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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:

3385 Shadetree Way Camarillo, CA 93012

$505,000
4 Beds
3.5 Baths
1,920 SqFt
Status Active Under Contract
MLS # SR18123392
Property Type Condominium
Price Type --
Amazing Three Story Townhome!! This 4 bedroom, 3.5 bath townhome features 1920 square feet of living space, open floorplan, granite counters, living room fireplace, and 2 master bedrooms suites with attached private baths. The larger master is located on second floor and includes a walk-in closet, separate shower and spa tub, dual sinks and a private water closet. The smaller master is on third floor and includes large closet, private bath and a great view. This property also has indoor laundry room, 2 car garage with direct access, and much, much more! This home is located close to shopping, the 101 freeway and across the street from Rancho Rosal School. This property does need significant work, and buyer is advised to inspect prior to submitting an offer. Please review the pictures.

2673 Toledo Avenue Santa Clara, CA 95051

$1,500,000
3 Beds
3 Baths
1,254 SqFt
Status Active
MLS # ML81713269
Property Type Single Family Residence
Price Type --
Location, Location, Location! Quiet and serene neighborhood near all amenities. Beautiful Single Family Home with 3 bedroom 3 baths plus a large sun room. Four seasons sun room is permitted with high end spec for all glass windows and patio doors. One bath not permitted. Side yard for boat or RV. All pipes have been changed to copper. Property with central heating and A/C. Complete range of kitchen appliances, washer and dryer included. Close to 280, 880, 101, less than 2 miles from Apple Campus, Kaiser. Highly sought after Sutter Elementary (Buyer to verify).2 master suites.Offers due on July11,2018 at 5:00 pm

1633 Lancewood Avenue Hacienda Heights, CA 91745

$685,000
3 Beds
4 Baths
1,628 SqFt
Status Active
MLS # WS18198024
Property Type Single Family Residence
Price Type --
Largest living square footage home in the area. Additional master bedroom with walk-in closet and full bath. Two smaller bedrooms have been expanded to enjoy bigger living space, two of them with walk in closet. New kitchen with granite countertops. and dishwasher. Forced Air conditioning and ceiling fans. Two cars garage with remote control and access to inside directly. Automatic sprinklers are in both front , side and backyard underground. Location near the Mesa Robles School, Hacienda Heights Library, many local parks and easy access to the 60 freeway. Must see to appreciated.

596 Ramona Avenue San Bernardino, CA 92411

$170,000
3 Beds
2 Baths
1,091 SqFt
Status Active Under Contract
MLS # IV18209975
Property Type Single Family Residence
Price Type --
This is a Probate sale. Property needs work and in need of repairs- CASH ONLY BUYERS DUE TO CONDITION.

84241 Azzura Way Indio, CA 92203

$269,900
3 Beds
2 Baths
1,737 SqFt
Status Active
MLS # 218030562DA
Property Type Single Family Residence
Price Type --
This home features 3 bedrooms, 2 bathrooms, plus den. A spacious open floor plan, updated kitchen with granite counters, stainless steel appliances, center island.

235 Kalana Ave Morgan Hill, CA 95037

$1,600,000
4 Beds
3.5 Baths
3,139 SqFt
Status Active
MLS # 40845026
Property Type Single Family Residence
Price Type --
Beautiful Home on a corner lot comes with 1.6 Acres of usable flat land with lots of potential for expansion. Main house has 4 bedrooms and 4 baths featuring a master bedroom suite. Living room has cathedral ceiling with grand fireplace. Kitchen updated with stainless appliances and a hibachi grill on island. Bathrooms are updated with tile and new fixtures. Guest house has 2 bedrooms and 2 full baths with updated kitchen and stainless appliances as well and a bonus loft upstairs. So much possibilities for your family and the in-laws.

35629 Trevino Trail Beaumont, CA 92223

$397,000
4 Beds
2.5 Baths
2,663 SqFt
Status Active
MLS # EV18268059
Property Type Single Family Residence
Price Type --
the home has your formal living room area, it does have a den with fireplace , most of the house is carpet , good size bedrooms and plenty of closets.

4903 Oakville Court Bakersfield, CA 93313

$190,000
3 Beds
2 Baths
1,387 SqFt
Status Active Under Contract
MLS # PW18296838
Property Type Single Family Residence
Price Type --
Quaint 3 bedroom 2 bath single family residence. This home does need some TLC. Only has had 1 owner since being built in 1995. Contains 2 full baths, separate laundry room and attached two car garage. Has a comfortable sized backyard that can accommodate a small shed for storage. Close to shops (Costco!), banks, and 99 freeway. Centrally located within elementary, jr. high and high schools. Don't miss this charming little place. Great starter home for first time homebuyers. This is a short sale. Sales price and commission is subject to Lenders' approval.

21321 Barrett Smith Rd Dulzura, CA 91917

$299,000
3 Beds
2 Baths
1,404 SqFt
Status Active Under Contract
MLS # 190006995
Property Type Single Family Residence
Price Type --
Nice 3 Bedroom 2 Bath home on 8.43 usable acres overlooking the beautiful Dulzura Valley surrounded by incredible mountains. Located in the Grossmont /Jamul School District!, It is zoned as a SFR.. Neighborhoods: Jamul- Dulzura Equipment: Range/Oven Other Fees: 0 Sewer: Septic Installed, Sewer Connected Topography: LL

25575 Pacific Hills Drive Mission Viejo, CA 92692

$850,000
5 Beds
3 Baths
2,908 SqFt
Status Active Under Contract
MLS # 19447654
Property Type Single Family Residence
Price Type --
NOT AN APPROVED SHORT SALE!!! 5 Bedroom / 3 Bathroom House is sits on Pacific Hills with pool and spa. House has foundation damage from growing roots of trees and damaged Water pipes.

22601 Gilmore Street West Hills, CA 91307

$625,000
3 Beds
2 Baths
1,570 SqFt
Status Active Under Contract
MLS # SR19101002
Property Type Single Family Residence
Price Type --
Incredible fixer in highly desirable West Hills neighborhood. Corner lot with detached car garage that is perfect for an ADU. Walking distance to Topanga Westfield and Fallbrook Center. 3 Bedrooms 2 Baths 1,570Sq.Ft. on 7,752 Lot This property has amazing potential!!! you can turn this house into your dream home!, Property Sold 'As Is' No Solicitation By Appointment Only

46 W Pleasant Street Long Beach, CA 90805

$419,999
3 Beds
2 Baths
1,208 SqFt
Status Active Under Contract
MLS # PW19131473
Property Type Single Family Residence
Price Type --
Welcome to 46 W Pleasant Ave. in North Long Beach. This 3 bedroom 2 bath home sits on a large lot perfect for entertaining or adding extra space with an Accessory Dwelling Unit. This home needs some TLC and repair work.