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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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30247 Yellow Feather Drive Canyon Lake, CA 92587

$750,000
5 Beds
4.5 Baths
3,687 SqFt
Status Active
MLS # OC18138810
Property Type Single Family Residence
Price Type --
Canyon Lake is one of only five gated cities in California! The Lake The lake covers 383 acres and has 14.9 miles of shoreline. Beautiful 3687 Sq/Ft waterfront home with 5 bedrooms, 4.5 bathrooms; and great schools! Short Sale approved at list price!

1185 E Alejo Road Palm Springs, CA 92262

$235,000
2 Beds
2 Baths
1,221 SqFt
Status Active Under Contract
MLS # SR18152288
Property Type Condominium
Price Type --
A 2 bedroom, 2 bath home in Palm Springs. THIS IS A SHORT SALE AND ALL TERMS AND CONDITIONS ARE SUBJECT TO LIEN HOLDERS' APPROVAL. REPAIRS NEEDED! Walking distance to the SPA Casino and the Strip!

4672 Tyler Street Riverside, CA 92503

$345,900
3 Beds
1 Bath
1,218 SqFt
Status Active
MLS # IV18150732
Property Type Single Family Residence
Price Type --
short sale property, sold in present conditions no repairs will be made, 3 bed 1.5 bath, lot size 19,166 built 1947.

21730 Hacienda Boulevard California City, CA 93505

$145,000
3 Beds
2 Baths
1,731 SqFt
Status Active
MLS # CV18153599
Property Type Single Family Residence
Price Type --
Great price and a well maintained home! Has permitted sun porch. Split floor plan. This is a short sale and all terms are subject to bank approval.

881 Rykers Ridge Rd Ramona, CA 92065

$299,000
5 Beds
3 Baths
4,500 SqFt
Status Active Under Contract
MLS # 180043300
Property Type Single Family Residence
Price Type --
Back on market CASH ONLY - Great opportunity for an investor - Short sale approved at $347,000. This was a fire burn down in 2007. Home partially rebuilt and unfinished - 3000 square feet and 1500 square feet of unfinished basement - 3 tankless water heaters 1 per floor - Partially built pool with 30 foot water slide - Views to the mountains and hills. Bring you cash investors

2739 Morningside Street Pasadena, CA 91107

$995,000
4 Beds
3 Baths
2,844 SqFt
Status Active
MLS # 18375816
Property Type Single Family Residence
Price Type --
SHORT SALE: .... Bring your best offer.....Price Just reduced. Appraisal came in at $ 1,430.000 Location, Location, Location… Will not last !! Short Sale is not approved yet. This house features a great big open layout. Beautiful modern 2-Story Home. Formal living & dining rooms, High ceilings, Natural light. , family room and much more . Spacious kitchen w/ open floorplan layout & breakfast area . 1 Bedroom and 1 full bath downstairs, 3 bedrooms and 2 bath at the 2nd floor , walk-in closet, and more, several fruit trees. Central AC + Heat, fireplace in living room.

400 N Sunrise Way Unit 264 Palm Springs, CA 92262

$180,000
3 Beds
2 Baths
1,192 SqFt
Status Active Under Contract
MLS # 18380092PS
Property Type Condominium
Price Type --
This property is a unique 3 bedroom 2 bath, upper unit in Catalina Grove, on fee land. Upper floor is laminate flooring in the living area and carpet in the bedrooms. Kitchen has granite counters and the refrigerator included. The large balcony, of which accompanies the living room is the perfect setting to enjoy outdoor living. Water and trash paid. The complex has 3 pools, a clubhouse and fitness center. Catalina Grove is contained within beautiful grounds and is located close to downtown Palm Springs. Resident is assigned their own carport parking space.Short sale subject to bank approval.Unit is located in building 4.

22910 Boxwood Lane Saugus, CA 91390

$625,000
4 Beds
3 Baths
2,229 SqFt
Status Active Under Contract
MLS # SR18218986
Property Type Single Family Residence
Price Type --
SHORT SALE!!!! Amazing Saugus home located in a quiet, family neighborhood. This beautiful 2 story 4 bedroom 3 bath home has lovely stone accented pillars in the front and a quaint front patio for those lovely, cool relaxing evenings. Walk into your formal entry and living room and be amazed by the high ceilings for the light and bright feeling. The fully upgraded kitchen includes a large island with sink, granite counters, recessed lighting, custom backsplash plus lots and lots of storage and open to the family room; perfect for entertaining or enjoying time with your family. Custom flooring with carpet throughout all bedrooms upstairs and ceramic tile and hardwood flooring downstairs. Master bedroom has it's own large master bathroom with separate tub and shower and large walk-in closet. Skylights in the hallway provide the extra bright cheeriness to the home. If the home wasn't amazing enough, the back yard will be your personal oasis. Take a dip in your private pool or a relaxing soak in your spa or just sit back and relax on the covered patio and BBQ an amazing feast. This yard also has plenty of mature trees for added privacy. A little bit of love will make this home truly perfect.

1583 Turnberry Court Beaumont, CA 92223

$352,300
2 Beds
2.5 Baths
2,127 SqFt
Status Active Under Contract
MLS # PW18224650
Property Type Single Family Residence
Price Type --
LENDER IS READY TO RECEIVE YOUR BEST OFFER::: BACK ON THE MARKET APPROVES SHORT SALE: DON'T MISS THIS ONE. GATED COMMUNITY TWO BEDROOMS WITH TWO FULL BATHROOMS. BACK YARD FOR IS A DREAM. Large rooms nice, in a cul-de-sac , with Three car garage, No need to invest money in the back yard is ready for your enjoyment. COME and View this DREAM . All terms are subject to lender approval.

578 Glenbriar Circle Tracy, CA 95377

$555,000
4 Beds
3 Baths
-- SqFt
Status Active Under Contract
MLS # 18387694
Property Type Single Family Residence
Price Type --
This is a short sale and it is contingent on lender's approval.

5214 Knoxville Avenue Lakewood, CA 90713

$689,000
4 Beds
3 Baths
2,241 SqFt
Status Active Under Contract
MLS # TR18227831
Property Type Single Family Residence
Price Type --
Location , Location, Location! Hidden gem in the Lakewood Manors. Very peaceful and beautiful neighborhood. 4 bedroom, 3 bathrooms and an open floor plan. This home has many features that you can appreciate. Needs a little TLC. Definitely worth the time to take a look. Short Sale subject to lienholders approval

41305 Dixon Drive Hemet, CA 92544

$210,000
3 Beds
3 Baths
2,918 SqFt
Status Active Under Contract
MLS # SW18236252
Property Type Single Family Residence
Price Type --
Sale is subject to short sale approval. It has quite of bit work. House it's been sold as is no repairs being done by the seller. Final price and commission will be determined by the bank. Thank you for showing.