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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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42038 Bodie Road Palm Desert, CA 92260

$152,000
3 Beds
2 Baths
1,848 SqFt
Status Active
MLS # 218033494DA
Property Type Stock Cooperative
Price Type --
Great (Short Sale) Opportunity. This home has Lots of Space, 3 Bedrooms, a large family room and it is on a permanent foundation, with a 433A, for financing. The kitchen has skylight, and opens to eating area. Long driveway with plenty of parking. Lush front yard with beautiful lawn and the back yard has lemon and grapefruit trees. Master has large walk in closet, master bath has dual sinks. Situated in the heart of Palm Desert this 55+ Gated Golf Community has great curb appeal, very affordable, and you OWN the Land. Low HOA dues ($335/mo.) which includes: FREE Unlimited Golf for 2, free cable TV & Internet, free Trash Removal. Tennis, Exercise Room, 3 commnity pools with spas. A very social community, offering activities such as Pickle & Bocce ball, bingo, community dinners with events, cafe and Pub, Clubhouse with Library, Pool Table. Minutes from freeway, McCallum Theatre, El Paseo shopping, restaurants and grocery stores. Come in enjoy living in the desert.

130 E 20th Street Upland, CA 91784

$690,000
4 Beds
3 Baths
2,589 SqFt
Status Active Under Contract
MLS # 18413472
Property Type Single Family Residence
Price Type --
3 Bedroom Home with 3 bath, Home in need of Exterior and Interior Care. Pool with Fence, in need of Maintenance. Fantastic Location North of Upland ! Great opportunity to own a Large Home. Short Sale Subject to Lender Approval. Multiple Lien holders.

31416 Easy Street Running Springs, CA 92382

$439,000
5 Beds
4.5 Baths
3,204 SqFt
Status Active
MLS # EV18290888
Property Type Single Family Residence
Price Type --
You can feel the high-end refinement in this home as soon as you walk through the door. From the custom woodwork and the intricate wrought-iron to the expansive granite kitchen and upper-end finishes, this home is a statement of grace and quality. The living room has two-story ceilings with banks of windows and hosts one of the two fireplaces in the home. There are two master suites in the home, one on the main and one downstairs, and every bedroom has a walk-in closet. The family room has the second fireplace, and the spacious loft bonus room overlooks the living area. The builder designed ample storage throughout the home and even laundry isn't a chore in its full-service room. Enjoy far valley, city light, and even ocean views from the veranda and upstairs decking and take in the forest around you. This home is conveniently located off Highway 18 for easy commuting down the hill, and is only minutes away from Santa's Village, Lake Arrowhead, and local ski slopes and nature trails. *This is an APPROVED short sale - the buyer's lender says bring the offer!*

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.

6960 Via Mariposa Norte Bonsall, CA 92003

$779,000
3 Beds
3.5 Baths
3,545 SqFt
Status Active Under Contract
MLS # 190000297
Property Type Single Family Residence
Price Type --
Short Sale with lots of potential. Great floorplan, one-story horse property in Saratoga Estates. It needs work. Definitely a fixer. Wrought iron interior doors and custom light fixtures do not convey.

3090 Grand View Avenue Oroville, CA 95966

$245,000
3 Beds
2 Baths
2,022 SqFt
Status Active
MLS # OR19002873
Property Type Single Family Residence
Price Type --
Welcome to this neighborhood! Large home in great area near schools and shopping. Solar panels are leased. Extra large 3rd bedroom/bonus room. Vinyl siding. Central Heat & Air. Woodstove in living room. Some windows are double pane. Both baths have shower/tub combo. Kitchen is spacious. Laundry room has storage space. Garage with extra storage room. County shows as a 2 bedroom. Owner is related to Agent. Sale subject to lender short sale approval.

3045 W Newgrove Street Lancaster, CA 93536

$395,000
5 Beds
3 Baths
3,152 SqFt
Status Active
MLS # SR19006117
Property Type Single Family Residence
Price Type --
This is a Short Sale! Final terms and price are subject to lender approval. Beautiful Westside home with 5 bedrooms and 3 baths. Downstairs bedroom with full bath just perfect for visiting guests or Mother in-Law, an office area with built-in desk/cabinets. Wood Pergo, tile and carpet flooring, ceiling fans, family room fireplace, kitchen island, water softener/purifying system, dual A/C units, full length backyard covered patio, 3 car garage with pull-thru door to rear, huge loft and so much more. Close to schools, shopping, parks, restaurants and freeway friendly.

1224 Centennial Avenue Camarillo, CA 93010

$625,000
4 Beds
2 Baths
2,061 SqFt
Status Active Under Contract
MLS # 219000350
Property Type Single Family Residence
Price Type --
Short Sale. Great opportunity in coveted Arneill Ranch. Vaulted ceilings. Open floorpan. 4 bedrooms w 2 baths. Pool and spa. Steps away from Arneill Ranch park and amenities. Great schools. Quiet culdesac.

6726 Valaria Drive Highland, CA 92346

$250,000
3 Beds
2 Baths
1,442 SqFt
Status Active Under Contract
MLS # CV19010070
Property Type Single Family Residence
Price Type --
Approved short sale.3 Bedrooms 2 Bathrooms and a Large Bonus Room. Spacious kitchen with a large Dining area with granite countertops in the kitchen with stainless steel sink and cabinet. A nice tile floor in the Kitchen, Bathrooms and in the entryway. This home has Ceiling fans. Two car garages. Good size backyard… Located close to shopping, schools, parks and even the San Manuel Casino…. Don't miss out on this great home!

71 Listo Street Rancho Mission Viejo, CA 92694

$629,000
2 Beds
2.5 Baths
1,546 SqFt
Status Active Under Contract
MLS # OC19012409
Property Type Townhouse
Price Type --
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 much 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 and biking trails, South Paw dog park, firepits, BBQ areas, sports parks and great community events. Call today for a private showing. You will love this home!

22481 Quiet Bay Drive Corona, CA 92883

$899,000
5 Beds
3.5 Baths
5,307 SqFt
Status Active
MLS # LG19050623
Property Type Single Family Residence
Price Type --
short sale in THE RETREAT largest plan in the community a spectacular property

44316 Tahoe Way Lancaster, CA 93536

$300,000
3 Beds
2 Baths
1,588 SqFt
Status Active
MLS # SR19015004
Property Type Single Family Residence
Price Type --
Short sale pending bank approval.