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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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190 W Alexandria Street Calipatria, CA 92233

$45,000 - 4Br/2Ba -  for Sale in Calipatria
New
$45,000
4 Beds
2 Baths
1,200 SqFt
Status Active
MLS # IV19012487
Property Type Single Family Residence
Short Sale, Investor opportunity, this property has lots of foundation and structural issues, buyer to make its own investigation, due to the condition of the pro[erty will only entertain Cash offers Sold as is.

13144 Aurora Avenue Victorville, CA 92392

$275,000 - 5Br/3Ba -  for Sale in Victorville
New
$275,000
5 Beds
3 Baths
2,579 SqFt
Status Active
MLS # 508824
Property Type Single Family Residence
A nice 2 story home, in need of some upgrades and rehab, in a great desirable location! Private and well established neighborhood. Easy access to freeways, restaurants, mall, church and one of the best schools in the high desert. Vaulted ceilings. Plenty of natural light and a lot of windows, custom drapes. Large, private and green backyard with sprinklers system and a concrete patio. A large kitchen with island opened to the family room with a fireplace. 2 bedrooms downstairs with a sliding door to the backyard. A full bath. Formal dining and living room. Wet bar. Master bedroom with large master bath and closet, separate shower and tub and dual sink vanity. Short sale subject to lender approval. Association Amenities: None # of RV Spaces: 0 Special Features: WBNONE Lot Location Type: Standard Location # of Attached Spaces: 2 # of Detached Spaces: 0

12838 Standing Bear Road Apple Valley, CA 92308

$210,000 - 3Br/2Ba -  for Sale in Apple Valley
New
$210,000
3 Beds
2 Baths
1,401 SqFt
Status Active
MLS # 508864
Property Type Single Family Residence
Short sale, waiting for your clients offer. Wonderful starter home for the family looking for a quiet area of Apple Valley. Great 3 bedrooms 2 bath home, Tile flooring through out the home. Carpet in the bedrooms. Central AC, Block fence on the front sides of the home. Ample space in the back yard for the kids and dogs to run around. Awesome fireplace for the cold nights to warm the house down and cozy up with the love ones. Did we mention the location? This home is conveniently located near Stater Bros, Big Lots, Apple Valley High School, AMC Movie Theaters. Get this home before its gone. Association Amenities: None # of RV Spaces: 0NONE Lot Location Type: Standard Location Special Features: None # of Attached Spaces: 2 # of Detached Spaces: 0

5621 Everett Avenue Maywood, CA 90270

$240,000 - 1Br/1Ba -  for Sale in Maywood
New
$240,000
1 Bed
1 Bath
876 SqFt
Status Active
MLS # DW19012439
Property Type Single Family Residence
SELLERS MAKE NO WARRANTIES AS TO THE CONDITION OF THE HOUSE... THIS IS A SHORT SALE SUBJECT TO LENDERS APPROVAL. 13; PROPERTY PROFILE READS 1 BEDROOM AND 1 BATHROOM..

71 Listo Street Rancho Mission Viejo, CA 92694

$649,000 - 2Br/3Ba -  for Sale in Other (othr), Rancho Mission Viejo
Open House
New
$649,000
2 Beds
2.5 Baths
1,546 SqFt
Status Active
MLS # OC19012409
Property Type Townhouse
Great opportunity to own this nicely upgraded, one-story VIREO home. Spacious open floor plan with tons of natural light. Light colored wood vinyl flooring is both durable and stylish. Kitchen is large with over-sized island, quartz counters, custom marble backsplash and stainless steel appliances. Walk in panty makes cooking a joy. Both bedrooms have in-suite master baths. Master bedroom has large walk in closet and upgraded master bath with walk in shower. Spacious powder room and inside laundry room. Side yard has artificial turf lawn. Home is attached on one wall (duplex) but shows like a detached home. Quiet low traffic location. Located in the Gavilan area of Esencia. (At least one occupant must be 55+). Home is located adjacent to a community citrus garden with outdoor exercise equipment. Walking distance to Canyon House clubhouse with coffee house, community garden, bocce ball and more. Enjoy resort like living with access to ALL community facilities in Sendero, Esencia and future villages. Amenities include pools, jacuzzis, gyms, miles of hiking trails, South Paw dog park, firepits, BBQ areas, sports parks and great community events.

1533 E Avenue Q11 Palmdale, CA 93550

$169,000 - 3Br/2Ba -  for Sale in Palmdale
New
$169,000
3 Beds
2 Baths
1,216 SqFt
Status Active
MLS # SR19011962
Property Type Single Family Residence
SHORT SALE.....SUBJECT TO LENDER APPROVAL MAJOR FIXER..CASH OFFERS ONLY...BUYER(S) DUE DILIGENCE

821 E Monterey Avenue Pomona, CA 91767

$325,000 - 2Br/2Ba -  for Sale in Pomona
Open House
New
$325,000
2 Beds
2 Baths
838 SqFt
Status Active
MLS # IV19012555
Property Type Single Family Residence
SHORT SALE PROCESS, 2/I TAX RECORDS SHOWS 2/2 BUT IS ONLY 2 BEDROOMS AND 1 BATHROOM, SOLD AS-IS

22588 Pacific Lane Diamond Bar, CA 91765

$8,180,000 - 5Br/8Ba -  for Sale in Diamond Bar
New
$8,180,000
5 Beds
8 Baths
11,020 SqFt
Status Active
MLS # TR19010260
Property Type Single Family Residence
EACH HOME IS INDIVIDUALLY AND BEAUTIFUL DESIGNED & BUILT TO REFLECT THE STYLE. LOCATED ON 24HRS SECURITY GUARDED GATE COMMUNITY.THIS BRAND NEW PRAIRIE COURTYARD STYLE HOME FINISHED BY 8/2018. 5 BEDROOMS WITH 8 BATHS. WITH FINE LIVING SPACE WITH EXQUISITE DESIGN AND ALL UPSCALE FINISHES. CUSTOM-MADE SWIVAL ENTRY GATE LEADS TO BEAUTIFUL COURTYARD.KITCHEN, WOK KITCHEN,BATHROOM, LAUNDRY , ALL CABINETS FINISHED WITH HIGH QUALITY BRAND ARCLINEA FROM ITALY, COMPLETE SUITE OF MIELE BRAND 13; PROFESSIONAL APPLIANCES FROM GERMANY, LIBRARY CABINETS WITH LUXURY BRAND LEMA FROM ITALY.AS WELL AS HIGH-END WALKER ZENGER & ANN SACKS STONE TILES THROUGHOUT WHOLE HOUSE.ENORMOUS WINDOWS AND DOORS, SPA LIKE BATHS,ALL BATHROOMS WITH INFINITY DRAINS,GARAGE WITH EPOXY FLOOR AND ELECTRICAL CAR CHARGER,HOME THEATER, DISPLY WINE ROOM WITH TEMPERATURE CONTROLLED SYSTEM,EACH BEDROOMS WITH OWN A/C TEMPERATURE CONTROLLED SYSTEM.SECURITY CAMERA & SURROUND SOUND STEREO SYSTEM THROUGHOUT THE WHOLE HOUSE.INFINITY SALT WATER POOL AND SPA, BBQ, FIRE PIT, OUTDOOR LIVING, MANY INTERIOR & EXTERIOR FINISH DETAILS WITH QUALITY, ENERGY EFFICIENCY, SMART HOME WITH CREATIVE STYLE. THIS IS ONE WITH GRAND-SCALE, UNIQUE, SOPHISTICATED HOME NEXT TO 22590 PACIFIC LANE IN THE COMMUNITY. HORIZON PACIFIC IS COMMITTED TO DELIVERING THE BEST POSSIBLE HOME.

17748 Grand Avenue Lake Elsinore, CA 92530

$499,000 - 4Br/4Ba -  for Sale in Lake Elsinore
New
$499,000
4 Beds
3.5 Baths
4,480 SqFt
Status Active
MLS # SW19012143
Property Type Single Family Residence
SHORT SALE WAITING FOR APPROVAL 2 parcels totaling 4.21 Acres of usable flat land, 381-190-010 and 381-190-009, included in the sale, a variety of Zoning W-1,R-3, check TLMA maps loaded under supplements, Extensive concrete and asphalting. 135' Well that supplies water to the whole property. Extensive sprinkler system. Electrical consumption about $5K per year. Extensive landscaping. Asphalt access to beach. Large cove on the beach. 1,200 SQFT two bedroom 1 bath home, 550 SQFT Studio with 1 bath, 3000 SqFt. Mechanical or Storage Shop with utility bathroom, and so much more! Don't forget the 250 linear feet of sandy shoreline, and with your own boat dock...