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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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4240 Kirkcaldy Dr San Diego, CA 92111

$399,000 - 5Br/2Ba -  for Sale in Linda Vista, San Diego
New
$399,000
5 Beds
2 Baths
1,056 SqFt
Status Active
MLS # 190061683
Property Type Single Family Residence
Price Type --
SHORT SALE !!! Priced to sell fast. This Unique property is just walking distance to ISLANDS Restaurant, Apple bee's ,24 hour fitness, Balboa ave, convoy ave, etc. Property in foreclosure, Rarely available in Linda Vista neighborhood. Needs TLC all around, highest and/or best offer will be accepted pending lender's approval. Submit Fast and Furious!

31403 Van Eyck Ct Winchester, CA 92596

$364,000 - 4Br/2Ba -  for Sale in Temecula, Winchester
New
$364,000
4 Beds
2 Baths
1,749 SqFt
Status Active
MLS # 190061140
Property Type Single Family Residence
Price Type --
SHORT SALE- Upgraded kitchen with granite. Hardwood floors throughout. Open concept layout including bar, dual fireplace and window seat. End of cul-de-sac location w/large side yard in family friendly neighborhood. In coveted Temecula School District, close to wineries, parks & shopping! Low HOA/SA, No Mello Roos. Lovely home just needs your finishing touches. Note: 4th bedroom used as den. Convenient to view! Neighborhoods: French Valley Equipment: Dryer, Range/Oven, Washer Other Fees: 125 Sewer: Public Sewer Topography: LL

1449 Alta Palma Road Perris, CA 92571

$310,000 - 3Br/3Ba -  for Sale in Perris
New
$310,000
3 Beds
2.5 Baths
1,876 SqFt
Status Active
MLS # CV19263901
Property Type Single Family Residence
Price Type --
Nice 2 story home located in the Villages of Avalon Community. Close to schools and easy access to major freeways. THIS IS A SHORT SALE.

1218 E Shields Avenue Fresno, CA 93704

$116,580 - 2Br/1Ba -  for Sale in Fresno
New
$116,580
2 Beds
1 Bath
920 SqFt
Status Active
MLS # PW19264151
Property Type Single Family Residence
Price Type --
Upcoming pre-foreclosure auction! Exclusive Xome Property. NO BUYERS PREMIUM! Auction properties are sold AS IS without any guarantee or warranty by seller. Property may be occupied. Please do not trespass. THERE IS NO ACCESS OR SHOWINGS.

8399 Via Norte Drive Riverside, CA 92503

$325,000
4 Beds
2 Baths
1,097 SqFt
Status Active
MLS # TR19263086
Property Type Single Family Residence
Price Type --
Short Sale, 1 bank. INCREDIBLE Opportunity to turn this home into your dream home!! Must See! — This home features 4 bedrooms, 2 baths, a 2 car garage and a large driveway. Lots of potential but Home needs TLC. Home needs a minor rehab with paint, carpet, and landscaping. Open kitchen to living room. Great home & layout, ready for your personal touches & upgrades! Local schools include Terrace Elementary School, Loma Vista Middle School and Norte Vista High School.

29322 St Andrews Lake Elsinore, CA 92530

$380,000 - 4Br/3Ba -  for Sale in Lake Elsinore
New
$380,000
4 Beds
3 Baths
2,223 SqFt
Status Active
MLS # SW19264088
Property Type Single Family Residence
Price Type --
Short sale located in Summerly community of Lake Elsinore. Close to golf course and shopping. Many upgrades and well taken care of.

13750 Hubbard Street Unit 24 Sylmar, CA 91342

$250,000 - 3Br/3Ba -  for Sale in Sylmar
New
$250,000
3 Beds
2.5 Baths
1,150 SqFt
Status Active Under Contract
MLS # 19530040
Property Type Condominium
Price Type --
This is a short sale.. Conveniently located near schools and shopping area. Has 3 bedrooms and 2 1/2 bathrooms in a 2 story condominium. Very good opportunity for the investment. Needs a major work inside; Plubming, Electrical, Bedrooms, Bathrooms, Kitchen, Flooring...due to the partial roof damages by the fire... Outside and structure shall be repaired by HOA. It will not be financiable..

32 Dawn Court Oroville, CA 95965

$235,000 - 3Br/2Ba -  for Sale in Oroville
New
$235,000
3 Beds
2 Baths
1,434 SqFt
Status Active
MLS # SN19264964
Property Type Single Family Residence
Price Type --
Good opportunity! This home sits at the end of cul-de-sac in a great location and neighborhood. Three bedrooms, two bathrooms and a bonus room perfect for a family room, office or den. Over-sized two car garage, Short sale!

32991 Urban Avenue Lake Elsinore, CA 92530

$183,000 - 2Br/1Ba -  for Sale in Lake Elsinore
New
$183,000
2 Beds
1 Bath
623 SqFt
Status Active
MLS # OC19266057
Property Type Single Family Residence
Price Type --
SHORT SALE - INCREDIBLE INVESTMENT HOME FOR SALE IN LAKE ELSINORE On Same Street As The Lake and Beach! Fixer Upper That Only Needs Minor Work. This Could 2 Bedroom 1 Bathroom Single Family Home Could Be A Rental, Vacation Rental, Your Own Vacation Home, and Your Own Residence! Large Corner Lot with Large Fenced in Yard. Separate Garage with Space for Additional Parking in Driveway. As Soon As You Enter The Home, You'll Notice the Ample Sized Living Area and Kitchen Area. There is 2 Bedrooms Total. 1 Bedroom has an attached Full Bathroom. Closet in Hallway. Newer Vinyl Flooring. Newer Tankless Water Heater. Newer Paint. There are Wall Air Conditioning Units. Newer Windows. Sold As-Is. MUST SEE, CALL NOW Before It's SOLD!

14413 Flanner Street La Puente, CA 91744

$399,999 - 3Br/2Ba -  for Sale in La Puente
New
$399,999
3 Beds
2 Baths
1,085 SqFt
Status Active
MLS # PW19265587
Property Type Single Family Residence
Price Type --
Not a bank REO, just a home that is a slight cosmetic fixer. 3 Bedrooms and 2 baths on a great sized lot. Central air and heat. Dual-pane windows. Copper plumbing Bring your paintbrush and save! Sale contingent on successful close of replacement home (already found), escrow to close after January 1st, 2020.