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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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29218 Roselite Circle Menifee, CA 92584

$428,888
5 Beds
4 Baths
3,750 SqFt
Status Active Under Contract
MLS # IV17150465
Property Type Single Family Residence
SELLERS VERY MOTIVATED! BRING AN OFFER! GET A GREAT DEAL! FORMER MODEL HOME is BACK ON THE MARKET!!! SHORT SALE, mostly already negotiated on the sellers' side. Previous Buyer was unable to complete the purchase. Beautiful, former model home in one of the nicest neighborhoods in the high demand, growing city of Menifee. Home is virtually turn-key. Palm trees out front and the open interior floor plan give this home a high end feel. Step into the spacious, open floor plan both upstairs and down. Bedrooms are larger than most new homes. Ideal family home with Jack-and-Jill bedrooms upstairs. Large master bedroom, with walk-in closet in the master bath. Upgraded tile and wood floors throughout, with carpeted bedrooms. Kitchen is upgraded with granite counters and stain-less steel appliances. Large bonus room upstairs, near the 2nd floor laundry. Bar and swing set in back may be negotiated with the sale. Hard to beat the bang for the buck that this home offers. Since it is a short sale, all terms and conditions are subject to final approval by the sellers' lender. A lot of interest already. If you want a chance at this great opportunity, better hurry, because it won't last long!

12491 Gay Rio Drive Lakeside, CA 92040

$420,000
3 Beds
2 Baths
1,431 SqFt
Status Active Under Contract
MLS # 170035006
Property Type Single Family Residence
Here is your chance to get a Short Sale that is a major fixer upper, needs everything inside. Larger wooden deck in rear of house is in poor condition and may need to be rebuilt completely.

4142 Lockford Street Santa Maria, CA 93455

$350,000
5 Beds
3 Baths
1,614 SqFt
Status Active
MLS # PI17204739
Property Type Single Family Residence
This is a short sale. If you are looking for an investment property or perhaps a place with room for Mom, this may be the one for you! This spacious Orcutt property features a total of 4BR/3.5BA and 1614 SF of combined living space. The 2 car garage conversion offers a living area, bedroom, kitchen area, and bathroom. Outside you’ll find a fenced rear yard with a patio and wide driveway with possible RV parking. If you are looking for an investment property or perhaps a place with room for Mom, this may be the one for you! Outside you'll find a fenced rear yard with a patio and wide driveway with possible RV parking. This home is situated on a large 10,018 SF lot (0.22 acre) and located just blocks from Righetti & St. Joseph's H.S.

420 Cedar Street Redwood City, CA 94063

$956,800
4 Beds
2 Baths
890 SqFt
Status Active
MLS # ML81684598
Property Type Single Family Residence
Bank Owned !!! Contractor Special ! Lots of Potential ! Public record shows, SFR upon inspection, prop has 2 units. Permit unknown, buyer to verify.

1436 Country Vistas Bonita, CA 91902

$600,000
5 Beds
3.5 Baths
3,003 SqFt
Status Active Under Contract
MLS # 190001174
Property Type Single Family Residence
Over 3000 square foot 5 bedroom home in Bonita. Cul de sac street and a huge lot. Home needs some fixes and is a short sale.

12670 Meadowlark Avenue Granada Hills, CA 91344

$699,900
4 Beds
3 Baths
2,854 SqFt
Status Active Under Contract
MLS # SR18010693
Property Type Single Family Residence
SHORT SALE!! Fixer North of Rinaldi - 4 bedroom and 3 bath pool home. Rebuilt from the ground up in 1995. Double Door entry -Soaring ceilings in living room and familyroom. Kitchen with custom cabinets and Corian counters opening to the familyroom and over looking the pool and rear yard. 3 bedrooms on the 1st floor plus an upstairs loft and bedroom

2563 N Falconer Way Orange, CA 92867

$1,399,000
5 Beds
4 Baths
3,885 SqFt
Status Active
MLS # OC18018184
Property Type Single Family Residence
Short Sale Opportunity to buy in highly sought after Serrano Heights Neighborhood! Entertainer's dream home floorplan! Located on a quiet cul-de-sac street, this 5 Bedroom /4 Bathroom home sits on a large 7673 SF lot with 3885 SF of living space. Dramatic archway entrance leads you through double doors unveiling the formal entry with a grand curved staircase and cathedral ceilings. Some of the home amenities include gorgeous hardwood flooring, downstairs bedroom (was used as den) plus separate full bath. Inside laundry room. Kitchen with granite counter tops and large island for entertaining plus breakfast nook which opens to the sizable family with fireplace. Living room has fireplace. Upstairs has a bonus room loft that is currently used as office with 2 sets of french doors opening onto balcony with side views of hills. Secondary bedrooms connected by a Jack and Jill bath. Master bedroom is over-sized with room for retreat, master bath with soaking tub, separate shower and double sinks, oversized built out walk in closet. Flagstone covered patio with built in BBQ bar area. Great Neighborhood & School District. Ideally located within walking distance to Anaheim Hills Elementary School and Fred Barrera Park, hiking trails, horse trails and close proximity to shopping. Don't Miss seeing this one!

2117 Wind River Road El Cajon, CA 92019

$650,000
4 Beds
3 Baths
2,436 SqFt
Status Active
MLS # SW18012425
Property Type Single Family Residence
HUGE REDUCTION!!!! APPROVED SHORT SALE!!! Don't Like Solar Panels! No Problem! This Beautiful Luxury 4 Bedroom, 3 Bath, Pool Home Is Located In The Highly Desired Cottonwood Community In The Heart Of Rancho San Diego! This Traditional Styled Home Will Leave You In Awe With Its High Amount Of Detail Throughout. The New Owners Will Enjoy A Gorgeous Open Floor Plan Lots Of Cabinets; Sun Poarch: Downstairs MASTER BEDROOM SUITE With Bed/Bath; Upstairs HUGE MASTER BEDROOM SUITE/Bath, Walkout Attached Deck With

4709 Briana Court Fallbrook, CA 92028

$799,000
4 Beds
6 Baths
3,750 SqFt
Status Active Under Contract
MLS # 180014579
Property Type Single Family Residence
Short Sale! Spacious Single Level Santa Barbara Style home located in the highly desirable Morro Hills area of Fallbrook. Cool Ocean Breezes, Private Roads, quiet Cul-de-Sac location on approx 2.1 acres. This home needs lots of TLC.

11407 Santini Lane Northridge, CA 91326

$905,000
4 Beds
3 Baths
2,917 SqFt
Status Active
MLS # 18332384
Property Type Single Family Residence
This is a Short Sale

6384 Colonial Avenue Banning, CA 92220

$228,900
3 Beds
2 Baths
1,285 SqFt
Status Active
MLS # IG18085481
Property Type Single Family Residence
BACK ON THE MARKET!!!! Gorgeous place to live and retire. Two 18 hole golf courses, pool, spa, two restaurants for casual and fine dining, bar/lounge with live music, great way to get to know your neighbors. Tennis courts, boccie ball course, pickle ball, RV club, singles club and so many more, something for everyone. Plus look inside a perfect 2 bedroom, with 3rd bedroom converted to office TV room. Entry stain glassed window, large formal living room with fireplace and formal dining area. Large eating area in kitchen with view overlooking vinyl wood covered patio. The home is easy move-in. Short Sale approval, may need to go back for review.

3010 Wollyleaf Court Perris, CA 92571

$329,000
3 Beds
2.5 Baths
2,890 SqFt
Status Active Under Contract
MLS # 218014554DA
Property Type Single Family Residence
REDUCED Short Sale....2007 Build Home features 3 Bedrooms 2.5 Bath, First Floors Features Entry Living Room, Family Room plus Fireplace next to the Kitchen upgraded with Granite Counter tops, Lots of Cabinets, The Kitchen has an Island a walking pantry Perfect For MOM Recessed Lighting throughout the house,1/2 Bathroom is located downstairs, All 3 Bedrooms and 2 Full Baths are upstairs Including the Laundry Room. The Attached Garage has Space for 3 Cars Perfect for DAD The Backyard features a Patio Cover with Ceiling Fans for those summer days!!, The House needs Cosmetic TLC. Property Sold As is Condition. Seller will not pay Repairs.