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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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1634 Bunnell Street Beaumont, CA 92223

$345,000
4 Beds
3 Baths
2,255 SqFt
Status Active Under Contract
MLS # CV20041814
Property Type Single Family Residence
Price Type --
Welcome to 1635 Bunnell St. This SINGLE STORY home is located in the Sundance North Community, offering an EXCLUSIVE LIFESTYLE with access to the Highlands Club and Tiago Park—the ultimate neighborhood gathering spot. Take advantage of the beach entry pool, Jacuzzi spa, and lounge space. Bring the whole family and use the kid’s play structure, picnic tables, basketball courts, shade structures, and BBQ area for entertaining. Check out the OPEN FLOOR PLAN, which includes a living room, dining room, and a kitchen that opens into the family room and breakfast nook. The kitchen offers granite countertops, stainless steel appliances, and a massive kitchen island with bar seating, perfect for entertaining! The MASTER BEDROOM SUITE has access to the back yard and an en suite bath with dual vanities, a separate tub/shower, and a walk-in closet. There are three additional bedrooms with one that has its private bath, GUEST/IN-LAWS QUARTERS! Other features include custom window coverings, PROFESSIONAL LANDSCAPED BACK YARD with a fire pit sitting area, covered patio, and much more! PRICED TO SELL FAST!

4450 Brisbane Way Unit 4 Oceanside, CA 92058

$365,000
3 Beds
2.5 Baths
1,471 SqFt
Status Active Under Contract
MLS # OC20041929
Property Type Condominium
Price Type --
Great opportunity to own in the coveted Brisbane neighborhood in Oceanside. This unit is in a premiere location, which overviews and backs up to the San Luis River and beach bike trail. This home boasts crown molding, plenty of windows, 3 bedrooms, 2 bathrooms, laundry area and single car garage. The community offers pool and children play areas. With some new carpet, landscaping, fresh paint and your design ideas, this home can be the perfect fit for you. This is a must see!

263 Maple Road Newbury Park, CA 91320

$450,000
2 Beds
1 Bath
768 SqFt
Status Active Under Contract
MLS # 220002163
Property Type Single Family Residence
Price Type --
Priced to sell. This is a fixer was in the middle of a rehab so kitchen has been torn out and other items removed. Seller has some new components ready to install.With govt approval, add some bedrooms and baths and maybe make it a 4 or 5 bedroom value will increase 7,500 +/- sf lot and a 768 +/- sf 2 bedroom one bath per tax rolls.For Sale Or Trade

889 Camino Condor Palm Springs, CA 92262

$470,000
4 Beds
2 Baths
1,660 SqFt
Status Active Under Contract
MLS # 219039714DA
Property Type Single Family Residence
Price Type --
Investor special! You'll love this charming home with spectacular mountain view. This 4 bedroom, 2 bathroom home with a 2-stall garage will give you 1,660 sq ft of generous space to move about. Situated in a friendly community with an award-winning school system in the City of Palm Springs. Minutes away to downtown! Call now to make an appointment!

6531 W Avenue L7 Lancaster, CA 93536

$480,000
6 Beds
4 Baths
3,529 SqFt
Status Active Under Contract
MLS # SR20048478
Property Type Single Family Residence
Price Type --
A beautiful home within a great community in the west side of Lancaster. Six spacious bedrooms, 4 good sizes bathroom, a great pool, move in ready, two story home built in 2005, carpet throughout out the house, huge formal living room is perfect for entertainment, with a wide open kitchen with granite countertops leading to a formal living room, five upstair bedrooms, and one downstairs bedroom with full bathroom.The upstairs master bedroom has an amazing view of the city lights. The backyard has plenty of room with a beautiful pool for this hot summer. Only walking distance to Quartz hill high school and Joe Walker middle school.

216 Futyk Way Hemet, CA 92545

$260,000
2 Beds
2 Baths
1,761 SqFt
Status Active
MLS # ND20051658
Property Type Single Family Residence
Price Type --
Beautiful home in the Four Seasons Country Club. This two bedroom home sits on the 6th fairway. Kitchen has quartz counter tops and new stainless steel appliances. Tile floor throughout the home with carpeted bedrooms. Large two car garage with room for more parking in the driveway. Home has leased solar system that is transferable to new owner.

5221 Reynolds St San Diego, CA 92114

$450,000
3 Beds
1 Bath
1,014 SqFt
Status Active Under Contract
MLS # 200010096
Property Type Single Family Residence
Price Type --
Valencia Park Home Waits you. The open floor is light and bright with floor to ceiling windows. Boasting a custom designed kitchen with newer cabinets, stainless steel appliances and quartz counters. Spacious bedrooms, redesigned bathroom, separate laundry room, huge yard and two car garage are just some of the many features of this home!. Neighborhoods: Valencia Park Equipment: Range/Oven Other Fees: 0 Sewer: Sewer Connected Topography: LL

23598 Greer Road Murrieta, CA 92562

$525,000
5 Beds
2.5 Baths
4,261 SqFt
Status Active
MLS # RS20045040
Property Type Single Family Residence
Price Type --
Beautiful Murrieta home in need of TLC, features 5 bedrooms, 3 bathrooms with over 4261 square feet of living space on a 10,000 + square foot lot, perfect backyard for entertainment. Large open kitchen, island, recessed lighting, lots of storage and open to the family room with fireplace and maids’ room. Second floor features 3 bedrooms, 1 bathroom, loft/game room or second family room and a Master bedroom with a beautiful master bathroom and plenty of closet. This beautiful home is located close to schools, parks, shopping and easy freeway access for commuters.

1155 Sapphire Place Hemet, CA 92543

$220,000
2 Beds
2 Baths
1,034 SqFt
Status Active
MLS # SW20044257
Property Type Single Family Residence
Price Type --
Amazing starter home in a great location! As soon as you walk in you feel right at home. Great feel and lots of upgrades including remodeled kitchen, bathrooms, and flooring! New appliances, sink, cabinets, and a beautiful backsplash. Big back yard with a blank canvas for your imagination. Central AC and also multiple wall units to help save on those electric bills. The sunroom is currently being used as a third bedroom. Not pictured is an above ground pool still in the box! Close to schools, shopping and access to leave town. Call today for your private tour! Short Sale not approved yet but currently working with Bank.

971 N Eucalyptus Avenue Blythe, CA 92225

$198,900
3 Beds
2 Baths
1,332 SqFt
Status Active
MLS # 219046680DA
Property Type Single Family Residence
Price Type --
Your turnkey home awaits! This property features 1,332 sq ft of living space and has been recently remodeled. Freshly painted interior/exterior, New flooring throughout, Newer light fixtures, new bathroom vanities and more! Kitchen features new electric cook-top and built in oven. Back yard is a blank canvas ready to landscape to your liking.

4232 Locust Street Riverside, CA 92501

$250,000
2 Beds
2 Baths
1,476 SqFt
Status Active Under Contract
MLS # CV20044805
Property Type Single Family Residence
Price Type --
Short sale subject to lender approval. The home is a short sale that is also going through probate. Please expect at least 60 days before we are able to open escrow.

21016 Pine Ridge Avenue Apple Valley, CA 92307

$175,000
3 Beds
2 Baths
1,850 SqFt
Status Active Under Contract
MLS # CV20044828
Property Type Single Family Residence
Price Type --
Short sale subject to lender approval. The home is a short sale that is also going through probate. Please expect at least 60 days before we are able to open escrow.