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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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12719 Monterey Beach Drive Bakersfield, CA 93311

$375,000
4 Beds
3 Baths
3,091 SqFt
Status Active
MLS # PW19157371
Property Type Single Family Residence
Approved by both banks, Short Sale Beautiful 4 bedroom 3 bath home with office Mother In-law Room with 1 bedroom 1 bath Great area with desirable schools, one block from River Oaks Park and very close to the bike path and the river. Close to shopping, restaurants and west side parkway. Great area to live in. Contact your favorite realtor today before it's too late.

624 Michael Oceanside, CA 92057

$370,000
4 Beds
2 Baths
1,192 SqFt
Status Active Under Contract
MLS # 190036711
Property Type Single Family Residence
Short Sale Property located in one of the best communities in Oceanside. Great opportunity, this is an investors dream property. This fixer home is in a gorgeous family community. Perfect flip property just for the right investor and contractors, bring your tools and vision to make this shine again!

315 S Turner Avenue West Covina, CA 91791

$462,000
3 Beds
2 Baths
1,530 SqFt
Status Active Under Contract
MLS # DW19158838
Property Type Single Family Residence
SHORT SALE APPROVED!!! GREAT LOCATION FIXER PROPERTY WITH POOL IN DESIRABLE WEST COVINA. FANTASTIC OPPORTUNITY FOR INVESTOR OR BUYER LOOKING TO BUY THEIR DREAM HOME. THIS HOME OFFERS 3 BEDROOMS AND 2 BATHROOMS W/ ATTACHED GARAGE CONVERTED INTO LIVING SPACE W/ BATHROOM. LOT SIZE IS OVER 8000+ SQUARE FEET WITH A LONG FRONT YARD AND BIG YARD WITH POOL THAT WILL BE PERFECT FOR BBQ'S AND ENTERTAINING GUESTS. PROPERTY OFFERS SO MUCH POTENTIAL THAT INVESTOR/ BUYER WILL NOT BE DISAPPOINTED. MUST SEE TO APPRECIATE!

621 Monte Carlo Drive Hollister, CA 95023

$579,000
4 Beds
2.5 Baths
2,270 SqFt
Status Active
MLS # ML81759267
Property Type Single Family Residence
Former MODEL, one of the largest floor plans in the community. Large master suite with both a garden tub and separate shower along with both a walk in closet and wall closet. There are three additional good sized bedrooms upstairs. Downstairs is a large living room, family room, formal dining room, spacious kitchen and a den. As a bonus I have a 3 car garage. Situated on a larger lot with fruit trees and more. Lots of square footage for the price. Home is subject to short sale.

24 Las Flores Street Outside Area (inside Ca), CA 95076

$641,300
4 Beds
3 Baths
2,199 SqFt
Status Active
MLS # ML81759589
Property Type Single Family Residence
Bank owned property, located in sought after Sea View Ranch subdivision , great floor plan high ceilings, huge upstairs loft , 3 full baths ,downstairs office can be easily used as the (4th bedroom without closet ) separate living room and family room. Low maintenance yard, back yard patio with room for a garden. Conveniently located, close to neighborhood park and walking trails, schools and shopping, easy access to highway 1 for commuters. Please note building records show home as a 4 bedroom. There are 3 bedrooms and an office that can be used as a bedroom but has no closet.

1501 S Raymond Avenue Alhambra, CA 91803

$649,000 - 3Br/1Ba -  for Sale in Alhambra
Open House
$649,000
3 Beds
1 Bath
1,580 SqFt
Status Active
MLS # PF19157259
Property Type Single Family Residence
First time on the market in 53 years! Lovingly cared 3 bedroom home and family room. Conveniently located, one block away from Valley Blvd. This charming Spanish style home is loaded with characters! Large cove ceiling living room has stone fireplace, a picture window looking out to the front garden and continue to the formal dining room. It has a good flow of layout continuing to large family room with exposed beam ceiling and floor to ceiling handsome used brick fireplace. Third bedroom is used as an office. Other features include plantation shutter window coverings and wood floors. Private fenced-in backyard and covered patio is ideal for gatherings. 2 car space garage. Sold As-is, seller will not do any repairs or termite works. Subject to possible reverse mortgage lender's short sale approval.

24560 Horst Drive Crestline, CA 92325

$290,000
3 Beds
2.5 Baths
2,054 SqFt
Status Active
MLS # OC19161210
Property Type Single Family Residence
**APPROVED SHORT SALE**Welcome home to your beautiful new abode. This duel level masterpieces is the opportunity you've been waiting for in Crestline. Whether you're looking for a summer home, a permanent retreat, or anything in between, you've found the right place. Your new home comes with solar panels on the roof, a wraparound kitchen overlooking the second level deck and a breakfast nook making it great for entertaining or just letting the cool mountain air stream in. Walk downstairs and you'll find a master-bedroom with another deck for relaxing and enjoying what Crestline has to offer. Don't miss your chance to see and make this home a part of your life.

6147 W Avenue K6 Lancaster, CA 93536

$380,000
4 Beds
3 Baths
2,744 SqFt
Status Active
MLS # SR19161954
Property Type Single Family Residence
Beautiful 2 story home located in West Lancaster. This home features an open floor plan, spacious dining room, extra office/den, and a beautiful and updated kitchen. The kitchen features cherry wood cabinets, black appliances, double oven, granite counter tops, pantry and open to the living room. The living room has a fireplace perfect for winter and is connected to the kitchen. Downstairs there is a bedroom and a full bathroom. Upstairs is a spacious loft or family room space, a laundry room, 2 additional guest bedrooms and a guest bathroom as well as a spacious master bedroom & bathroom. This house is a must see and will not disappoint. The front yard is landscaped and there is a 3 car garage and an oversize driveway. The rear yard is landscaped and offers plenty of space. The sale of this home is subject to short sale approval.

26545 Mccall Boulevard Sun City, CA 92586

$195,000 - 2Br/2Ba -  for Sale in Sun City
New
$195,000
2 Beds
2 Baths
1,767 SqFt
Status Active
MLS # IV19166244
Property Type Single Family Residence
* REO * REO * REO * Bank Owned Property * 2 Bedroom * 2 Bathroom * 1767 Sq Ft * 55 And Better Senior Community * Golf And Other Amenities Very Close By * HOA Includes Water * Trash * Front Landscaping * This Property Has A Large Master Bedroom * Kitchen Nook * Dining Area * Extra Room Off Of The Living Room * Laundry Room Inside With Plenty Of Space * Central Heat & Central Air * Clubhouse * Golf * Pool * Spa * Sold In As Is Condition *

116 Gonzales Street Arvin, CA 93203

$160,000
3 Beds
2 Baths
1,286 SqFt
Status Active
MLS # PW19163899
Property Type Single Family Residence
SHORT SALE in Arvin, Property in good condition, 3 bed/ 2 bath, big front and back yard patio for entertaining, located in a good Neighborhood close to schools and Parks.

41626 Slice Way Temecula, CA 92591

$499,900
4 Beds
2.5 Baths
3,099 SqFt
Status Active
MLS # SW19164025
Property Type Single Family Residence
Fantastic Short sale. Already approved by the lender. Fabulous house and amenities, You won't find one at this price.

2824 Ballesteros Lane Tustin, CA 92782

$649,990
3 Beds
2.5 Baths
1,724 SqFt
Status Active
MLS # OC19164129
Property Type Condominium
Welcome Home to the desired Venturanza Del Verde Community! This 3 Beds, 2.5 Baths home features 1,724 SF of living space, and an attached 2 car garage! Features include an open floor plan, spacious living room, a dinning room with a cozy fireplace, large kitchen with plenty of cabinet space and a dual oven, 3 large bedrooms upstairs, a master suite with dual-sinks, walk-in shower and a separate tub, a lovely family room on the first floor, 2 balconies, recess lighting and wood flooring throughout. This home is conveniently located in the great community of Venturanza Del Verde where you can enjoy the pool and the hot tub, perfectly located in a great school district, close to shops in the Tustin Market Place, the Tustin Sports Center, Tustin Ranch Golf Course, restaurants and the freeways. Come see how lovely this home really is! This home is being sold as a short sale.