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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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5511 Emerywood Drive Buena Park, CA 90621

$805,000
5 Beds
4 Baths
4,465 SqFt
Status Active Under Contract
MLS # DW19139122
Property Type Single Family Residence
Home needs some TLC. Short Sale subject to lender approval.

5035 Blanchard Drive Riverside, CA 92504

$399,000
3 Beds
2 Baths
1,480 SqFt
Status Active Under Contract
MLS # IV19134598
Property Type Single Family Residence
GREAT 4 BED 2 BATH POOL HOME! LOCATED IN THE MONTCLAIR PLAZA TRACT. THIS HOME HAS IT ALL. GREAT CORNER LOT AND BEAUTIFUL CURB APPEAL. INSIDE THE HOME IS A BEAUTIFUL KITCHEN THAT HAS JUST BEEN UPDATED WITH GRANITE COUNTERS, CUSTOM BACK SPLASH AND CUSTOM PAINT ALONG WITH STAINLESS STEEL APPLIANCES AND TILE FLOORING. OFF THE KITCHEN IS A SET OF FRENCH DOORS THAT OPEN TO A GREAT SIZE VERANDA FOR YOU TO ENJOY YOUR MORNING COFFEE. LIVING ROOM HAS PLENTY OF ROOM AND A BRICK FIREPLACE, CUSTOM PAINT AND ORIGINAL HARDWOOD FLOORS. MAKE YOUR WAY DOWN THE HALLWAY AND YOU WILL SEE THE INDOOR LAUNDRY AREA . ALL 4 BEDROOMS HAVE ORIGINAL HARDWOOD FLOORS AND GREAT CLOSET SPACE ALONG WITH TOP OF THE LINE CEILING FANS AND CUSTOM PAINT COLORS. THE MASTER BEDROOM AND THE BEDROOM FACING THE POOL AREA BOTH HAVE FRENCH DOORS LEADING DIRECTLY TO THE POOL AREA . MASTER BATHROOM HAS A CUSTOM DUAL VANITY AND A NEWER TILE SHOWER WITH CUSTOM GLASS SHOWER DOOR. THE BACKYARD HAS PARK LIKE SETTING! FEATURING PRIVATE POOL THAT HAS BEEN RE-PLASTERED AND NEW COPING IN THE LAST 8 YEARS. CUSTOM BRICK STEPS FROM BOTH FRENCH DOORS TAKE YOU TO THE THE CUSTOM SITTING/ PATIO COVER AREA COMPLETE WITH WATER FOUNTAIN , FRUIT TREES , SURROUND SOUND STEREO & PLENTY OF PLANTS GIVE IT THE COMPLETE BACKYARD OASIS FOR THOSE FAMILY/FRIEND GATHERINGS. SIDE YARD HAS A CONCRETE SLAB COVERED STORAGE AREA. THIS HOUSE ALSO HAS NEW DUAL PANE WINDOWS AND CENTRAL HEATING AND AIR. HOME HAS TOO MUCH TO LIST !! HURRY THIS WON'T LAST !!

640 Barrington Court Newbury Park, CA 91320

$750,000
5 Beds
2 Baths
2,451 SqFt
Status Active Under Contract
MLS # 219007239
Property Type Single Family Residence
Approved SHORT SALE subject to final approval with new buyer. Single story home awaits you in family-friendly Newbury Park. Enter to living room/great room with soaring arched ceiling, elegant fireplace and great built-in storage. A chef's kitchen offers richly hued cabinets galore, granite counters, island, breakfast seating, double ovens, and gas stovetop. The spacious master bedroom suite boasts an arched ceiling, walk-in closet with closet organizers, stunning fireplace, and access to backyard; the en suite bathroom boasts artistic two sink vanity with amazing storage, step-in shower with bench seating and rain showerhead. One bedroom is being used as office with built-in shelving - easy to convert back to bedroom Large backyard includes sparkling, brick bordered pool and jacuzzi, built-in custom BBQ, fire pit and outdoor kitchen with sink and tv accessibility. Wow! Welcome Home!

7534 Langdon Avenue Hesperia, CA 92345

$285,000
3 Beds
2 Baths
1,716 SqFt
Status Active
MLS # 514388
Property Type Single Family Residence
Perfect home on just under half an acre. This house just needs your finishing touches to make it your home. Features 3 bedrooms, 2 bathrooms, huge backyard, dining room, living room with fireplace, and family room. Come see this gem before its gone. Pool needs a new liner. Property is being sold AS IS due to Short Sale. Bring all offers. Association Amenities: None # of RV Spaces: 0NONE Lot Location Type: Standard Location Special Features: None # of Attached Spaces: 2 # of Detached Spaces: 0

247 E 44th Street San Bernardino, CA 92404

$210,000 - 4Br/1Ba -  for Sale in San Bernardino
New
$210,000
4 Beds
1 Bath
881 SqFt
Status Active
MLS # EV19141501
Property Type Single Family Residence
THE VALCRUZ GROUP // JOSE VALDEZ / ALEX SANTACRUZ / LUIS SANTACRUZ SHORT SALE !!! SHORT SALE !!! 4 BEDROOMS / ONE BATHROOM / CORNER LOT / EASY ACCESS TO FREEWAYS / CLOSE TO SHOPPING CENTERS, SCHOOLS AND CHURCHES. SUBJECT TO LENDER APPROVAL.

13277 Spicewood Court Victorville, CA 92392

$235,000 - 4Br/3Ba -  for Sale in Victorville
New
$235,000
4 Beds
3 Baths
2,200 SqFt
Status Active
MLS # IV19142532
Property Type Single Family Residence
SHORT SALE! Do not miss out this opportunity as FIRST TIME BUYERS or INVESTORS for this friendly and nice Corner Home! 4 bedrooms, 3 baths, spacious living room, with a loft on 2nd floor, open floor plan kitchen and has a beautiful backyard where your children can play freely, have a nice BBQ with your family for summer time or you can build a ground pool. For your convenience, this beautiful property has a complete bath in the 1st floor with a bedroom. The house is in good condition, only to clean the carpet, however because it is a short sale, the seller is selling as is, with not repairs. All terms subject to lender Approval. All information deemed reliable, but not guaranteed.

2206 Garden Drive Santa Maria, CA 93458

$294,900 - 3Br/2Ba -  for Sale in Santa Maria
New
$294,900
3 Beds
2 Baths
1,416 SqFt
Status Active
MLS # PI19143551
Property Type Single Family Residence
SHORT SALE $294,900! Located in Preisker Gardens, a quiet gated community featuring a clubhouse and a pool. A perfect starter home, or perfect for someone looking to downsize. 3 bedrooms, 2 bath, with a nice sized kitchen, dining area and living room. Great little patio outside for relaxing, entertaining and grilling and an attached to 2 car garage with washer & dryer hookups. Located within walking distance to Boomers, Preisker Park, Tommy Kunst Jr. High and grocery stores.