REOs 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:
74110 Academy Lane E
Palm Desert, CA 92211
$661,000
4
Beds
3
Baths
2,420
SqFt
Status
Active
MLS #
IV22195266
Property Type
Single Family Residence
Price Type
--
SHORT SALE APPROVED! CASH ONLY due to time constraints. Pending cancelation of current escrow. Welcome to this beautiful home located in this serene community of Palm Desert. This home offers a family room with a fireplace that has plenty of natural lighting. The kitchen features granite counter tops, double oven, glass front cabinets, white appliances and a large pantry. Off the kitchen you will find a dining room and living room that opens up to the patio doors to the backyard. Primary bedroom offers plenty of space and a walk in closet, over sized shower with granite counter tops, and a walk in bathtub. Second bedroom is an en-suite with bathroom granite counters, floors, and shower, and its own entry and exit. Third and Fourth bedrooms are good size with mirrored closets and built in shelves. Through out the home has hardwood floors, vaulted ceilings, ceiling fans, and recessed lighting. The backyard has a saltwater pool and spa, and an outdoor shower. The garage floor is finished with built in cabinets. Located close to shopping, freeway access and dining. Solar lease for energy savings. Don't miss out, schedule your appointment today.
6550 Vanalden Avenue Unit 6
Reseda, CA 91335
$370,000
3
Beds
2
Baths
1,269
SqFt
Status
Pending
MLS #
SR22200949
Property Type
Condominium
Price Type
--
Short Sale Probate subject to court approval..HOA is due $15,000 Buyer to pay. Probate Attorney Fee will be $14,900 Buyer to Pay. Lender & Court will have to Approve.Will take 60 to 90 days for court approval.Located in the desirable Briarcliffe community! Property has a house feel to it . Property is a complete fixer. No flooring,No working AC Needs a complete remodel. Complex does have Pool, and Tennis Court. Financing may be hard to obtain....Hard Money and Cash perferred.
11431 Camp Rock Road
Lucerne Valley, CA 92356
$165,100
3
Beds
2
Baths
1,654
SqFt
Status
Active Under Contract
MLS #
IV22204477
Property Type
Single Family Residence
Price Type
--
Wow, Wow, Wow!! Single family residence with over 37 acres of land in Lucerne Valley, CA. This home sits on an amazing amount of land for an incredible price. Truly if you blink it will be sold. This is a great opportunity to put your finishing touches on this gem. Don't miss this unique chance to say ''hello'' to your new dream getaway! 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.
14058 Driftwood Drive
Victorville, CA 92395
$345,000
4
Beds
3
Baths
1,764
SqFt
Status
Active Under Contract
MLS #
HD22202441
Property Type
Single Family Residence
Price Type
--
Spring Valley Lake Community home with 4 bedroom home with 3 baths, one of the bedrooms has a private entrance bedroom w/bath that can be used for various living situations where needed privacy attached to the home. Large open living room with fireplace will be great for gatherings. Kitchen has sitting bar with lots of storage and real wood floors. Larger than most primary bedroom and ample sized secondary bedrooms. A little updating on this property will go a long way with this floor plan! Enjoy this lake community with parks, lake, marina, dog park, beach, fishing, and private country club with golf course! Subject to Short Sale Approval!
7940 Vineland Avenue
Sun Valley, CA 91352
$648,000
5
Beds
4
Baths
1,968
SqFt
Status
Active Under Contract
MLS #
IV22223786
Property Type
Single Family Residence
Price Type
--
A diamond in the rough awaits you in Sun Valley California. This Single-family residence needs you to roll up your sleeves and put on your designer touches to make it a dream home. The home sits on a lot of approximately 6,840 square feet. If you blink it will be sold. 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.
3610 Latrobe Street
Montecito Heights, CA 90031
$600,000
3
Beds
2
Baths
1,268
SqFt
Status
Active Under Contract
MLS #
SR22201115
Property Type
Single Family Residence
Price Type
--
Reimagine this Montecito Heights mid-century fixer with superb location and views! Situated in the hills above Highland Park take advantage of a lower price to repair and remodel this gem. You will enjoy close proximity to all the best that the Eastside has to offer including hip restaurants, the Audubon Center, Heritage Square, Lummis House, and The Southwest Museum. For nature lovers, there is quick access to the trailhead of Debs Park. The home was initially built as a two-bedroom, one-bath, and over the years was expanded to three bedrooms and two baths. The home has beautiful views, a charming brick courtyard, and a separate laundry casita. For the CASH investor or CASH investor/owner, this is an excellent opportunity to rebuild/repair and value-add in a highly desirable neighborhood. Please be aware that there are foundation issues. SHORT SALE SUBJECT TO FULL LIENHOLDER APPROVAL
2012 E Lucien Street
Compton, CA 90222
$450,000
3
Beds
1
Bath
898
SqFt
Status
Active
MLS #
22186177
Property Type
Single Family Residence
Price Type
--
Property is in Probate with Limited Authority... Also in Foreclosure... Submit all offers 'Subject to Inspection... The Highest & Best will be scheduled a showing... New windows... Solar panels installed in 2015 via the LA County HERO Program... Contact LA 1 for further details... DO NOT WALK Property...
7414 Engineers Rd
Julian, CA 92036
$389,000
3
Beds
2
Baths
1,324
SqFt
Status
Active Under Contract
MLS #
220027566SD
Property Type
Single Family Residence
Price Type
--
SHORT SALE. This property needs plenty of TLC but presents a great opportunity for a starter home ownership. The home offers off-the-grid living with beautiful mountain views, mature oaks, two decks, a two-car garage, laundry room, vaulted ceilings, open living room/dining room/kitchen area, and all in a charming country setting minutes away from Lake Cuyamaca. Hiking trails are nearby. Manufactured home with fire sprinklers, plenty of natural light and great opportunities to customize to your taste. There are fire departments at each end of paved Engineers Road. Julian is a dark sky community offering spectacular star gazing. The Cuyamaca Woods neighborhood is off the grid, so no unsightly electric poles and wires. Those wishing a self reliant lifestyle will value this lot, location and your own water supply. Sewer: Septic Installed Topography: GSL
46334 Alamosa Road
Newberry Springs, CA 92365
$150,000
4
Beds
2.5
Baths
1,707
SqFt
Status
Active
MLS #
SW22237985
Property Type
Single Family Residence
Price Type
--
*SHORT SALE Views Views Views! Great for ALL animal lovers! PROPERTY is ready for any type of Farm animal. PROPERTY'S Water source is on WELL. Owned Solar!, HVAC, stove, dryer and washer all electrical. No electrical meter, the waterline was copper and was ripped out of the attic. The electrical wires from the main panel to the master bed was also ripped out. Huge Kitchen - Step down living room. LARGE in the HOME laundry room. Property features 3 bedrooms Plus a BONUS ROOM!. LOTS OF POTENTIAL!!!SHORT SALE. Short sale has not been approved waiting on bank to review file. Drive by only.
18494 Mojave Street
Hesperia, CA 92345
$399,999
3
Beds
2
Baths
1,924
SqFt
Status
Pending
MLS #
CV22239181
Property Type
Single Family Residence
Price Type
--
Back on market Short Sale. This custom built home offers a variety of amenities that every new homeowner is seeking. This 3 bedroom, 2 bath home also offers a living room, family room with fire place, formal dinning room, and additional eating area off the kitchen. Note the lot size of 70,000 (1.6 acres) flat land totally usable and gated. There are two workshops with power in rear yard area. Property is surrounded by house property and has valley view with amazing sunset view. There has only been one owner that has lived in home and has been taken care of. Property needs of some flooring, paint and small upgrades, other then that property shows well and is in great condition Offer subject to current escrow cancelation. Please see agent remarks for more info.
1742 Glenview Drive
Perris, CA 92571
$300,000
3
Beds
2.5
Baths
1,496
SqFt
Status
Pending
MLS #
DW22240293
Property Type
Single Family Residence
Price Type
--
SHORT SALE PENDING UPON BANK APPROVAL . House 2 stories near to Lake Perris Please Submit your offer for review with approval letter. Excellent Opportunity for investors nice house need REPAIRS but has a big potential. Close to 215 freeway. AS IS. PLEASE SEND YOUR OFFER VIA EMAIL.
