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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:

19294 Ramona Trails Drive Ramona, CA 92065

$712,500
4 Beds
3 Baths
3,691 SqFt
Status Active
MLS # IV22070171
Property Type Single Family Residence
Price Type --
Have you always dreamed of having a large home, serenity, pastoral views, privacy, barn and pool? This is your chance to own a piece of paradise! This secluded residence on eight acres boasts four bedrooms, three bathrooms, an equestrian corral, fireplace, family room, living room, wood floors, and inground pool. Relax and entertain in this sprawling home with the large, open kitchen, or take a drive and enjoy the vineyards and other outdoor activities nearby. Don’t miss this rare opportunity! All potential buyers are asked to check with city and tax 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.

10575 Vinedale Street Sun Valley, CA 91352

$998,000
4 Beds
2 Baths
2,532 SqFt
Status Active
MLS # SR22049175
Property Type Single Family Residence
Price Type --
Short Sale! Submit! Diamond in the Rough for this sought-after Prestigious Glencrest Hills two story residence. Make this GEM shine! Surrounded by million dollars homes and Verdugo Mountain Views. Residence was originally relocated from Louise & Venture Bl area (believed to be part of the John Wayne Ranch, Buyer to verify). Property to be sold in as is condition, Buyer to satisfy themselves as to the condition of all the systems. This FIXER, offers tons of potential for your Do-it yourself Buyers or Investors. Corner lot with a detached 2-car garage on a 10,326 sq ft lot. Main floor offers a living room, gallery kitchen, laundry room, 3/4 bathroom, formal breakfast nook, family room with vaulted wood ceilings plus two large bedrooms with a full hall art-deco bathroom. Upper level two bedrooms with a 1/2 bathroom (1/2 bathroom may not be permitted). Spa has been drained. The possibilities are endless for this amazing property that just needs a face-lift!

3704 Grayburn Avenue Los Angeles, CA 90018

$960,000
3 Beds
2 Baths
1,443 SqFt
Status Active Under Contract
MLS # DW22085429
Property Type Single Family Residence
Price Type --
BACK ON THE MARKET ! SELLER SAY'S LETS GET IT SOLD !THIS IS IT! RIGHT HOUSE IN ONE OF THE MOST DESIRABLE PARTS OF TOWN LEIMERT PARK! THIS 3 BD 2 BA 1443 SQFT HOME SITS ON A 5900 SQFT LOT (PERFECT FOR AN ADU) . WITH SOME COSMETIC FIX'S, MORDERN UPGRADES AND TOUCHES THIS COULD BE ONE OF THE MOST BEAUTIFUL HOMES INTHE AREA. THIS HOME IS IN FORECLOSURE . PLEASE DON'T KNOCK ON THE DOOR OR WALK AROUND THE PROPERTY WITH BEING ACCOMPANIED BY THE LISTING AGENT. PLEASE MAKE ALL OFFER'S - SUBJECT TO INTERIOR INSPECTION

10021 Cohasset Road Chico, CA 95973

$500,000
3 Beds
4.5 Baths
6,600 SqFt
Status Active
MLS # SN22091841
Property Type Single Family Residence
Price Type --
Short sale alert: Handyman special. Your opportunity to own a stellar home for under market value. Beautiful 6600sf home on 2 acres with 30ft high cedar ceilings, tall windows, a billiard area, swimming pool, tennis court, basketball court, a state-of-the-art well system, a fenced yard, and lots of trees for privacy. The house could use some TLC updates like flooring & paint, and pool maintenance, but to the best of the seller’s knowledge there’s nothing major wrong with the house. After renovation value of this property is $1.2M so there is a lot of opportunity to easily build equity.

1204 Sunshine Trail Julian, CA 92036

$480,000
3 Beds
2 Baths
1,144 SqFt
Status Active
MLS # PTP2202681
Property Type Single Family Residence
Price Type --
SHORT SALE. Submit your offer for review!! Motivated seller! Possibilities with this home are wide open, and so is the view!! Distinctive home with vast views of the Mountains. This private home sit at the end of the street/cul-de-sac looking east towards Anza Borrego State park, Salton sea and off in the northward distance, you'll find Volcan Mountain. .61 Acre of flat usable land, with 2 decks to gaze upon the starts. Tall, open south facing windows offer great natural light for sunroom/atrium/garden (or all of the above). Take in the view from your living room as the sun rises while sipping on your morning coffee or walk out to the east deck from the living room or master bedroom and breath in the fresh mountain air. The unique home design offers endless possibilities to the creative mind to make it their own. Additional room(s) provide an opportunity to create, design and capture your vision. Some remodeling has been done, and is ready for its next owner to make it a complete gem! Just a short 2-3 miles from the quant town of Julian, the apple orchards, and local schools.

23067 Teil Glen Road Wildomar, CA 92595

$575,000
4 Beds
2.5 Baths
2,467 SqFt
Status Active
MLS # SW22093996
Property Type Single Family Residence
Price Type --
Windsong Valley family home is a Diamond in the rough Fixer upper and needs work. SHORT SALE Sold as-is.

2516 W Macarthur Boulevard Unit C Santa Ana, CA 92704

$448,400
1 Bed
1 Bath
793 SqFt
Status Active Under Contract
MLS # OC22104416
Property Type Condominium
Price Type --
APPROVED SHORT SALE!!! AS IS SELLERS LOSS BUYERS GAIN. This one of a kind property overlooks lush landscape and a tree lined stream in the Woodlake gated community amongst the cosmopolitan area of South Coast Metro. The ground level condominium offers two private patios over looking relaxing water features providing a majestic and relaxing environment. A rare find location within the community. Featuring an open floor plan with mahogany wood flooring along with an eat in kitchen including granite counter-top and plenty of cabinet space. The sizable master bedroom includes an en suite bathroom with shower in tub, a mirrored closet and walk in closet. Laundry located in patio closet. Community amenities feature a pool and spa. Located just down the street from one of Orange County's finest shopping, dining and entertainment spots at South Coast Plaza close to public transportation and quick access to the 405/55/73 Freeways with a short drive to John Wayne Airport, Irvine Business complexes, the OC Fairground, Segerstrom Center of Arts, South Coast Repertory, the Metro Point and adjacent from the City of Costa Mesa.

8263 3rd Avenue Hesperia, CA 92345

$332,500
3 Beds
2 Baths
2,108 SqFt
Status Active Under Contract
MLS # IV22112923
Property Type Single Family Residence
Price Type --
FIXER UPPER* Investor's Dream!!!! No access to property. Drive-by- Only. Sold As-is. Property is boarded up and we have short sale approval.

10069 Emerald Drive Kelseyville, CA 95451

$233,600
2 Beds
2 Baths
1,150 SqFt
Status Active Under Contract
MLS # IV22118093
Property Type Single Family Residence
Price Type --
A single-family residence awaits you in Kelseyville, CA. This home is at an amazing price point and will not last long. Why rent when you can own a home for cheaper. This two-bedroom, two bath home is on an approximate 5968 square foot lot. If you blink it will be gone. 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. Solar UCC Lien on property Buyer to assume.

2251 Blackfield Drive Concord, CA 94520

$667,700
8 Beds
4 Baths
3,150 SqFt
Status Active Under Contract
MLS # IV22118178
Property Type Single Family Residence
Price Type --
Welcome to Concord, CA. A large single-family residence on a good size lot. A diamond in the rough awaits you. Roll up your sleeves and put in your designer touches to make this your dream home. 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.

5791 Hudson Street Jurupa Valley, CA 92509

$619,500 - 3Br/2Ba -  for Sale in Jurupa Valley
Open House
$619,500
3 Beds
2 Baths
1,484 SqFt
Status Active
MLS # IV22117792
Property Type Single Family Residence
Price Type --
GREAT LOCATION IN PEDLEY BY SCHOOL CLOSE TO TRAIN STATION AND 60 FREEWAY HALF ACRE WITH 3 BEDROOM HOME COMPLETLY CHAIN LINK FENCED AND CROSS FENCED CORNER LOT ONLY ONE NEIGHBOR FRONT GATE ACCESS ON TO PROPERTY AND LARGE DOUBLE FENCE FOR SIDE ACCESS OFF 58TH STREET ONTO PROPERTY HOME NEEDS SOME TLC NOT MAJOR. WAS IN FORECLOSURE HOWEVER OWNER IS NOW BACK IN CHARGE. SUBMITT ALL OFFERS

26133 Williams Way Unit B Murrieta, CA 92563

$478,400
3 Beds
3 Baths
1,654 SqFt
Status Active
MLS # IV22121394
Property Type Condominium
Price Type --
Welcome to Murrieta, California. Villas at Old Schoolhouse Community awaits you. This condominium shows as a two story, three bedrooms build in 2002. 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.