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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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12635 Pedriza Road Poway, CA 92064

$600,000
4 Beds
2.5 Baths
2,663 SqFt
Status Active Under Contract
MLS # 160043755
Property Type Single Family Residence
Short Sale!!! This 4 bedroom 2.5 bathroom home is located in a quiet Cul-De-Sac.

99999 Rosarito CA 99999

$120,000
2 Beds
2 Baths
460 SqFt
Status Active
MLS # 160040236
Property Type Condominium
GREAT OPPORTUNITY BANK OWNED, REO, BEACH FRONT CONDOS IN ROSARITO, BAJA CALIFORNIA. MINUTES AWAY FROM THE SAN DIEGO, USA BORDER. Beautiful fwy sceneries to drive and enjoy. 1, 2, and Penthouse models available. All new! easy to show all. Enjoy the breathtaking 180 degree views. Newer construction. California style. Multiple amenities include: pools, tennis courts, jacuzzi, spa, lockers, showers, b-b-q and entertain your friends and family, underground parking, massage,restaurants or shops on site. Neighborhoods: Vista Del Mar Equipment: Range/Oven Other Fees: 0 Topography: LL

1104 Cedar Redlands, CA 92373

$426,000
3 Beds
2 Baths
1,781 SqFt
Status Active
MLS # CV16184562
Property Type Single Family Residence
BACK TO THE MARKET!!!! Short Sale approved, New asking price!! Curb Appeal, South Redlands Community, South Facing Victorian Style Home ready for INVESTOR or a BUYERS , who bring their Imagination and make this home a Move In Condition HOUSE. Please see the photos conditions of the house but the Hero Program change the New Roof, Coat Paint Exterior, New/Installed Wood Windows, Re framed half walls, New electrical wiring and 2 electrical panels, New waste plumbing, New copper piping all with permits. Circular driveway, Concrete porch with ceiling fans, high ceiling in living area, family room, dining room with double doors that lead to backyard, upstairs landing all bedrooms. Great Opportunity!!

46 Via Brida Rancho Santa Margarita, CA 92688

$535,000
3 Beds
2.5 Baths
2,374 SqFt
Status Active Under Contract
MLS # OC17047680
Property Type Single Family Residence
Distressed property with great potential. Four bedrooms, 2-1/2 baths plus bonus room and loft (4th bedroom has no closet). Good location in desirable Melinda Heights neighborhood. Property is in poor condition with significant plumbing issues and requires a cash buyer. Currently an REO but there is an unsatisfied first trust deed which will likely result in a short sale.

350 W 234th Street Carson, CA 90745

$440,000
3 Beds
1 Bath
1,298 SqFt
Status Active
MLS # TR17115505
Property Type Single Family Residence
SHORT SALE BPO IN AT 440000 ALL CASH. Clean property located on an excellent area of Carson, walking distance to Figueroa and 110 Fwy. Extremely conforming neighborhood. Sellers extremely cooperative. Agent has City of Carson residential property report correction check list, available upon request. There is a City Inspection Report indicating that the cost to bring the property in compliance is $20K at a minimum Please see Supplement

25232 Rockridge Road Laguna Hills, CA 92653

$2,200,000
5 Beds
7 Baths
6,210 SqFt
Status Active
MLS # OC17116552
Property Type Single Family Residence
This large estate is located on a prime cul-de-sac in Nellie Gail Ranch. The home has 5 bedrooms, 5 full baths, and 2 half baths. This elegant floor plan is over 6000 square feet, with a grand entryway and 2 story high ceilings leading to a sweeping staircase. The gourmet kitchen has granite counters, large center island,and top-of- the- line appliances. It sits adjacent to the sun room that has built-in nook seating. The family room has a grand fireplace and entertainment center. The master suite has coffered ceilings, fireplace and balcony, which looks over private rear yard which has pool.spa, and waterfalls. A covered patio with barbecue center, fire pit, and nice lawn area, makes this the perfect home for entertaining. 13; 13; Buyer to contribute up to $60,000 towards additional liens not covered in the Short Sale.

29218 Roselite Circle Menifee, CA 92584

$440,000 - 5Br/4Ba -  for Sale in Menifee
Open House
$440,000
5 Beds
4 Baths
3,750 SqFt
Status Active
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.

85536 Napoli Lane Coachella, CA 92236

$230,000
3 Beds
2 Baths
1,120 SqFt
Status Active
MLS # 217020072DA
Property Type Single Family Residence
Cash only!! Property is in Foreclosure status. This 3 bedroom 2 bath needs a little TLC. Property is being sold in it's As-Is condition. Seller will do no repairs. Thank you for showing!

12169 Clavel Court Riverside, CA 92503

$450,000
4 Beds
2.5 Baths
3,106 SqFt
Status Active Under Contract
MLS # IV17177027
Property Type Single Family Residence
Fully Approved Short Sale. Buyer didn't wait around... Gorgeous Victoria Grove Home. 5 bedrooms and 3 baths with over 3100 square feet. This homes sits on a cul de sac on a large lot. Sold AS-Is. Best Deal in the Neighborhood!

4142 Lockford Street Santa Maria, CA 93455

$369,000
5 Beds
3 Baths
1,614 SqFt
Status Active Under Contract
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 8217;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.

30 Skycrest Mission Viejo, CA 92692

$935,000
4 Beds
4 Baths
3,451 SqFt
Status Active Under Contract
MLS # 17269450
Property Type Single Family Residence
APPROVED PRICE SHORT SALE, READY TO CLOSE, CASH or HARD MONEY BUYERS ONLY , Looking for a fixer? One of the largest floorplans in Quail Run, a prestigious gated community that offers plenty of recreational facilities for the whole family. Located on a quiet cul-de-sac with an elevated view- this property has potential! 4 bedrooms 4 baths, in-ground pool and spa ready for you to step in and make it your own! As-Is, Please DND seller