Share

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:

Sort by:

4930 Saddlewood Place Rancho Cucamonga, CA 91737

$888,800
5 Beds
4 Baths
3,531 SqFt
Status Active Under Contract
MLS # IG18254549
Property Type Single Family Residence
Price Type --
Great opportunity to own this entertainers home highlighted by the spectacular back yard with a grand pool and covered patio / balcony. Kids can enjoy the water slide into the pebble tech pool with a giant step where parents can lounge. Mom and dad can watch the kids play from the master bedroom balcony. Perfect end of cul-de-sac very private location with a beautiful view of the city from the front yard, living room, and upstairs master bedroom 2nd balcony. Fireplace in both the living room and cozy family room. Work from home in your private office with a spectacular view of the city or use this room as a 5th bedroom with convenient access to the full downstairs bathroom. 3 bedrooms upstairs with 2 bathrooms and the grand master bedroom and bath. 3 car garage with plenty of room for an RV or boat. This home requires TLC, but you’ll have built in equity. The smaller house next door with no views sold for one million in October.

84241 Azzura Way Indio, CA 92203

$269,900
3 Beds
2 Baths
1,737 SqFt
Status Active
MLS # 218030562DA
Property Type Single Family Residence
Price Type --
This home features 3 bedrooms, 2 bathrooms, plus den. A spacious open floor plan, updated kitchen with granite counters, stainless steel appliances, center island.

235 Kalana Ave Morgan Hill, CA 95037

$1,600,000
4 Beds
3.5 Baths
3,139 SqFt
Status Active
MLS # 40845026
Property Type Single Family Residence
Price Type --
Beautiful Home on a corner lot comes with 1.6 Acres of usable flat land with lots of potential for expansion. Main house has 4 bedrooms and 4 baths featuring a master bedroom suite. Living room has cathedral ceiling with grand fireplace. Kitchen updated with stainless appliances and a hibachi grill on island. Bathrooms are updated with tile and new fixtures. Guest house has 2 bedrooms and 2 full baths with updated kitchen and stainless appliances as well and a bonus loft upstairs. So much possibilities for your family and the in-laws.

8158 Garden Park Street Unit 61 Chino, CA 91708

$328,000
2 Beds
2 Baths
1,488 SqFt
Status Active
MLS # CV18279710
Property Type Townhouse
Price Type --
Highly desired Preserve Master Community in Chino. Open floor plan allows easy conversation and movement indoors and out. Relax after a busy day or BBQ on the balcony overlooking sports fields at acclaimed Cal Aero Preserve Academy. Down the hall, loft space could be used for office or crafts ... or ? Enter the condo on the ground floor, with stairs leading upward to the main living area, or go through the laundry room to the 2-space tandem garage. One bedroom is located adjacent to living area, the master bedroom and bath are one floor up. Guests will find easy parking on the street or large parking area next door. Or walk to Cal Aero Preserve Academy, nearby Parkhouse community building, gymnasium and library.

460 Westminster Drive San Jacinto, CA 92583

$256,000
3 Beds
2 Baths
1,337 SqFt
Status Active Under Contract
MLS # EV18290416
Property Type Single Family Residence
Price Type --
Great home in a wonderful neighborhood, kitchen was remodel and it has pull out for dishes as well as for spices and pantry. Bedrooms are spacious and the yard is huge and very clean.

23660 Scenic Drive Crestline, CA 92325

$175,000
2 Beds
1.5 Baths
818 SqFt
Status Active Under Contract
MLS # IV18294409
Property Type Single Family Residence
Price Type --
Easy on the eyes mountain cutie with level parking out front for two! Main floor is open concept with living room, kitchen, half bath, and dining area. There are plenty of windows to bring in sunlight and enjoy forest views and a gorgeous brick fireplace for chilly nights! Downstairs are two bedrooms, full bathroom, and full size laundry area with shelves and shutter doors. Large build up area below the house can be used to create more living space if desired. It is the same size as the house with a small storage area already built. Come on up breath easy and relax in your very own mountain cabin.

4903 Oakville Court Bakersfield, CA 93313

$190,000
3 Beds
2 Baths
1,387 SqFt
Status Active Under Contract
MLS # PW18296838
Property Type Single Family Residence
Price Type --
Quaint 3 bedroom 2 bath single family residence. This home does need some TLC. Only has had 1 owner since being built in 1995. Contains 2 full baths, separate laundry room and attached two car garage. Has a comfortable sized backyard that can accommodate a small shed for storage. Close to shops (Costco!), banks, and 99 freeway. Centrally located within elementary, jr. high and high schools. Don't miss this charming little place. Great starter home for first time homebuyers. This is a short sale. Sales price and commission is subject to Lenders' approval.

21321 Barrett Smith Rd Dulzura, CA 91917

$299,000
3 Beds
2 Baths
1,404 SqFt
Status Active Under Contract
MLS # 190006995
Property Type Single Family Residence
Price Type --
Nice 3 Bedroom 2 Bath home on 8.43 usable acres overlooking the beautiful Dulzura Valley surrounded by incredible mountains. Located in the Grossmont /Jamul School District!, It is zoned as a SFR.

44988 Hawthorn Street Temecula, CA 92592

$293,000
2 Beds
2 Baths
1,071 SqFt
Status Active
MLS # OC19027808
Property Type Condominium
Price Type --
Absolutely Stunning! This gorgeous turn-key condo is perfect for a small family or first-time buyer. Ideally nestled along the Temecula Creek which offers amazing trails and wildlife as well as a great environment for hiking, biking, running, and beautiful strolls. This gated community of Temecula Lane is very well maintained and offers its homeowners a resort style pool and spa, clubhouse, and a great community to raise a family. You are also centrally located near Wine Country, Pechanga, amazing schools

2107 Greenwood Court Fullerton, CA 92833

$680,000
3 Beds
2 Baths
1,745 SqFt
Status Active Under Contract
MLS # 19433136
Property Type Single Family Residence
Price Type --
This is a rare Short Sale in this area. THis one story house built in 1983 sits in Coyote Hills Estates. It has 3 Bedrooms and 2 Baths in about 6,500 squre ft lot and needs some interior and outside of work. A great opportunity for the investment. This sale is contingent upon all lenders/lien holders approval.

19893 Mountain Meadow S Hidden Valley Lake, CA 95467

$160,000
2 Beds
1.5 Baths
1,152 SqFt
Status Active
MLS # LC20082371
Property Type Single Family Residence
Price Type --
*SHORT SALE* ALL COMMISSIONS SUBJECT TO BANK APPROVAL Welcome to the beautiful Hidden Valley Lake Gated Community. Sitting on a highly desirable lot with no neighbors to the rear so you get to sit back and enjoy the sweeping views, ideal for bbq's, gardening, bocce ball or just relaxing. This home has a laundry room, workshop garage and 2 additional spaces that could be used as an office, playroom or additional living space, the possibilities for this home are endless! What a fantastic opportunity to get into the Hidden Valley Lake Gated Community and make this house your home.

71313 Biskra Road Rancho Mirage, CA 92270

$699,000
3 Beds
2 Baths
2,027 SqFt
Status Active
MLS # 219007383DA
Property Type Single Family Residence
Price Type --
Location location location!! This Spanish style home is situated in the much desired neighborhood of Magnesia Falls Cove. It features: 3 bedrooms, 2 baths, beautiful saltillo tile floors, Pool & Spa, HUGE lot with gorgeous lush landscaping, spectacular mountain views + 2 car attached garage! Centrally located and super close to shopping, restaurants, the river and school. Perfect for year round living or a vacation get away! Don't miss out on the opportunity to own this home today!