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:

,

$599,000
1 Bed
1 Bath
619 SqFt
Status Active Under Contract
MLS # ML81857386
Property Type Condominium
Price Type --
Huge Price reduction! Original Price was $685,000. Now is $599,000. 1 bedroom, 1 bath, flat unit on 2nd floor, open floor plan with lots of natural light, quartz kitchen counter top. Hardwood floor in living room, kitchen and bedroom. Tiles floor in bathroom. Tile shower wall. Latch smart access system, rooftop retreat with city views, storage space and secure bike parking. Food and drinks are surrounding and walking distance from the unit. This is Short Sale and subject to Lender's approval.

681 E 70th Street Long Beach, CA 90805

$650,000
2 Beds
2.5 Baths
1,609 SqFt
Status Pending
MLS # SB21174124
Property Type Single Family Residence
Price Type --
SHORT SALE LISTING CONTINGENT TO LENDERS APPROVAL. Located on a Corner lot 2 Bedroom & 2 baths with a Den. Double car garage and a Storage. Perfect for a big Family. This property has a lot to offer, it is great for first time buyers. Presently this property is in Default. Agents call for private showing. Do not go direct please contact our office for appointment.

San Jose CA 95121

$599,000
4 Beds
2.5 Baths
1,474 SqFt
Status Active Under Contract
MLS # ML81859447
Property Type Townhouse
Price Type --
This is a SHORT SALE, purchase price subject to lender's approval! Very rare 4 bedroom / 2.5 bathroom PUD with 1,474 living sq ft size located in a quiet neighborhood. Please do not disturb occupants!

13125 Don Julian Road La Puente, CA 91746

$300,000
3 Beds
2 Baths
1,050 SqFt
Status Pending
MLS # CV21216037
Property Type Single Family Residence
Price Type --
This is a short sale with no bank approval.

625 E 79th Street Los Angeles, CA 90001

$225,000
5 Beds
2 Baths
1,838 SqFt
Status Pending
MLS # IV21225128
Property Type Single Family Residence
Price Type --
Property Sold As Is, 4 bedroom 1 1/2 baths... Agent to due their diligence. Priced dramatically reduced due to significant damage to the property. Short sale subject to lender approval..

324 Elm Street Shafter, CA 93263

$215,300
3 Beds
1 Bath
1,290 SqFt
Status Active Under Contract
MLS # IV21228419
Property Type Single Family Residence
Price Type --
Don’t miss out on this is a spectacular opportunity to own a home in a convenient location at an affordable price. This residence features three bedrooms, covered front porch, private yard, and driveway for off-street parking. Conveniently located a short distance to many restaurants, shopping, outdoor recreational activities, and easy access to numerous highways. Don’t let this unique opportunity pass you by. All potential buyers are asked to check with City, County, Zoning, Tax, and other records to determine all details on this property listed above to their satisfaction. This is an AS-IS REO property.

5019 Genesta Avenue Encino, CA 91316

$1,750,000
3 Beds
3.5 Baths
2,719 SqFt
Status Active Under Contract
MLS # 21798686
Property Type Single Family Residence
Price Type --
Partial two story older home with 3 bedrooms, 3.5 bathrooms and small bedroom & bathroom behind garage. The property is in need of major repair (seller discloses that home needs new roof, new electrical, and new plumbing) and needs extensive environmental remediation (asbestos, mold, and soil contamination). Fireplace in living room was previously damaged in earthquake and does not function. The home has no kitchen with wall studs exposed. Downstairs has two bedrooms, den, two bathrooms and powder room, and upstairs has one bedroom & one bathroom. Seller discloses that pool has a crack and needs repair. Home is located across from a school and will hear school bell and will experience increased car traffic during student drop off and again during pickup. Two car garage. Property is tenant occupied and tenants will still have possession after closing. No interior photos are available, please see inspection report for any interior photos. Drive by only. This is a Short Sale.

465 N Maple Avenue Fontana, CA 92336

$445,000
3 Beds
2 Baths
1,679 SqFt
Status Active
MLS # 21101455
Property Type Single Family Residence
Price Type --
Bring your TLC to this gated, single story, traditional style home in Fontana with an in-ground pool. Nestled between downtown Fontana and downtown Rialto. Close to shopping, cafes, and grocery stores! Home is occupied and interior condition is unknown, buyers must be willing/able to close while occupied and without showings, interior inspection, or appraisal. Do not miss this great opportunity to create your dream house and private oasis! This property is owned by Southside Neighborhood Stabilization and was purchased at foreclosure post auction bid pursuant to SB 1079. SB 1079 was put in place to promote homeownership and therefore priority for offers are given to owner occupant buyers. Buyers must provide a notarized affidavit that the agent will supply that states they intend to live in the property. Secondary priority will be given to investors who sign an affidavit stating they plan to rehab and sell the property to an owner occupant. Third priority is to investors who sign an affidavit stating they intend to rehab the property and provide affordable housing. All buyers required to prequalify through sellers preferred lender.

29600 Andromeda St Murrieta, CA 92563

$550,000
5 Beds
3.5 Baths
3,233 SqFt
Status Pending
MLS # NDP2112761
Property Type Single Family Residence
Price Type --
Please join me to tour the perfect opportunity you’ve been waiting for! We have priced to attract attention in consideration for your patience needed for the short sale or lien release process. This beautiful 5 bedroom, 3.5 bath home offers 1 bedroom and 1.5 baths downstairs and a large loft upstairs with built-in desk space. The large open floor plan is an entertainer’s dream with the eat-in kitchen opening on either side to the spacious family room and dining area. This gorgeous kitchen features an island, walk-in pantry, granite countertops, walnut cabinetry, and a gas cooktop. The master bedroom offers views of the mountains, an enormous walk-in closet and large bathroom with dual vanity, shower and separate soaking tub. Each additional bedroom is spacious with ample closet space and ceiling fans. The floorplan of the home is ideal for any size family. The backyard is large and has an incredible wooden play structure that will convey with the sale of the home. Enjoy the mountain views and the proximity to the golf course, freeways, shopping and parks!

24993 Painted Rock Road Ramona, CA 92065

$651,200
3 Beds
2 Baths
2,513 SqFt
Status Active
MLS # IV21254296
Property Type Single Family Residence
Price Type --
Built in 1958 this three bedroom two bath home has 2,513 square feet of living space and sits on five acres!!! Located in San Diego County, this property features beautiful mountain views!! With a little TLC, this would make a perfect home. The property is occupied so all potential buyers are asked to check with City, County, and Tax and other records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS REO property.

10131 Bell Avenue Lower Lake, CA 95457

$248,300
2 Beds
1.5 Baths
1,440 SqFt
Status Active
MLS # IV21256825
Property Type Single Family Residence
Price Type --
Have you always dreamed about having a home out of the hustle and bustle, yet not far from the water and freeways? This multi-story residence is nestled away and is waiting for you. Relax in tranquility at home or venture out a short distance to many outdoor recreational activities, Clear Lake, a vast array of cuisines, shopping, and entertainment. Excellent opportunity to put your finishing touches on this gem and make it your own. Don’t let this rare opportunity to own a piece of paradise get away from you! All potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details. This is a REO Property.

563 E Bonnie Brae Court Ontario, CA 91764

$380,000
3 Beds
1 Bath
1,120 SqFt
Status Pending
MLS # PW21269594
Property Type Single Family Residence
Price Type --
SHORT SALE GREAT PROPERTY MUST SEE ... NEEDS SOME TLC.