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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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2340 Loveland Drive Jurupa Valley, CA 92509

$405,900 - 4Br/2Ba -  for Sale in Jurupa Valley
New
$405,900
4 Beds
2 Baths
2,512 SqFt
Status Active
MLS # TR19061065
Property Type Single Family Residence
Great opportunity for the right buyer! 13; This home is a Short sale. Meaning there will be a process and final approval from the bank. 13; The home was started and not finished. You will need to invest money into the home to fix, correct and redo some parts of the home. 13; Please review the photos and see the condition of the home for yourself. The lot size is very large, and includes the area to the RIGHT of the driveway. 13; Homes in the area go for thousands more, so come and see this one before it gets away. Sales like this don't come along every day.

3594 Dehesa Meadow Road El Cajon, CA 92019

$650,000
4 Beds
3 Baths
2,770 SqFt
Status Active
MLS # 190014781
Property Type Single Family Residence
Short sale submitted to bank not approved yet - in foreclosure. Fixer-possibility for spectacular estate with gorgeous pool, spa, waterslide and waterfall. Vinyl fencing. Views galore from every vantage point. One story home with huge master suite, dual walk-in closets, large kitchen, 3 additional bedrooms including an office. Formal entry. Large all concrete driveway. Backs to open space. Very private. All fixed up this home would be worth substantially more but does need repairs and updating.

28145 Alava Mission Viejo, CA 92692

$599,000 - 2Br/3Ba -  for Sale in Not Applicable-mc (namc), Mission Viejo
New
$599,000
2 Beds
3 Baths
1,740 SqFt
Status Active
MLS # 319001119
Property Type Single Family Residence
This is an REO and priced to sell fast. This two-story home with attached two-car garage has been completely renovated and upgraded. Be the first to enjoy the new kitchen counters and new stainless-steel appliances. The upstairs loft can be converted into a 3rd bedroom and offers direct access to the outdoor patio. Downstairs shower offers easy access and there is plenty of storage space. Located in one of the best well-kept gated communities, CASTA DEL SOL offers several amenities. Enjoy the beauty of south Orange County in this 55+ community that boasts two recreational facilities that include: several meeting rooms, new arts and craft room, a fitness center, pool and spa. Residents are also in near the well-maintained 18-hole Casta del Sol golf course, offering a pro shop and restaurant.

631 Meadowbrook San Diego, CA 92114

$439,000 - 4Br/3Ba -  for Sale in Encanto, San Diego
New
$439,000
4 Beds
2.5 Baths
1,864 SqFt
Status Active
MLS # 190014922
Property Type Single Family Residence
This wonderful Encanto cosmetic fixer has tons of potential. Great square footage and a full floor master suite with 2 balconies! Sparkling pool and terraced back yard ready for your garden or landscaping. Home is a Short Sale so discuss the intrinsic issues with this kind of sale with a knowledgeable realtor...

737 W 107th Street Los Angeles, CA 90044

$275,000 - 2Br/1Ba -  for Sale in Los Angeles
New
$275,000
2 Beds
1 Bath
684 SqFt
Status Active
MLS # DW19063807
Property Type Single Family Residence
INVESTORS WANTED! THIS IS A DISTRESSED PROPERTY WITH FOUNDATION ISSUES CRACKS ALL ALONG THE WALLS AND CEILING DUE TO FOUNDATION ISSUES & DUE TO THE ROOTS OF THE 60 YEAR OLD TREE ON THE PROPERTY. (POSSIBLE TEAR-DOWN OR RENOVATION). IT IS 2 BEDROOMS, 1 BATHROOM BEING SOLD 'AS IS' CONDITION, 684 SF. 3 SECTIONS OF THE HOME ARE CONSTRUCTED WITH PREFAB ALUMINUM, WHICH MUST BE REMOVED. PARTS OF THE FLOORING ARE MISSING. THIS IS A 'SHORT SALE' SUBJECT TO CURRENT LENDER APPROVAL.

1650 Ona Circle Simi Valley, CA 93063

$575,000 - 5Br/2Ba -  for Sale in Starcrest (jade Hill-e) (172), Simi Valley
New
$575,000
5 Beds
2 Baths
1,955 SqFt
Status Active
MLS # SR19064014
Property Type Single Family Residence
Terrific business opportunity! This fantastic home was set up as an assisted living facility. Desirable floorplan with approx. 1,955 square feet of living space, located in a quiet cul-de-sac on an entertainer's lot of over 10,000 square feet. Five spacious bedrooms and two bathrooms with walk-in showers, ideally setup to allow disabled access. Open floorplan with a large kitchen, breakfast area and a spacious living room with fireplace. Some of the main upgrades include: newer AC system, newer roof, smooth ceilings, tile flooring throughout, newer windows and recessed lighting. There currently is no master bedroom and bathroom; both have been converted to a secondary bedroom and a hallway bathroom to be shared by the occupants of the other rooms. One of the bedrooms is set up for hospice care and is complete with a fire door, double doors to the backyard and an additional AC wall unit. You will also find an additional, permitted room in the garage. The backyard offer a large covered patio, total privacy and plenty of space to walk around, relax and enjoy warm Southern California days! Great opportunity to purchase a home that is perfect for a business or simply a spacious house with great potential to make it your own, perfect home! This is being sold as a short sale.

45655 Apache Rd. Indian Wells, CA 92210

$672,500 - 4Br/5Ba -  for Sale in Indian Wells (32508), Indian Wells
New
$672,500
4 Beds
4.5 Baths
3,991 SqFt
Status Active
MLS # LG19063165
Property Type Single Family Residence
SHORT SALE !! NO WAITING BANK IS READY TO GO priced for quick sale prime indian wells location NO HOA GOOD CURB APPEAL huge pool home on 18,000 ft lot great floor plan 3991 sf enormous potential DO NOT SHOW UNTIL MONDAY MARCH 25

300 Ribbonwood Avenue San Jose, CA 95123

$699,000 - 2Br/2Ba -  for Sale in San Jose
Open House
New
$699,000
2 Beds
2 Baths
981 SqFt
Status Active
MLS # ML81743762
Property Type Condominium
This 2B/2Bath condo is nestled in the picturesque backdrop of Mount Hamilton. Surrounded by multi million dollar homes in the upscale Palmia community of Blossom Valley in San Jose, the condo is priced like a bank owned property to sell. Walkable distance from Kaiser, Safeway, Costco, Starbucks and all other amenities. Comes under Oak Grove School District with excellent school ratings. Choice of elementary from dual schools. Perfect for a new family, an investors dream with low HOA fees or for our Senior Citizens wanting to downgrade. Come Join me at my open house this coming weekend.