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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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31724 Canyon Estates Dr Lake Elsinore, CA 92532

$321,000
5 Beds
2.5 Baths
2,123 SqFt
Status Active Under Contract
MLS # 180024905
Property Type Single Family Residence
This is a short sale with updated pictures to represent the current condition of the property. Don't miss out on this opportunity to own a 5 bd, 2.5 ba with over 2100 sq ft and a 3 car garage home for under $325,000. Neighborhoods: Lake Elsinore Other Fees: 0 Sewer: Sewer Connected

8145 Puritan Street Downey, CA 90242

$450,000
2 Beds
1 Bath
1,174 SqFt
Status Active Under Contract
MLS # DW18120021
Property Type Single Family Residence
SHORT SALE APPROVED. This 2 bedroom, 1 bathroom charmer has an open floor plan and lots of outdoor space for entertaining. This home has a detached 2 car garage, extra long driveway, and a new roof! Zoned R2, great for expansion.

1185 E Alejo Road Palm Springs, CA 92262

$235,000
2 Beds
2 Baths
1,221 SqFt
Status Active Under Contract
MLS # SR18152288
Property Type Condominium
A 2 bedroom, 2 bath home in Palm Springs. THIS IS A SHORT SALE AND ALL TERMS AND CONDITIONS ARE SUBJECT TO LIEN HOLDERS' APPROVAL. REPAIRS NEEDED! Walking distance to the SPA Casino and the Strip!

7363 Bothwell Road Reseda, CA 91335

$500,000
4 Beds
3 Baths
1,818 SqFt
Status Active Under Contract
MLS # SR18150503
Property Type Single Family Residence
Cozy home nestled within a well kept neighborhood in Reseda. This 3 bedroom with 3 bathroom home has an additional fourth room which can be used as theater or game room. Beautiful master suite with access to a wonderful backyard patio area that sweeps around house providing access to a large outdoor spa. Spacious kitchen and dining area, open living room. Separate and spacious laundry room leaves more room in your two car garage for your cars and toys. A little love and care will bring this wonderful gem back to its former glory. This is a short sale.

4672 Tyler Street Riverside, CA 92503

$345,900
3 Beds
1 Bath
1,218 SqFt
Status Active
MLS # IV18150732
Property Type Single Family Residence
short sale property, sold in present conditions no repairs will be made, 3 bed 1.5 bath, lot size 19,166 built 1947.

21730 Hacienda Boulevard California City, CA 93505

$160,000
3 Beds
2 Baths
1,731 SqFt
Status Active
MLS # CV18153599
Property Type Single Family Residence
Cozy home in a quiet neighborhood. Split floor plan. This home has a permitted sun room for added living space. Tile though out living areas with carpet in bedrooms. Beautiful landscape in front and fenced back yard with irrigation waiting for planting. This is a short sale and all terms are subject to bank approval.

31616 Stockton Street Winchester, CA 92596

$374,999
5 Beds
3 Baths
2,708 SqFt
Status Active
MLS # SB18155290
Property Type Single Family Residence
This property features 5 bedrooms plus Loft, 3 bathrooms > This house is perfect for First Time Home Buyers!! *** APPROVED SHORT SALE at $380,000 **** APPROVED SHORT SALE ********* New BPO is in - appraised at $375,000. 4/11/19 ** SUBMIT NOW.. ********************** APPROVED SHORT SALE ***************** No more waiting. Looking for a ready and motivated buyer!! Buyers walked out!! Back on market !!

12474 Phoenix Court Eastvale, CA 91752

$388,950
3 Beds
2.5 Baths
1,668 SqFt
Status Active Under Contract
MLS # 18364252
Property Type Townhouse
APPROVED SHORT SALE! Beautiful 3 Bedroom Townhouse in Nexus Complex w/ Many Amenities! Hardwood floors throughout. Kitchen w/ custom hardwood cabinets, granite countertops, & center island. Master bedroom w/ walk-in closet. Bonus room. 2 Full bathrooms / 2 Half bathrooms. Central AC + Heat. 3rd Floor Laundry area. Attached 2 car garage. Tankless water heater. Complex amenities include Pool and Hot Tub, Children's playground, Barbecue Area/Grills. Walking distance to major shopping and dining destinations!

5301 E Waverly Drive Unit 186 Palm Springs, CA 92264

$140,000
2 Beds
2 Baths
979 SqFt
Status Active Under Contract
MLS # SR18231376
Property Type Condominium
FIXER, FIXER, FIXER!! Damaged property in need of repairs and renovation. Contractors and handy buyer's please take a look at this 2 bedroom 1.75 bath unit. It needs work, but it could be a great deal! As of 05/24/2019 -Short Sale bank has approved the sale at $140,000. What a deal!!

881 Rykers Ridge Rd Ramona, CA 92065

$299,000
5 Beds
3 Baths
4,500 SqFt
Status Active Under Contract
MLS # 180043300
Property Type Single Family Residence
Back on market CASH ONLY - Great opportunity for an investor - Short sale approved at $347,000. This was a fire burn down in 2007. Home partially rebuilt and unfinished - 3000 square feet and 1500 square feet of unfinished basement - 3 tankless water heaters 1 per floor - Partially built pool with 30 foot water slide - Views to the mountains and hills. Bring you cash investors

48240 Via Solana La Quinta, CA 92253

$475,000
3 Beds
3 Baths
2,040 SqFt
Status Active Under Contract
MLS # 218022010DA
Property Type Single Family Residence
APPROVED SHORT SALE! Lowest priced home on the golf course in Rancho La Quinta Country Club w/2 award winning golf courses. Clubhouse w/fine dining, tennis/fitness/social memberships included in the HOA dues! Enter the lushly landscaped courtyard & into this resort style home w/3BR/3BA/2040 SF. Located on the 6th fairway of the Jones course w/spectacular mountain, lake & golf course views. The great room has a wet bar w/glass shelves, media niche & a fireplace. The kitchen has a sunny morning room & sliders to the side yard w/a barbecue. There is a formal dining area w/a mirrored wall & beautiful chandelier. Spacious master bedroom also has fabulous views of the mountains, lake & golf course. Master bath has a Jacuzzi tub, separate shower, dual sinks & glass block making it light & bright! Guest rooms w/bath are away from master bedroom. There are black out shades, plantations shutters & ceiling fans. Just steps from the community pool & spa.

8818 Mines Avenue Pico Rivera, CA 90660

$440,000
2 Beds
2 Baths
1,278 SqFt
Status Active Under Contract
MLS # MB18200351
Property Type Single Family Residence
Short sale subject to lenders approval DO NOT DISTURB TENANT