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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:

7907 Wilbur Avenue Reseda, CA 91335

$380,000
2 Beds
1 Bath
952 SqFt
Status Pending
MLS # 20615642
Property Type Single Family Residence
Price Type --
Great opportunity for investors/buyers who are interested in purchasing fixers! Do not disturb occupants. Short sale pending lender approval. AGENTS: PLEASE READ AGENT REMARKS. Due to property condition this property will not qualify for FHA. PROPERTY NEEDS WORK!!!! HURRY!!!!!

501 Haverstock Road La Canada Flintridge, CA 91011

$2,100,000
6 Beds
8 Baths
8,662 SqFt
Status Pending
MLS # SR20209414
Property Type Single Family Residence
Price Type --
Short Sale! Must see. Needs Work. Needs landscaping and cosmetic improvements. Bring your contractors and investors.

1836 Crenshaw Boulevard Los Angeles, CA 90019

$799,000
3 Beds
1 Bath
2,252 SqFt
Status Pending
MLS # PW20214902
Property Type Single Family Residence
Price Type --
Great opportunity for savvy investors. This property is located in the Arlington Heights area in the Mid City neighborhood of Los Angeles. It is close to shopping, schools and transportation, Centrally located it is accessible to most venues in the City from Downtown LA, Hollywood, Inglewood and the beach cities. Zoned R3 and located in a Transit Priority Area( TOC Tier 3) and not a HPOZ this property is perfect to be redeveloped into a premier property with plenty of potential for you. REO property will be delivered tenant occupied in AS IS condition, No repairs, no termite report. Buyers to conduct their own due diligence. NO PROPERTY ACCESS,DO NOT DISTURB OCCUPANT, CASH OFFERS ONLY!

3364 Nolina Street Baldwin Park, CA 91706

$459,900
2 Beds
1 Bath
939 SqFt
Status Pending
MLS # RS20229294
Property Type Single Family Residence
Price Type --
BANK OWNED! Calling all investors. Two bedroom house with a huge lot that may allow you to build a larger home and/or ADU. Nicely located near freeway access and several shopping centers.

6750 Astoria Drive Riverside, CA 92503

$349,999
4 Beds
2 Baths
1,579 SqFt
Status Pending
MLS # OC21005489
Property Type Single Family Residence
Price Type --
Great starter home in desirable area of Riverside near all facilities. Property is being SOLD AS IS condition. Has a large 5,227 square foot lot with lots of potential. 4/2 this is a short sale. Please do not disturb the tenants, property unavailable to see at the moment until further notice. Agents no more showings please.

67244 Mia Place Cathedral City, CA 92234

$180,000
2 Beds
3 Baths
1,644 SqFt
Status Active Under Contract
MLS # 21682222
Property Type Single Family Residence
Price Type --
Fixer, short sale located in Dream Homes area of Cathedral City.

23410 Sycamore Creek Avenue Murrieta, CA 92562

$500,000
6 Beds
3.5 Baths
3,748 SqFt
Status Pending
MLS # SW21029524
Property Type Single Family Residence
Price Type --
Short Sale subject to Lender's approval.

7411 Stanford Avenue Los Angeles, CA 90001

$320,000
6 Beds
2 Baths
1,314 SqFt
Status Pending
MLS # PW21037130
Property Type Single Family Residence
Price Type --
SHORT SALE Subject to lenders approval. NEEDS TLC MUST SEE.

1128 N Evergreen Avenue Los Angeles, CA 90033

$250,000
2 Beds
1 Bath
1,075 SqFt
Status Pending
MLS # DW21039762
Property Type Single Family Residence
Price Type --
SHORT SALE!!! This property offers 2 bedrooms and 1 baths on a great sized lot. Close to freeways, Downtown and shops. There may be an illegal additions on the property. Seller and/or seller's agent makes no representation as to room count, square footage, lot size, etc. Buyer to verify with appropriate entities.

30041 Rim Rock Place Canyon Lake, CA 92587

$350,550
2 Beds
1.5 Baths
1,051 SqFt
Status Active Under Contract
MLS # SW21028082
Property Type Single Family Residence
Price Type --
Charming 2 bed, 1.5 bath single story on large almost 1/4 acre lot located on a small cul-de-sac. SHORT SALE approved at the advertised price, bank will not accept a penny less. This home features a galley kitchen with breakfast nook, open living room with wood burning fireplace and vaulted ceilings, master bedroom with attached bath with slider leading to back patio, 1/2 bath in the main living area with adjacent second bedroom with slider leading to back patio and a lot with plenty of space for pool and RV/boat parking. Bank will not pay for termite or section 1, home warranty, HOA prep and transfer fees and the property will be sold in as is condition with no repairs or credits. Located in the private gated community of Canyon Lake which offers a 384 acre ski/fishing lake, 16 parks most with beaches and playsets, 18 hole golf course, pools, clubhouse, restaurants/bars, tennis courts, dog park, baseball fields, equestrian facility, golf cart friendly streets, basketball and pickleball courts, slolam course, ski jump, community events and so much more!!! Welcome to Canyon Lake, Southern California's premier resort community!

198 S Mistletoe Avenue San Jacinto, CA 92583

$305,000
4 Beds
2 Baths
1,323 SqFt
Status Active Under Contract
MLS # 21705984
Property Type Single Family Residence
Price Type --
Beautifully Upgraded 4-Bedroom Home in Quiet San Jacinto Residential Neighborhood! Sitting on a spacious corner lot, this home features a modern open layout & designer finishes throughout. Kitchen w/ custom hardwood cabinets, granite countertops & tile backsplash. Dining area. Large fully gated backyard w/ covered patio - perfect for entertaining & ready for your imagination! 2 car garage. Short sale subject to lender approval.

25825 Via Quinto Street Moreno Valley, CA 92551

$350,000
4 Beds
3 Baths
2,134 SqFt
Status Pending
MLS # DW21070428
Property Type Single Family Residence
Price Type --
Perfect opportunity for investors to add some TLC and turn this into a dream home! Property featuring 4 Bedrooms & 3 bathrooms with huge living room and family room for entertainment. Spacious backyard is perfect for this summer BBQ. Three car garage boasts tons of room for all the toys along. Most importantly, Low HOA and taxes! Don't miss out on this one! Call and get more info today~! SHORT SALE SUBJECT TO LIEN HOLDER APPROVAL