San Diego REOs And Bank-Owned Homes -

REOs 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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Property listings 13 - 24 of 98

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3704 Grayburn Avenue Los Angeles, CA 90018

$899,000

3 Beds

2 Baths

1,443 SqFt

Status Active Under Contract

MLS # DW22085429

Property Type Single Family Residence

Price Type --

BACK ON THE MARKET ! SELLER SAY'S LETS GET IT SOLD !THIS IS IT! RIGHT HOUSE IN ONE OF THE MOST DESIRABLE PARTS OF TOWN LEIMERT PARK! THIS 3 BD 2 BA 1443 SQFT HOME SITS ON A 5900 SQFT LOT (PERFECT FOR AN ADU) . WITH SOME COSMETIC FIX'S, MORDERN UPGRADES AND TOUCHES THIS COULD BE ONE OF THE MOST BEAUTIFUL HOMES INTHE AREA. THIS HOME IS IN FORECLOSURE . PLEASE DON'T KNOCK ON THE DOOR OR WALK AROUND THE PROPERTY WITH BEING ACCOMPANIED BY THE LISTING AGENT. PLEASE MAKE ALL OFFER'S - SUBJECT TO INTERIOR INSPECTION

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10021 Cohasset Road Chico, CA 95973

$480,000

3 Beds

4.5 Baths

6,600 SqFt

Status Active

MLS # SN22091841

Property Type Single Family Residence

Price Type --

Short sale alert: Handyman special. Your opportunity to own a stellar home for under market value. Beautiful 6600sf home on 2 acres with 30ft high cedar ceilings, tall windows, a billiard area, swimming pool, tennis court, basketball court, a state-of-the-art well system, a fenced yard, and lots of trees for privacy. The house could use some TLC updates like flooring & paint, and pool maintenance, but to the best of the seller’s knowledge there’s nothing major wrong with the house. After renovation value of this property is $1.2M so there is a lot of opportunity to easily build equity.

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2516 W Macarthur Boulevard Unit C Santa Ana, CA 92704

$425,000

1 Bed

1 Bath

793 SqFt

Status Active

MLS # OC22104416

Property Type Condominium

Price Type --

BOTH BUYERS HAVE WALKED DUE TO TIMELINE WITH BANK - APPROVED SHORT SALE!! AS IS SELLERS LOSS BUYERS GAIN. This one of a kind property overlooks lush landscape and a tree lined stream in the Woodlake gated community amongst the cosmopolitan area of South Coast Metro. The ground level condominium offers two private patios over looking relaxing water features providing a majestic and relaxing environment. A rare find location within the community. Featuring an open floor plan with mahogany wood flooring along with an eat in kitchen including granite counter-top and plenty of cabinet space. The sizable master bedroom includes an en suite bathroom with shower in tub, a mirrored closet and walk in closet. Laundry located in patio closet. Community amenities feature a pool and spa. Located just down the street from one of Orange County's finest shopping, dining and entertainment spots at South Coast Plaza close to public transportation and quick access to the 405/55/73 Freeways with a short drive to John Wayne Airport, Irvine Business complexes, the OC Fairground, Segerstrom Center of Arts, South Coast Repertory, the Metro Point and adjacent from the City of Costa Mesa.

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2251 Blackfield Drive Concord, CA 94520

$636,800

8 Beds

4 Baths

3,150 SqFt

Status Active Under Contract

MLS # IV22118178

Property Type Single Family Residence

Price Type --

Welcome to Concord, CA. A large single-family residence on a good size lot. A diamond in the rough awaits you. Roll up your sleeves and put in your designer touches to make this your dream home. If you blink it will be sold. All potential buyers are asked to check with City, County, Zoning, Tax, and other records to determine all details on this property listed above to their satisfaction. This is an AS-IS REO property.

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139 Via Fuchsia Paso Robles, CA 93446

$730,000

3 Beds

3.5 Baths

2,589 SqFt

Status Active Under Contract

MLS # IV22137185

Property Type Single Family Residence

Price Type --

Welcome to Paso Robles, California. A single-family residence awaits you!! This home appears to have been built in 2002 and is on a good size lot of approximately 30,056 square feet. If you blink it will be sold. This is a great opportunity to put your finishing touches on this gem. Don't miss this unique chance to say ''hello'' to your new dream getaway! All potential buyers are asked to check with City, County, Zoning, Tax, and other records to determine all details on this property listed above to their satisfaction. This is an AS-IS REO property.

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11208 Studebaker Road Norwalk, CA 90650

$390,000

3 Beds

2 Baths

1,210 SqFt

Status Pending

MLS # DW22158802

Property Type Single Family Residence

Price Type --

3 bedroom short sale in the city of Norwalk. Property is dated and needs work.

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2121 Whitley Avenue Los Angeles, CA 90068

$1,249,500

3 Beds

3 Baths

1,535 SqFt

Status Active

MLS # 22181917

Property Type Single Family Residence

Price Type --

Priced like a bank owned property! Romantic 1920's Spanish fixer in the Hollywood Hills on a cul-de-sac with curved ceilings and cast iron features through out. The main house has 2 bedrooms and an enclosed sunroom. Viking stove in kitchen. Almost every room in the home has a door leading to the backyard space or back patio. The backyard features a beautifully classic fountain and gardens. Lowest price in Hollywood Hills. Attached guest wing has it's own entrance and newly remodeled bathroom. It's minutes away from popular nightlife, restaurants, and shopping. Run!! Run!! Run!! Priced to sell !!!!!!!!!!!!!

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18678 Madrone Street Tuolumne, CA 95379

$92,200

3 Beds

1 Bath

1,298 SqFt

Status Active

MLS # IV22175505

Property Type Single Family Residence

Price Type --

Telecommuters, why rent when you can own in Tuolumne, CA. If you are searching for a diamond in the rough at a great price look no further. This single-family residence sits on an approximately lot size of 5,606 square feet. Roll up your sleeves and do your renovations to make it your dream home. All potential buyers are asked to check with City, County, Zoning, Tax, and other records to determine all details on this property listed above to their satisfaction. This is an AS-IS REO property.

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1104 S Van Ness Avenue Santa Ana, CA 92707

$640,000

3 Beds

2 Baths

1,540 SqFt

Status Active

MLS # OC22182158

Property Type Single Family Residence

Price Type --

Cute FIXER in desirable Wiltshire Square. AS IS, SHORT SALE SUBJECT TO LENDER APPROVAL. Near schools and neighborhood shopping. Den could be 3rd BR. Great potential for handyman;

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