
Its a 4 bed 3 bath with 2655 FT in the area called Porter Ranch. This is a very famous area and prices have gone up in the past. So this could be a great opportunity to buy when prices have lowered. Its a short sale and no repairs will be done, as house needs many repairs and the bank will not fix anything before close. Terms are subject to bank approval...

1127 Koch Lane San Jose, CA 95125

$1,275,000
3 Beds
2.5 Baths
2,400 SqFt
Status Pending
MLS # ML81780123
Property Type Single Family Residence
Price Type --
Price Reduced almost $150 K ! Bank owned REO in very good condition located in prestigious Willow Glen neighborhood. Large 9,150 sq.ft. lot. Hardwood floors, tile floors. Skylights in family room make for a very light, open feel. Separate Florida room in rear. Large backyard with fruit trees. Dual pane windows. Roof appears to be metal, buyer to check. Systems of house are not warrantied, buyer to have their own inspections. Fireplace may or may not be woodburning, not tested.

511 Juanita Street La Habra, CA 90631

$560,000
3 Beds
2 Baths
1,292 SqFt
Status Pending
MLS # CV20032295
Property Type Single Family Residence
Price Type --
Back on the market and Short sale is approved... Property needs TLC

Malibu CA 90265

$850,000
3 Beds
3 Baths
3,146 SqFt
Status Active Under Contract
MLS # 20554578
Property Type Condominium
Price Type --
Short sale subject to lender approval. Fixer - needs a lot of work. As is.

3281 Reche Rd Fallbrook, CA 92028

$800,000
3 Beds
3 Baths
2,890 SqFt
Status Pending
MLS # 200010323
Property Type Single Family Residence
Price Type --
This property it is Short Sale all terms and condition are subject to short sale approval the house facing view from 16x8 foot window.from the living room the garage was converted in to room this house has avocado trees a,lemon trees and grapefruit t this house has fire sprinkler system ,has surround sound system.floor it bamboo wood floor and the door's made from solid wood very good quality Equipment: Fire Sprinklers,Garage Door Opener Sewer: Septic Installed Topography: ,,LL Frontage: Canyon, Open Space

11163 Canyon Meadows Drive Whittier, CA 90601

$550,000
4 Beds
3 Baths
3,073 SqFt
Status Pending
MLS # DW20048232
Property Type Single Family Residence
Price Type --
4 Bedroom, 3 bathroom home in Whittier. House is in need of substantial repairs and will likely not qualify for FHA or traditional financing. Short sale is subject to lien holder approval with terms and conditions.

2460 Helix St Spring Valley, CA 91977

$375,000
4 Beds
3 Baths
1,912 SqFt
Status Pending
MLS # 200017140
Property Type Single Family Residence
Price Type --
Short sale, property has had deferred maintenance for years. Needs plenty of work too much to list, Buyer & their agent to verify all information before the close of escrow. Sewer: Sewer Connected

19733 Sunset Topanga, CA 90290

$1,489,300
3 Beds
3 Baths
2,716 SqFt
Status Active
MLS # IV20090321
Property Type Single Family Residence
Price Type --
Have you always dreamed about having a home on a large lot, with views, out of the hustle and bustle yet not far from the beach and freeways. This executive style home nestled on approximately 1/4 acre in Topanga Canyon has it all. Relax in tranquility at home or venture out a short distance to outdoor recreational activities, an array of cuisines, shopping, and entertainment. Don’t let this rare opportunity to own a piece of paradise get away from you! All potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details. This is a REO Property.

425 E 111th Place Los Angeles, CA 90061

$390,000
3 Beds
2 Baths
1,286 SqFt
Status Active Under Contract
MLS # DW20105044
Property Type Single Family Residence
Price Type --
ATTENTION INVESTORS!!! This one is for you! FIXER FIXER! Property is in need of Repairs. THIS IS ALSO A SHORT SALE AND A PROBATE SUBJECT TO LENDER'S APPROVAL AND PROBABLY COURT APPROVAL. SOLD AS IS CONDITION.. Drive By Only!! Please Do Not Disturb Occupants!! (LA HERO PROGRAM) on Title Report.

7300 Chateau Ridge Lane Riverside, CA 92506

$1,649,000
6 Beds
6.5 Baths
6,129 SqFt
Status Pending
MLS # IV20150883
Property Type Single Family Residence
Price Type --
BACK ON MARKET!!! SHORT SALE! ACCEPTING BACK-UP OFFERS! This is through a private lien holder, not a bank so it will close quickly. Welcome to the Beverly Hills of Riverside! This exquisite estate home was sold just a few months ago and due to circumstances beyond the new Owner's control, it is now in Pre-Foreclosure! However, this stunning amazingly secluded estate home is located in the prestigious gated community of Hawarden Summit! You will fall in love with this simply stunning castle like estate with it's amazing features such as panoramic vista views, sparkling pool, Your own private citrus grove and a 4 car garage with a wrap-around automated gated driveway perfect for RV parking and a space for all of your toys. If you are looking for privacy you will definitely find it here as this home is on .84 acre lot with no neighbors on either side nor is anyone allowed to build behind you! In addition, this home features a very spacious open floor plan of over 6129 square feet inclusive of a media room and separate quarters perfect for teenagers or the extended guest stays, marble floors, 6 spacious bedrooms and a large downstairs office. The master suite is located in it’s own wing inclusive of a private deck with fireplace overlooking the gorgeous pool and stunning view of the valley below. Enjoy the outdoors with your expansive living area featuring floor to ceiling retractable doors, gorgeous waterfall pool overlooking 53 succulent citrus trees!