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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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1185 E Alejo Road Palm Springs, CA 92262

$250,000
2 Beds
2 Baths
1,221 SqFt
Status Active
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.

23301 Vista Carillo Laguna Niguel, CA 92677

$900,000
3 Beds
3 Baths
2,739 SqFt
Status Active Under Contract
MLS # RS18168650
Property Type Single Family Residence
Price Type --
Recently Approved Short Sale!!! Could close fast!!Property is located at Center Cul De Sac in wonderful Niguel Summit. This Property has 4 bedrooms and three bathrooms ( a bedroom downstairs) and wet bar. House has Open floor plan with high ceiling,hardwood floor and marble floor with kitchen open to family room. Property has two fireplaces (one in family room and the other in master bedroom). Huge master bedroom has large retreat. walking distance to nature trails. Central A/C and heating.

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

400 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.

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.

8485 Crystal Avenue Riverside, CA 92504

$289,000
3 Beds
2 Baths
1,424 SqFt
Status Active Under Contract
MLS # IV18233932
Property Type Single Family Residence
Price Type --
SHORT SALE Quaint single-level ranch...3 Bedrooms, 2 Full Baths with approx. 1,424 square feet. Living room with fireplace, Modern Chefs Kitchen with white ceramic counters, Formal Dining Room, fenced yard and two car garage...close to schools, shopping, 91 freeway, hospitals & churches. Needs new flooring, paint etc.

54 Hilton Head Drive Rancho Mirage, CA 92270

$265,000
3 Beds
2 Baths
1,620 SqFt
Status Active Under Contract
MLS # 218028290DA
Property Type Condominium
Price Type --
Fixer Upper. Good location on the fairway of the Westin Mission Hills golf course. 3 bedrooms, 1 3/4 bathrooms, 1620 square feet, three car garage. Private gated front courtyard which faces the south. Community pools and spas. This is a reverse mortgage short sale.

3656 Corona Avenue Norco, CA 92860

$439,500
2 Beds
1 Bath
768 SqFt
Status Active Under Contract
MLS # OC18273835
Property Type Single Family Residence
Price Type --
This is a short sale. 2 Bed 1 Bath bungalow nestled on 1.1 acres of flat, usable land with mountain views! Property is completely fenced with adult trees for shade. The property was used as a horse property for many years. Norco is the best city to live if you're a horse enthusiast. There's a horse trail along Corona Ave, just across from your front courtyard... and the trails lead everywhere! Just a few minutes ride to Neil Snipes Park, Sierra vista elementary school, and downtown Norco. Plenty of room for Horse trailers and RV Parking. Easy access to both the 15 and 91 freeways and surrounded by shopping, and restaurants. This is a fantastic opportunity to own in “ Horse Town” USA! Enjoy a low tax rate of only 1.11%!

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.