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:

2739 Morningside Street Pasadena, CA 91107

$995,000
4 Beds
3 Baths
2,844 SqFt
Status Active
MLS # 18375816
Property Type Single Family Residence
SHORT SALE: .... Bring your best offer.....Price Just reduced. Appraisal came in at $ 1,430.000 Location, Location, Location… Will not last !! Short Sale is not approved yet. This house features a great big open layout. Beautiful modern 2-Story Home. Formal living & dining rooms, High ceilings, Natural light. , family room and much more . Spacious kitchen w/ open floorplan layout & breakfast area . 1 Bedroom and 1 full bath downstairs, 3 bedrooms and 2 bath at the 2nd floor , walk-in closet, and more, several fruit trees. Central AC + Heat, fireplace in living room.

24302 Totuava Circle Mission Viejo, CA 92691

$649,000
4 Beds
2 Baths
1,929 SqFt
Status Active Under Contract
MLS # LG18214164
Property Type Single Family Residence
APPROVED SHORT SALE BARGAIN! JUST FELL OUT OF ESCROW PRICED BELOW COMPS FOR QUICK SALE 4 BEDROOM FAMILY HOME ON ONE LEVEL located in the La Paz tract near Jeronimo and Marguerite

400 N Sunrise Way Unit 264 Palm Springs, CA 92262

$180,000
3 Beds
2 Baths
1,192 SqFt
Status Active Under Contract
MLS # 18380092PS
Property Type Condominium
This property is a unique 3 bedroom 2 bath, upper unit in Catalina Grove, on fee land. Upper floor is laminate flooring in the living area and carpet in the bedrooms. Kitchen has granite counters and the refrigerator included. The large balcony, of which accompanies the living room is the perfect setting to enjoy outdoor living. Water and trash paid. The complex has 3 pools, a clubhouse and fitness center. Catalina Grove is contained within beautiful grounds and is located close to downtown Palm Springs. Resident is assigned their own carport parking space.Short sale subject to bank approval.Unit is located in building 4.

8539 10th Street Downey, CA 90241

$1,350,000
5 Beds
5 Baths
5,580 SqFt
Status Active
MLS # CV18209904
Property Type Single Family Residence
Short Sale subject to lender approval. Please do not disturb owners

17 Wimbledon Circle Salinas, CA 93906

$595,000
4 Beds
3 Baths
2,473 SqFt
Status Active
MLS # 318003466
Property Type Single Family Residence
Approved Short sale! A beautiful single family home located in a cozy cul-de-sac neighborhood with lots of curbside appeal. This home is situated in the City of Salinas, Monterey County. Offers 4 bedrooms, 3 bathrooms, a fireplace, an attached garage that has space for 2 cars, and a private backyard where you can enjoy your own privacy. Don't miss out on this ready to move in condition home!

3600 Ashe Road Unit 4 Bakersfield, CA 93309

$2,507,000
3 Beds
2.5 Baths
-- SqFt
Status Active
MLS # 18382782
Property Type Townhouse
23 individual townhomes available for a portfolio sale at 3600 Ashe Road in Bakersfield. There are 33 units in the entire complex. 19 of the units are court appointed bankruptcy sales and 4 of the units are short sales which may be included in the bankruptcy. Court approval is required. Each unit has 3 bedrooms and at least 2 bathrooms with an attached 2 car garage and laundry inside. Each unit also has a garden and patio area in the front. The total square footage of all 23 units is 32,491. 8 of the units have been updated with floors, kitchens, and bathrooms. 15 of the units are distressed. The complex has a pool, spa, and changing rooms. California State University of Bakersfield and Mercy Hospital are just a few minutes away. There is plenty of shopping and restaurants nearby. The potential for the portfolio is to upgrade and increase rents to hold & cash flow or update and resell individually or in a portfolio.

17357 Blue Aspen Lane Canyon Country, CA 91387

$569,000
4 Beds
3 Baths
3,280 SqFt
Status Active Under Contract
MLS # 18388288
Property Type Single Family Residence
Big Beautiful 4 bed 3 bath home in a quiet and safe Canyon Country neighborhood! This spacious home boasts a large family and living room plus an upstairs bonus sitting / play room. The big open chef's kitchen features a center island and walk in pantry. The master suite includes a walk in closet plus an ensuite master bath with dual sinks, sunken tub and separate shower. The entertainers backyard features a tiled deck and mountain views. Recessed lighting through out the home! Just minutes to the 14 freeway for easy access to the San Fernando and Antelope Valleys. Best priced 4 bed 3 bath home in a great neighborhood! Property needs repairs, buyers to do their own due diligence. This is short sale, subject to individual lender approval of buyer. Being sold as is. Do not disturb the occupants.

830 W 64th Street Los Angeles, CA 90044

$350,000
2 Beds
1 Bath
947 SqFt
Status Active
MLS # CV18218585
Property Type Single Family Residence
2 bedroom 1 bathroom needs TLC and is a fixer. Located just south of Gage at Hoover & 64th Street. Short sale & probate listing

415 3rd St Ramona, CA 92065

$414,900
3 Beds
2 Baths
1,080 SqFt
Status Active Under Contract
MLS # 180050176
Property Type Single Family Residence
Short sale opportunity! Charming 3 bed / 2 bath home in Ramona! Recent upgrades and additions. The home is in wonderful condition and move in ready. Plenty of parking. Nearly a 1/4 acre lot with a good sized back yard. Private fenced entry area. Great location. Don't miss out!

741 S Lost Canyon Road Anaheim Hills, CA 92808

$990,000
4 Beds
3 Baths
3,437 SqFt
Status Active Under Contract
MLS # PW18219092
Property Type Single Family Residence
BACK ON THE MARKET. BANK APPROVED SHORT SALE. OVER $200,0000 REDUCED FOR A QUICK SALE. PLEASE DO NOT MISS YOUR GOOD CHANCE. Gorgeous, executive home located in prestigious 24 hours guard gated “Belsomet”. This large home of 3,437 living square feet has 4 bedrooms and 3 baths and a retreat room. Beautiful porch leads to double doors entry with the elegance of the bright and a open floor plan. Entering double doors to the open and inviting huge living room with cathedral ceiling that flows to the formal big dining room & a cozy fireplace. Large bay window kitchen with huge center island, built-in dishwasher, refrigerator, a dining nook and gather in the expansive family room with wet bar and a fireplace. Convenient downstairs spacious bath and bedroom. Huge private master suite with a high ceiling, a retreat area and a cozy fireplace. Amazing master bath features a spa-like arena with dual vanities, large jetted soaking tub and shower, sky light, and a over sized walk-in mirror closet. Second and third bedrooms located on a 2nd floor are generous in size. Upstairs full bath has dual vanities & tiles floor. Huge retreat room with double doors leads to a spacious balcony. Retreat to the tranquil rear yard and enjoy the dining patio, and grassy lawns. New fresh paint throughout and a newer roof. Attached 3 car garage with a direct access.Minutes to shopping center, golf course, lake, state park, and freeways 15,55,71,91 and 241. Rarely on the market for sale.

20741 E Crest Lane Unit A Walnut, CA 91789

$410,000
2 Beds
2 Baths
912 SqFt
Status Active
MLS # 18384794
Property Type Condominium
Very Bright And Light 2 Bed / 2 Bath Condo in Peaceful Ridgeline Community! Interior Features Vaulted Ceiling, beautiful Wood Flooring, Two Car Attached Garage Below Unit. Very Quiet Area with Community Pool and an easy walk To the Park. Walnut School District. Please See Private Remarks For Showing Instructions! Short Sale Subject To Lender Approval.

1583 Turnberry Court Beaumont, CA 92223

$352,300
2 Beds
2.5 Baths
2,127 SqFt
Status Active
MLS # PW18224650
Property Type Single Family Residence
BACK ON THE MARKET APPROVES SHORT SALE: DON'T MISS THIS ONE. GATED COMMUNITY TWO BEDROOMS WITH TWO FULL BATHROOMS. BACK YARD FOR IS A DREAM. Large rooms nice, in a cul-de-sac , with Three car garage, No need to invest money in the back yard is ready for your enjoyment. COME and View this DREAM . All terms are subject to lender approval.