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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:

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3533 Canon Drive Topanga, CA 90290

$447,300
3 Beds
2 Baths
1,629 SqFt
Status Active
MLS # IV19059824
Property Type Single Family Residence
Price Type --
Property has notices of Violations of a substandard property and a declaration of public nuisance. There is unpermitted work on the property and buyer would be responsible for addressing post-closing. Property has violation for the following but may not be all inclusive; Grading occurred without permit, building is in violation of distance from ascending slope, structural analysis and design were not done prior to construction, lack of fire sprinkler, CO alarms and smoke detectors, materials used in the illegal work are not fire resistant, HVAC, and plumbing systems violations, sewage disposal system and pump in place without permit or inspection; violation of nonconformity of building and fire regulations, interior has multiple violations for construction. A demolition order has been placed on this property. Buyer should perform their own due diligence prior to submitting an offer. ***NO ACCESS TO PROPERTY***

25575 Pacific Hills Drive Mission Viejo, CA 92692

$850,000
5 Beds
3 Baths
2,908 SqFt
Status Active Under Contract
MLS # 19447654
Property Type Single Family Residence
Price Type --
NOT AN APPROVED SHORT SALE!!! 5 Bedroom / 3 Bathroom House is sits on Pacific Hills with pool and spa. House has foundation damage from growing roots of trees and damaged Water pipes.

501 Haverstock Road La Canada Flintridge, CA 91011

$2,500,000
6 Beds
8 Baths
8,662 SqFt
Status Active Under Contract
MLS # SR19079263
Property Type Single Family Residence
Price Type --
Short Sale! Must see. Needs Work. Needs landscaping and cosmetic improvements. Bring your contractors and investors.

273 Wyatt Place Norco, CA 92860

$676,000
4 Beds
3 Baths
2,934 SqFt
Status Active
MLS # CV19080663
Property Type Single Family Residence
Price Type --
Honey, STOP THE CAR This is the one!!! Welcome to your gorgeous single story home in Norco. This home sits on almost a half acre of flat usable land, which can accommodate up to 5 horses. This house is at the end of a quiet, friendly, and safe cul-de-sac. You will just fall in love with this neighborhood! This amazing home features and open floor plan, fresh new interior paint in all main living areas, custom painted front door with new hardware, four bedrooms, three baths plus a den w/ double door entry!

16214 Oak Springs Ramona, CA 92065

$380,000
3 Beds
2 Baths
2,098 SqFt
Status Active Under Contract
MLS # 190020530
Property Type Single Family Residence
Price Type --
Short Sale. Offers are subject to lender approval. The 2098 sq ft 3 bedroom, 2 bath floor plan boasts a large family room, den, kitchen breakfast nook, formal dining area and 2 cozy fireplaces. Master bedroom is located opposite end of the guest bedrooms. Home is in need of repairs. Great investment opportunity!

22601 Gilmore Street West Hills, CA 91307

$625,000
3 Beds
2 Baths
1,570 SqFt
Status Active Under Contract
MLS # SR19101002
Property Type Single Family Residence
Price Type --
Incredible fixer in highly desirable West Hills neighborhood. Corner lot with detached car garage that is perfect for an ADU. Walking distance to Topanga Westfield and Fallbrook Center. 3 Bedrooms 2 Baths 1,570Sq.Ft. on 7,752 Lot This property has amazing potential!!! you can turn this house into your dream home!, Property Sold 'As Is' No Solicitation By Appointment Only

2039 Irvine Avenue Costa Mesa, CA 92627

$900,000
4 Beds
3 Baths
2,416 SqFt
Status Active Under Contract
MLS # LG19109513
Property Type Single Family Residence
Price Type --
Spacious eastside costa mesa pool home almost newport beach large lot

5708 Alta Vista Ave San Diego, CA 92114

$369,999
2 Beds
1 Bath
900 SqFt
Status Active Under Contract
MLS # 190027379
Property Type Single Family Residence
Price Type --
Short Sale Subject to short sale approval by lender. Great starter home. Great views to Coronado. Buyer to verify sq. ft before close of escrow. More pictures to follow. Dogs on property.

4350 E Terra Vista Lane Anaheim Hills, CA 92807

$625,000
3 Beds
2.5 Baths
2,494 SqFt
Status Active Under Contract
MLS # PW19113240
Property Type Single Family Residence
Price Type --
Short sale approval required. Beautiful Cottage Tudor home in private, gated Vista Nohl community of only 25 homes. Nestled between the Olive Hill Reservoir, Tennis Courts and Dog Park. Large, usable living spaces and bedrooms. Solid oak double door entry leads into an elegant formal living room with vaulted ceilings, gas fireplace and secluded wooded views. The open space behind the home gives a living in the country vibe. Dining room easily fits a table for 8 and offers a built-in buffet. Chef's kitchen opens to eating nook, family room with wet bar and easy access to private back yard. Master suite features private view deck, gas fireplace, sitting area and floor-to-ceiling book shelves. Master bath includes double sinks, walk-in closet, soaker tub, oversized shower, and large built in linen cabinet. A skylight floods the bathroom in refreshing natural light. The 2nd bedroom is a mini-master with dramatic vaulted ceiling, large windows with window bench seats, walk-in closet and in-room access to a shared bath. The 3rd bedroom has 2 Jack-n-Jill closets with a built-in desk and recessed lighting. Other features include 2-car garage with keypad entry, built-in retractable ladder access to 400 sq ft of attic, intercom, home security system, central vac, whole-house Lifesource water filtration, soaring vaulted ceilings, new interior paint, roof replaced in 2010, ceiling fans, gas cooking, stainless steel appliances and HOA paid water and trash.

46 W Pleasant Street Long Beach, CA 90805

$419,999
3 Beds
2 Baths
1,208 SqFt
Status Active Under Contract
MLS # PW19131473
Property Type Single Family Residence
Price Type --
Welcome to 46 W Pleasant Ave. in North Long Beach. This 3 bedroom 2 bath home sits on a large lot perfect for entertaining or adding extra space with an Accessory Dwelling Unit. This home needs some TLC and repair work.

11894 Bornite Avenue Hesperia, CA 92345

$190,000
3 Beds
1 Bath
1,468 SqFt
Status Active
MLS # 514196
Property Type Single Family Residence
Price Type --
Lot of potential in this property for the investor or fist time buyer with an open mind thinking of built equity and do a little work to make it your own, the lot is big and The house sits back so you could build another home if you wanted to and rent this one out or use it as an in law quarters. Association Amenities: None # of RV Spaces: 0NONE Lot Location Type: Standard Location Special Features: None # of Attached Spaces: 0 # of Detached Spaces: 0

7913 Revelstoke Way Bakersfield, CA 93309

$280,000
4 Beds
2 Baths
2,052 SqFt
Status Active Under Contract
MLS # 190032195
Property Type Single Family Residence
Price Type --
Great Opportunity to own in Bakersfield! 4 beds, 2 bath, and large backyard with pool, perfect for entertaining! Close to parks, shopping, and schools.. Neighborhoods: Bakersfield Equipment: Range/Oven Other Fees: 0 Sewer: Sewer Connected Topography: LL