Share

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:

Sort by:

2633 W Billings Street Compton, CA 90220

$425,000 - 3Br/2Ba -  for Sale in Compton
New
$425,000
3 Beds
2 Baths
1,066 SqFt
Status Active
MLS # 19511956
Property Type Single Family Residence
Price Type --
CALLING ALL INVESTORS FOR PROBATE FIXER SHORT SALE!!!! SALE DOES NOT REQUIRE COURT CONFIRMATION ONLY LENDER APPROVAL.PROPERTY FEATURES 3 BEDROOMS AND 2 BATHS WITH A LARGE YARD. 2 CAR ATTACHED GARAGE WITH WASHER AND DRYER HOOKUPS.PROPERTY HAS SOME DEFERRED MAINTENANCE BUT COULD BE A GREAT PROJECT FOR AN INVESTOR OR SOMEONE LOOKING TO MOVE TO THE AREA. PROPERTY IS CLOSE TO FWY AND SHOPPING. PROPERTY WILL BE SOLD AS-IS WHERE-IS. SELLER WILL NOT MAKE ANY REPAIRS OR IMPROVEMENTS TO THE PROPERTY. PROPERTY WILL BE DELIVERED VACANT AND CLEAR OF TRASH AND DEBRIS.

1784 Ide Court Thousand Oaks, CA 91362

$489,300 - 3Br/2Ba -  for Sale in Oakcrest-519 - 1005312, Thousand Oaks
New
$489,300
3 Beds
2 Baths
1,633 SqFt
Status Active
MLS # 219011612
Property Type Single Family Residence
Price Type --
Lender owned foreclosure in fabulous Oakcrest neighborhood. Great pool home located on a cul-de-sac. Living room with fireplace. Light and bright kitchen with built-in stove top, double oven, breakfast bar and tile counter tops that overlook the family room. Master bedroom with sliding glass door that leads to backyard. Situated on an 11,000+ lot with pool, spa and palm trees.

801 W Country Club Boulevard Big Bear, CA 92314

$199,000 - 3Br/2Ba -  for Sale in Big Bear
New
$199,000
3 Beds
2 Baths
1,378 SqFt
Status Active
MLS # IV19223900
Property Type Manufactured On Land
Price Type --
GREAT LOCATION MANUFACTURED HOME ON IT'S OWN 5000 SQ. FT. LOT ON A PERMANENT FOUNDATION IN BIG BEAR CITY 3 BEDROOM 2 BATH WITH ATTACHED GARAGE. GREAT ROOM STYLE WITH BREAKFAST BAR SEPARATE LAUNDRY AREA. LARGE MASTER SUITE. THIS IS A SHORT SALE PROPERTY.

2327 Joana Drive E Unit 2 Santa Ana, CA 92705

$347,000 - 2Br/2Ba -  for Sale in Other (othr), Santa Ana
New
$347,000
2 Beds
1.5 Baths
920 SqFt
Status Active
MLS # PW19197426
Property Type Townhouse
Price Type --
! ! ! SHORT SALE APPROVED ! ! ! Beautiful Two-Story With One-Car Garage Detached-shared with Dryer Hookups in Garage is in Borderline with the city of Orange and Tustin with access to FWY 22,55,5 A Closed walk to the community Pool

39429 Highway 79 Warner Springs, CA 92086

$275,000 - 4Br/1Ba -  for Sale in Warner Springs
New
$275,000
4 Beds
1 Bath
1,800 SqFt
Status Active
MLS # ND19224480
Property Type Single Family Residence
Price Type --
Cardboard Mansion! Investor's Delight! Lender REO / foreclosure property - their loss is YOUR GAIN. Home is a rambler, roughly 1800 esf, 4 bedrooms, 1 bath. Room count: NINE! Appx 10.45 very usable acres, mature trees, at the end of the easement road, private & quiet, but only a short distance to town. On the San Diego/Riverside County line, and on the North Mountain Wine Trail in Warner Springs. Home is spartan, certainly due for a revamp, and just right for the do-it-yourselfer, fixer, artist, farmer. P

2112 E Shauer Street Compton, CA 90222

$240,000 - 2Br/1Ba -  for Sale in Compton
New
$240,000
2 Beds
1 Bath
798 SqFt
Status Active
MLS # WS19224275
Property Type Single Family Residence
Price Type --
2 bedroom 1 bath house. Major fixer. short sale.