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:

1005 Dixie Drive Hemet, CA 92543

$176,000
2 Beds
1 Bath
910 SqFt
Status Active Under Contract
MLS # SW17222072
Property Type Single Family Residence
Adorable 2 bedroom 1 bath in a great location in hemet. Quiet street. Some upgrades, laminate flooring. Large living room area, separate dining area off kitchen. 2 spacious bedrooms. Nice bathroom with custom shower. Perfect for first time homebuyer. small sun room. good size backyard and a one car garage. Close to schools and shopping. MUST SEE!! Short sale property. Property AS-IS

420 Cedar Street Redwood City, CA 94063

$956,800
4 Beds
2 Baths
890 SqFt
Status Active
MLS # ML81684598
Property Type Single Family Residence
Bank Owned !!! Contractor Special ! Lots of Potential ! Public record shows, SFR upon inspection, prop has 2 units. Permit unknown, buyer to verify.

1436 Country Vistas Bonita, CA 91902

$775,000
5 Beds
3.5 Baths
3,003 SqFt
Status Active Under Contract
MLS # 190001174
Property Type Single Family Residence
Over 3000 square foot 5 bedroom home in Bonita. Cul de sac street and a huge lot. Home needs some fixes and is a short sale.

2563 N Falconer Way Orange, CA 92867

$999,999
5 Beds
4 Baths
3,885 SqFt
Status Active
MLS # OC18018184
Property Type Single Family Residence
Short Sale Opportunity to buy in highly sought after Serrano Heights Neighborhood! Entertainer's dream home floorplan! Located on a quiet cul-de-sac street, this 5 Bedroom /4 Bathroom home sits on a large 7673 SF lot with 3885 SF of living space. Dramatic archway entrance leads you through double doors unveiling the formal entry with a grand curved staircase and cathedral ceilings. Some of the home amenities include gorgeous hardwood flooring, downstairs bedroom (was used as den) plus separate full bath. Inside laundry room. Kitchen with granite counter tops and large island for entertaining plus breakfast nook which opens to the sizable family with fireplace. Living room has fireplace. Upstairs has a bonus room loft that is currently used as office with 2 sets of french doors opening onto balcony with side views of hills. Secondary bedrooms connected by a Jack and Jill bath. Master bedroom is over-sized with room for retreat, master bath with soaking tub, separate shower and double sinks, oversized built out walk in closet. Flagstone covered patio with built in BBQ bar area. Great Neighborhood & School District. Ideally located within walking distance to Anaheim Hills Elementary School and Fred Barrera Park, hiking trails, horse trails and close proximity to shopping. Don't Miss seeing this one!

1905 Thornton Street Riverside, CA 92507

$251,000
3 Beds
2 Baths
1,049 SqFt
Status Active
MLS # SB18026878
Property Type Single Family Residence
Built in 1985. 3 bedroom 2 bathroom home. Fireplace. 1 story home with a Big back yard. On a culesac. Short sale approved at $256,000. Sold as is. Price and terms are approved by the lender.

7717 Variel Avenue Canoga Park, CA 91303

$575,000
3 Beds
2 Baths
1,863 SqFt
Status Active Under Contract
MLS # 818000553
Property Type Single Family Residence
Lender approved price is $550k. BACK ON MARKET- no fault of property. Buyer changed mind. SHORT SALE APPROVED. NEED OFFER. BRING SERIOUS BUYER. Great value for the Price. Larger than imagined. Private. Peaceful. Paradise. The moment you arrive, you know you're home. This beautiful gated 3 BD 2 BA home has been well maintained and is an entertainer's dream. The over-sized living room has a brick fireplace and dining area adjacent to an updated kitchen with granite countertops. As you sip a cup of coffee in your cozy breakfast area, you won't have to worry about space for your guests. There is a large family room with a brick fireplace beckoning family to gather for any holiday or celebration. Utilize the bar area for serving convenience as it includes a wood countertop, minifridge, and space to hang your wine glasses. In addition, this home includes a bonus room that can be used as a den, game or play room, or a 4th bedroom.

1800 E Lakeshore Drive Unit 1310 Lake Elsinore, CA 92530

$240,000
3 Beds
2.5 Baths
1,477 SqFt
Status Active Under Contract
MLS # PW18033729
Property Type Condominium
Approved Short Sale! Cute Two Story Townhouse with 3 Bedrooms and 2.5 Bathrooms. The Living Room has Tile, Carpet Flooring and a Gas Fireplace with a Wall Switch Starter. Nice Size Kitchen with Plenty of Cabinets and Tile Counter Tops. Gas Stove, Dishwasher and Garbage Disposal as well as Direct access to the Two Car Garage. This Townhouse has the open space to Cook while enjoying your guest as the Dining Area and Living Room are in front of the Kitchen. Their is a 1/2 Bathroom downstairs and a good sized Front Patio for BBQ's. All 3 Bedrooms are upstairs, Two Full Size Bathrooms as well. HOA includes, Pool, Play Area, Spa, and Picnic area. Only minutes away from the 15 FWY and the Lake!

2117 Wind River Road El Cajon, CA 92019

$650,000
4 Beds
3 Baths
2,436 SqFt
Status Active
MLS # SW18012425
Property Type Single Family Residence
HUGE REDUCTION!!!! APPROVED SHORT SALE!!! Don't Like Solar Panels! No Problem! This Beautiful Luxury 4 Bedroom, 3 Bath, Pool Home Is Located In The Highly Desired Cottonwood Community In The Heart Of Rancho San Diego! This Traditional Styled Home Will Leave You In Awe With Its High Amount Of Detail Throughout. The New Owners Will Enjoy A Gorgeous Open Floor Plan Lots Of Cabinets; Sun Poarch: Downstairs MASTER BEDROOM SUITE With Bed/Bath; Upstairs HUGE MASTER BEDROOM SUITE/Bath, Walkout Attached Deck With

511 Cliff Drive Newport Beach, CA 92663

$3,195,000
6 Beds
7 Baths
6,850 SqFt
Status Active
MLS # 18317670
Property Type Single Family Residence
Short Sale Approved. Beautiful 2-Story Home in Prestigious Cliff Haven enclave of Newport Heights. Completely remodeled in 2004, this home offers 6 Bedroom / 7 Bathrooms & 6,850 square feet of living space (per owner/builder). Backyard w/ pool & spa. Property is being sold AS-IS. Please see private remarks for showing instructions.

5933 Edgewater St San Diego, CA 92139

$575,000
5 Beds
2 Baths
2,207 SqFt
Status Active
MLS # 180012232
Property Type Single Family Residence
Nice large home with plenty parking and multiple rooms. Basically 2 units. Zoning is R-2 large driveway that accommodates boat or RV. All measurements to be verified by buyers agent before close of escrow. Currently working with lender and attorney to reverse illegal foreclosure sale. Make an offer and take this home to flip. CASH OFFER IS KING. Other financing terms welcome.

9269 44th Street Riverside, CA 92509

$325,000
3 Beds
2 Baths
1,188 SqFt
Status Active Under Contract
MLS # AR18058996
Property Type Single Family Residence
Subject to Short Sale Lender's approval. Property needs work and it is being sold AS IS.

4709 Briana Court Fallbrook, CA 92028

$799,000
4 Beds
6 Baths
3,750 SqFt
Status Active Under Contract
MLS # 180014579
Property Type Single Family Residence
Short Sale! Spacious and Stunning Single Level Santa Barbara Style home located in the highly desirable Morro Hills area of Fallbrook. Cool Ocean Breezes, Private Roads, quiet Cul-de-Sac location on approx 2.1 spectacular view acres! This est. 3750 sq.ft. home has 4 large bedrooms each with their own en-suite bathroom, spacious gourmet kitchen with upgraded high-end stainless steel appliances, large laundry room and lots of storage! Enjoy the tropical backyard paradise complete with pool, jacuzzi!