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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:

681 E 70th Street Long Beach, CA 90805

$650,000
2 Beds
2.5 Baths
1,609 SqFt
Status Pending
MLS # SB21174124
Property Type Single Family Residence
Price Type --
SHORT SALE LISTING CONTINGENT TO LENDERS APPROVAL. Located on a Corner lot 2 Bedroom & 2 baths with a Den. Double car garage and a Storage. Perfect for a big Family. This property has a lot to offer, it is great for first time buyers. Presently this property is in Default. Agents call for private showing. Do not go direct please contact our office for appointment.

1491 Carmen Court San Jose, CA 95121

$665,000
4 Beds
2.5 Baths
1,474 SqFt
Status Active
MLS # ML81859447
Property Type Townhouse
Price Type --
SHORT SALE APPROVED FOR $700,000! Very rare 4 bedroom / 2.5 bathroom PUD with 1,474 living sq ft size located in a quiet neighborhood. Please do not disturb occupants!

658 Torrey Pines Road Banning, CA 92220

$380,000
3 Beds
2 Baths
1,312 SqFt
Status Active
MLS # EV21217677
Property Type Single Family Residence
Price Type --
APPROVED SHORT SALE It's a new dawn; it's a new day; it's a new life for me; and I'm feeling good. Michael Buble. This home offers birds flying by, sun in the sky and breeze driftin' on by. Enjoy a new life for YOU in this home! Bring an extra pair of socks - cause the view from the patio will knock yours off!!!! Enjoy the good life in this golf course home while watching the golfers, ducks and birds as you sit at the bar while barbequing your dinner all under your new alumawood patio cover. Beautiful and low maintenance 3 bedroom, 2bath home in the highly sought after Sun Lakes Country Club. A very short walk to the clubhouse, tennis courts and pickle ball courts as well as the Pro Shop. Enjoy all the wonderful amenities Sun Lakes Country Club has to offer such as: 2 18-hole golf courses; 3 club houses; 3 swimming pools; 3 tennis courts; 3 gymnasiums; a full service restaurant; a cocktail lounge with dance floor; coffee shop; 2 pro shops; bocce ball courts & social clubs. Many more attractions promoting a healthy life style. Conveniently located close to Palm Springs and casinos. 24 hour security in an gated community. If you are lucky enough to live in Sun Lakes, you're lucky enough! All this for a fraction of the price point in LA & Orange Counties. All that while improving your quality of life. Call us for a private tour of this resort like community.

5019 Genesta Avenue Encino, CA 91316

$1,750,000
3 Beds
3.5 Baths
2,719 SqFt
Status Active Under Contract
MLS # 21798686
Property Type Single Family Residence
Price Type --
Partial two story older home with 3 bedrooms, 3.5 bathrooms and small bedroom & bathroom behind garage. The property is in need of major repair (seller discloses that home needs new roof, new electrical, and new plumbing) and needs extensive environmental remediation (asbestos, mold, and soil contamination). Fireplace in living room was previously damaged in earthquake and does not function. The home has no kitchen with wall studs exposed. Downstairs has two bedrooms, den, two bathrooms and powder room, and upstairs has one bedroom & one bathroom. Seller discloses that pool has a crack and needs repair. Home is located across from a school and will hear school bell and will experience increased car traffic during student drop off and again during pickup. Two car garage. Property is tenant occupied and tenants will still have possession after closing. No interior photos are available, please see inspection report for any interior photos. Drive by only. This is a Short Sale.

24993 Painted Rock Road Ramona, CA 92065

$651,200
3 Beds
2 Baths
2,513 SqFt
Status Active
MLS # IV21254296
Property Type Single Family Residence
Price Type --
Built in 1958 this three bedroom two bath home has 2,513 square feet of living space and sits on five acres!!! Located in San Diego County, this property features beautiful mountain views!! With a little TLC, this would make a perfect home. The property is occupied so all potential buyers are asked to check with City, County, and Tax and other records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS REO property.

10131 Bell Avenue Lower Lake, CA 95457

$202,400
2 Beds
1.5 Baths
1,440 SqFt
Status Active
MLS # IV21256825
Property Type Single Family Residence
Price Type --
Have you always dreamed about having a home out of the hustle and bustle, yet not far from the water and freeways? This multi-story residence is nestled away and is waiting for you. Relax in tranquility at home or venture out a short distance to many outdoor recreational activities, Clear Lake, a vast array of cuisines, shopping, and entertainment. Excellent opportunity to put your finishing touches on this gem and make it your own. 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.

563 E Bonnie Brae Court Ontario, CA 91764

$380,000
3 Beds
1 Bath
1,120 SqFt
Status Pending
MLS # PW21269594
Property Type Single Family Residence
Price Type --
SHORT SALE GREAT PROPERTY MUST SEE ... NEEDS SOME TLC.

3018 E Avenue H4 Lancaster, CA 93535

$300,000
2 Beds
1 Bath
780 SqFt
Status Pending
MLS # BB22008304
Property Type Single Family Residence
Price Type --
Come see this charming 2 bedroom/ 1 bath home with an enclosed patio that runs the length of the home. The property has block walls on two sides for privacy and chain link fence separates the home and yard from the side lot, featuring a large workshop (which could be the garage). There is plenty of room for all your pets and more than one RV...hook-ups and electricity already in place. Home needs some TLC. It is in the Averydale Water District and is on the market as a short sale,

2310 N Catalina Street Burbank, CA 91504

$375,000
2 Beds
1 Bath
1,040 SqFt
Status Pending
MLS # BB22009105
Property Type Single Family Residence
Price Type --
Perfect opportunity for Development in the middle of Burbank . The property has been completely Gutted out . This is a short sale and it is subject to Lenders approval . Commission will be 50/50 based on the final approval of the purchase price . Drive by only Due to the Covid. Please text Zorik for more info .“The sale of the property contingent on the mortgage holders and the mortgage insurer's if applicable, agreement to the sale. The seller's obligation to perform on this contract is subject to the rights of the mortgage insurer (if any) and the mortgage holder relating to the conveyance of the property.

220 Mount Olive Drive Bradbury, CA 91008

$1,700,000
4 Beds
4 Baths
3,978 SqFt
Status Pending
MLS # PW22007572
Property Type Single Family Residence
Price Type --
Situated in the foothills of the San Gabriel mountains, this Bradbury estate is an entertainers dream. Comprised of over 2 acres this 4 bedroom 4 bathroom 3,978 sq ft home has city lights views from nearly every room in the house. Let the soaring ceilings & hardwood floors take your breath away as you enter through the double doors. The kitchen is complete with a Sub Zero refrigerator, dual sinks, double ovens and travertine countertops. A formal dining room and living room sit just off the kitchen with ample dining space. Retire to your main level primary bedroom with city lights views complete with master retreat, his and hers sinks, cedar lined closet, Jacuzzi tub and spacious shower. Downstairs is a family room with kitchenette, and three bedrooms. Two bedrooms downstairs have full attached bathrooms and one has a private entrance from the exterior of the home. The backyard has a sprawling grass area while the side yard has a custom salt water pool complete with spa, rock waterfall, integrated lighting in and out of the pool, entertaining area with artificial grass and raised cabaña. Please note property is listed as a short sale, in need of repair. Description is indicitive of layout and amenities, but property will need substantial repair/upgrading to bring condition up to par. Termite report showed substantial damage and home inspection had numerous items noted as well.

2951 Hartley Street Lakeport, CA 95453

$416,600
4 Beds
2 Baths
3,452 SqFt
Status Active
MLS # IV22030962
Property Type Single Family Residence
Price Type --
Have you always dreamed about living a quieter life with extra space? Don't miss this opportunity to fulfill this dream. Enjoy the peacefulness in the rural setting near Clear Lake. The rural lifestyle blends with the love of the water and the mountains. Enjoy the vast amounts of outdoor recreational activities, restaurants, and shopping just a short distance away. This residence boasts approximately 4.17 acres, four-bedrooms, two-car garage plus additional parking, deck, and affords privacy as it is nestled amongst a large, private lot. 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.

2366 Coventry Circle Unit 28 Fullerton, CA 92833

$549,900
3 Beds
1.5 Baths
1,181 SqFt
Status Active Under Contract
MLS # 22142189
Property Type Townhouse
Price Type --
Bring your TLC to this townhouse with a private patio. Association Pool & Spa Play area, close to many hiking & biking trails, shopping & restaurants. This property is owned by Southside Neighborhood Stabilization and was purchased at foreclosure post auction bid pursuant to SB 1079. SB 1079 was put in place to promote homeownership and therefore priority for offers are given to owner occupant buyers. Buyers must provide a notarized affidavit that the agent will supply that states they intend to live in the property. Secondary priority will be given to investors who sign an affidavit stating they plan to rehab and sell the property to an owner occupant. Third priority is to investors who sign an affidavit stating they intend to rehab the property and provide affordable housing. All buyers required to prequalify through sellers preferred lender.