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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:

13334 Brianhead Court Victorville, CA 92394

$399,000
5 Beds
2.5 Baths
2,270 SqFt
Status Pending
MLS # SR21076284
Property Type Single Family Residence
Price Type --
SHORT SALE!!! YOU ARE INVITED TO MAKE THIS RESIDENCE YOUR DREAM HOME. 5 Bedrooms, 3 Bathrooms on a Spacious Single Level Cul-De-Sac in Victorville. An Open Floor Plan with Carpeted Living Room, Dining Room with lots of Natural Lighting. Island Kitchen, Tiled Flooring, Fireplace, Dining Area, Ceiling Fans, In Door Laundry Area 2 Car Garage, Paid Solar. Close to all Shopping Areas and 15 Fwy.

44224 Honeybee Lane Lancaster, CA 93536

$440,000
6 Beds
3 Baths
2,818 SqFt
Status Pending
MLS # 21731018
Property Type Single Family Residence
Price Type --
Located here in Lancaster, CA in an area known as Antelope Valley. On the westside of the 14 fwy you'll find this lovely crafted, spaciously Energy Efficient 2 story, 6 bedroom, 3 bathroom house with attached 3 car garage that sits on approximately 6,657 sq ft lot. This property is sure to impress with it's light bright and open floor plan that includes open Living Room and Dining Room area and through the doorway to an eat-in kitchen with an appreciation of the backyard view and open to the family room area. 1st floor also includes a bedroom and bathroom, remaining 5 bedrooms and 2 bath are all located up stairs. Enter the Master Suite that has enough space for king size bedroom bed set. Master has window view of the back and side yard. Master Bath with water closet, dual sink separate shower and tub and walk in closet. 6th Bedroom could be used as a large 2nd floor Family Room. Pool has been repaired. This is a Short Sale listing.

2828 N Anchor Avenue Orange, CA 92865

$740,000
3 Beds
2 Baths
1,183 SqFt
Status Pending
MLS # DW21111249
Property Type Single Family Residence
Price Type --
Great home in the city of Orange, needs some work and TLC bring your Handy mand and don't let this one pass you by! SHORT SALE, DO NOT DISTURB OCCUPANTS

1442 Eucalyptus Drive Highland, CA 92346

$295,000
3 Beds
1.5 Baths
1,016 SqFt
Status Pending
MLS # CV21112216
Property Type Single Family Residence
Price Type --
This property does need work and repairs. You can walk this home right from your mobile phone right now! Just click on the camera icon for a 3D virtual tour. Two rooms in the back of the home are un-permitted. This is a short sale subject to lender approval of all terms.

2782 Laning Rd San Diego, CA 92106

$1,370,000
3 Beds
2.5 Baths
2,650 SqFt
Status Pending
MLS # 210017538
Property Type Single Family Residence
Price Type --
Bank approved @ $1,370,000. Bought directly from the developer in 2004. This Beacon Point home is ready for a new owner! Almost $100k in upgrades which include dual ovens, built in fridge, hardwood flooring, upgraded master bath, upgraded carpets throughout, fully automated with Nest, and much more. Only 8 floor-plans like this in Beacon Point with the added loft space! In addition this home has solar which keeps your electricity costs low. Walk-able to everything Liberty Station has to offer. Only 8 of these floor plans, Plan 2 with the added loft space. Perfect for an office space or additional guest room. This is a short sale, Buyer to cooperate with short sale process. Hot Tub is no longer present at property. Equipment: Range/Oven Sewer: Sewer Connected Topography: LL

3637 Street San Diego, CA 92105

$500,000
2 Beds
1 Bath
1,457 SqFt
Status Pending
MLS # PTP2104606
Property Type Single Family Residence
Price Type --
Short sale fixer.

2575 Rush Creek Ontario, CA 91761

$429,999
3 Beds
2 Baths
1,418 SqFt
Status Pending
MLS # CV21146450
Property Type Single Family Residence
Price Type --
Approved short sale!!!!!

1143 S N Street Oxnard, CA 93033

$499,000
3 Beds
1 Bath
1,630 SqFt
Status Active
MLS # 21761040
Property Type Single Family Residence
Price Type --
Beautiful home in a well kept neighborhood minutes from the beach! Plenty of outdoor space for parking or lounging on the concrete patio. Interior condition is unknown, home is occupied so buyers must be willing/able to close while occupied and without interior inspection, including no appraisal. Buyer must also be willing to take responsibility of attached code violations after closing. Do not miss this opportunity for a great deal in sunny Oxnard! This property is owned by Southside Neighborhood Stabilization and was purchased at foreclosure post auction bid pursuant to SB 1079. SB 1079 was put in place to promote homeownership and therefore priority for offers are given to owner occupant buyers. Buyers must provide a notarized affidavit that the agent will supply that states they intend to live in the property. Secondary priority will be given to investors who sign an affidavit stating they plan to rehab and sell the property to an owner occupant. Third priority is to investors who sign an affidavit stating they intend to rehab the property and provide affordable housing.

31166 Wyle Ranch Way North Fork, CA 93643

$245,700
3 Beds
2 Baths
2,001 SqFt
Status Active
MLS # IV21155369
Property Type Single Family Residence
Price Type --
Don’t blink and miss this spectacular opportunity. Have you always dreamed about having a either a full-time residence or getaway near a lake in the foothills of the Sierra Nevada Mountains without breaking the bank? Here is that rare occasion. This residence sits on over ten and three-quarter acres and features a fireplace, a two-car garage, and lots of serenity. Escape the hustle and bustle of city life and recharge. Lots of outdoor recreational activities nearby, including snowmobiling, camping, boating, and a short drive to Yosemite National Park. 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.

719 Larkin Street Unit 203 San Francisco, CA 94109

$599,000
1 Bed
1 Bath
619 SqFt
Status Active
MLS # ML81857386
Property Type Condominium
Price Type --
Huge Price reduction! Original Price was $685,000. Now is $599,000. 1 bedroom, 1 bath, flat unit on 2nd floor, open floor plan with lots of natural light, quartz kitchen counter top. Hardwood floor in living room, kitchen and bedroom. Tiles floor in bathroom. Tile shower wall. Latch smart access system, rooftop retreat with city views, storage space and secure bike parking. Food and drinks are surrounding and walking distance from the unit. This is Short Sale and subject to Lender's approval.

681 E 70th Street Long Beach, CA 90805

$650,000
2 Beds
2.5 Baths
1,609 SqFt
Status Pending
MLS # SB21174124
Property Type Single Family Residence
Price Type --
SHORT SALE LISTING CONTINGENT TO LENDERS APPROVAL. Located on a Corner lot 2 Bedroom & 2 baths with a Den. Double car garage and a Storage. Perfect for a big Family. This property has a lot to offer, it is great for first time buyers. Presently this property is in Default. Agents call for private showing. Do not go direct please contact our office for appointment.

1491 Carmen Court San Jose, CA 95121

$549,000
4 Beds
2.5 Baths
1,474 SqFt
Status Active Under Contract
MLS # ML81859447
Property Type Studio
Price Type --
This is a short sale! PUD located in a quiet neighborhood with 4 bedrooms 2.5 bath. Please do not disturb occupants.