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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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7907 Wilbur Avenue Reseda, CA 91335

$389,900
2 Beds
1 Bath
952 SqFt
Status Active
MLS # SR19238427
Property Type Single Family Residence
Price Type --
SHORT SALE SUBJECT TO LENDER APPROVAL. 2 BED 1 BATH, PROPERTY NEEDS REPAIRS, SOLD AS IS, ILIGAL ADDITION ON THE BACK.

7754 Highwood Ave La Mesa, CA 91941

$797,900
5 Beds
3 Baths
3,127 SqFt
Status Active
MLS # 190055531
Property Type Single Family Residence
Price Type --
GREAT VIEWS & BEST PRICE IN UPSCALE SERRAMAR DEVELOPMENT IN LA MESA. Fantastic panoramic views from almost every room in the house! Optional room on the first floor. Beautiful full size kitchen w/ double oven, sub-zero refrigerator & large island. Oversize master suite w/ full size master bathroom w/ separate vanities, tub, shower & walk in closet! The backyard is designed for entertaining w/ a BBQ area, stamped concrete patio, covered patio, a separate area for fire pit and large side yard! Short Sale.

5322 Tower Road Riverside, CA 92506

$260,000
3 Beds
2 Baths
1,597 SqFt
Status Active Under Contract
MLS # CV19239224
Property Type Single Family Residence
Price Type --
Short sale subject to lender approval

1320 Bayne Bakersfield, CA 93307

$189,900
3 Beds
2 Baths
1,234 SqFt
Status Active
MLS # SB19239588
Property Type Single Family Residence
Price Type --
Bakersfield Approved Short Sale opportunity. Well maintained 3 bedrooms 2 bath, low maintenance back yard, on cul-de-sac street. A must see!

38252 Via Oruga Murrieta, CA 92563

$279,900
3 Beds
2 Baths
2,208 SqFt
Status Active
MLS # SW19235783
Property Type Manufactured On Land
Price Type --
Great opportunity to get a 3 bedroom manufactured home on a big cul-de-sac lot in the wonderful Golf Knolls 55+ community. Enjoy 2,208 SQFT of great space with a huge driveway and complete two car garage! This home is a short sale and does not have a 433 foundation. This home will need some repairs and updating but is a rare home in the Golf Knolls with this size, lot and location. Inside the each room is very large with a big family room with fireplace and huge living room. The kitchen has plenty of cabinets and a lot of cabinet space including a breakfast bar with cabinets overhead. Each bedroom is good size. Outside there are open areas by the front door, behind the home and on the other side between the garage and home. This short sale is for a cash buyer and in as-in condition.

3675 Trophy Dr La Mesa, CA 91941

$479,000 - 3Br/2Ba -  for Sale in La Mesa, La Mesa
New
$479,000
3 Beds
2 Baths
1,004 SqFt
Status Active
MLS # 190055783
Property Type Single Family Residence
Price Type --
SHORT SALE: Great opportunity to own in La Mesa. This 3 bedroom, 2 bath home was completely remodeled just 2 years ago, including highlights such as quartz countertops, stainless steel appliances, freestanding vent hood, shaker style cabinets, hardwood flooring, and dual pane windows. The property also has a backyard pool, patio area, and single car attached garage.

25255 Lakeview Drive Idyllwild, CA 92549

$299,000 - 2Br/2Ba -  for Sale in Idyllwild
New
$299,000
2 Beds
2 Baths
1,404 SqFt
Status Active
MLS # 19520020
Property Type Single Family Residence
Price Type --
Perfect Fixer Home Set on a Hill Overlooking the Beautiful Idyllwild Scenery! Living room w/ Brick fireplace & vaulted ceilings. Open concept kitchen. Oversized windows throughout let in lots of natural light. Large Outdoor Deck Area w/ Viewing Deck is perfect for entertaining! Solar equipped. Short sale subject to lender approval.

73315 Haystack Road Palm Desert, CA 92260

$599,000 - 4Br/2Ba -  for Sale in Not Applicable-1, Palm Desert
New
$599,000
4 Beds
2 Baths
2,880 SqFt
Status Active Under Contract
MLS # 219031644DA
Property Type Single Family Residence
Price Type --
Beautiful South Palm Desert Location! This is a fully remodeled family home with a magnificent unobstructed southern view of the mountains. This home boasts 4 bedrooms one being currently used as an office (easily converted back to a bedroom). The huge new chefs kitchen is beautiful, new Carrera quartz countertops with dual kitchen sinks and new Kitchen Aid appliances. The home has a beautiful master bedroom with a large bath and master closet. The home has all new wood plank tile flooring and beautiful new french doors opening into the backyard pool area. Includes a Solar System that is paid in full. Home is a REO property and priced to sell!

10491 Ridgeway Drive North Tustin, CA 92705

$2,100,000 - 4Br/6Ba -  for Sale in North Tustin
New
$2,100,000
4 Beds
6 Baths
6,335 SqFt
Status Active
MLS # PW19241522
Property Type Single Family Residence
Price Type --
Bank Owned home in beautiful neighborhood. Enjoy Catalina and city lights views from the great room or the breezy balcony off the kitchen. Back to the great room. Wow! Huge room with elevated dining area is fantastic! The master suite is large with an over sized walk in closet and fireplace. The family room boasts a sunken bar that will make entertaining a breeze. The wonderful pool off the family room boasts a water slide and fountains. The built in BBQ completes the back yard. All bedrooms have their own bathrooms with two walk in closets. An elevator to the three car garage makes bringing in the groceries easy. Two half baths and a laundry room complete the main floor. There is a separate gym/office/bedroom downstairs with its own bathroom. Part of the award winning Tustin schools. Solar power panels too!

432 Edgehill Ln Unit 46 Oceanside, CA 92054

$175,000 - 1Br/1Ba -  for Sale in Oceanside, Oceanside
New
$175,000
1 Bed
1 Bath
578 SqFt
Status Active Under Contract
MLS # 190056299
Property Type Condominium
Price Type --
SHORT SALE CONDO. Located 4 miles from the Oceanside Pier and only 2 miles to the I-5 freeway! Property is a one bedroom/one bath with an additional 8x8 area, perfect for office space or a play area. Open concept kitchen with granite counters. Walk in closet and hall/balcony storage. This quiet gated complex has ample grassy, community areas, BBQ's, an exercise room, plus 2 pools/jacuzzis.