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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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4903 Oakville Court Bakersfield, CA 93313

$190,000
3 Beds
2 Baths
1,387 SqFt
Status Active Under Contract
MLS # PW18296838
Property Type Single Family Residence
Price Type --
Quaint 3 bedroom 2 bath single family residence. This home does need some TLC. Only has had 1 owner since being built in 1995. Contains 2 full baths, separate laundry room and attached two car garage. Has a comfortable sized backyard that can accommodate a small shed for storage. Close to shops (Costco!), banks, and 99 freeway. Centrally located within elementary, jr. high and high schools. Don't miss this charming little place. Great starter home for first time homebuyers. This is a short sale. Sales price and commission is subject to Lenders' approval.

6960 Via Mariposa Norte Bonsall, CA 92003

$779,000
3 Beds
3.5 Baths
3,545 SqFt
Status Active Under Contract
MLS # 190000297
Property Type Single Family Residence
Price Type --
Short Sale with lots of potential. Great floorplan, one-story horse property in Saratoga Estates. It needs work. Definitely a fixer. Wrought iron interior doors and custom light fixtures do not convey.

3090 Grand View Avenue Oroville, CA 95966

$249,500
3 Beds
2 Baths
2,022 SqFt
Status Active
MLS # OR19002873
Property Type Single Family Residence
Price Type --
Welcome to this neighborhood! Large home in great area near schools and shopping. Solar panels are leased. Extra large 3rd bedroom/bonus room. Vinyl siding. Central Heat & Air. Woodstove in living room. Some windows are double pane. Both baths have shower/tub combo. Kitchen is spacious. Laundry room has storage space. Garage with extra storage room. County shows as a 2 bedroom. Owner is related to Agent. Sale subject to lender short sale approval.

14010 Smoke Tree Road Victorville, CA 92395

$190,000
4 Beds
2 Baths
2,050 SqFt
Status Active
MLS # PW19003086
Property Type Single Family Residence
Price Type --
BACK on the Market!! Short Sale verbal approved price. Please submit offers subject to viewing. Offers need to be close to listing. Home is in poor Condition. This is a short sale subject to bank approval. Please perform your own due diligence when offering. More pics to follow.

1224 Centennial Avenue Camarillo, CA 93010

$625,000
4 Beds
2 Baths
2,061 SqFt
Status Active Under Contract
MLS # 219000350
Property Type Single Family Residence
Price Type --
Short Sale. Great opportunity in coveted Arneill Ranch. Vaulted ceilings. Open floorpan. 4 bedrooms w 2 baths. Pool and spa. Steps away from Arneill Ranch park and amenities. Great schools. Quiet culdesac.

31142 Camino Del Este Temecula, CA 92591

$275,000
3 Beds
1.5 Baths
972 SqFt
Status Active Under Contract
MLS # SW19009585
Property Type Single Family Residence
Price Type --
Single Story FIXER Home in Beautiful Temecula Valley! This one is got to be the lowest priced home in Temecula. Perfect Rental Home or Second Home! Also, Great Opportunity to live in desirable Temecula Unified School District with a low mortgage payment. Walk to schools and parks. Great for First Time Home Buyer or Rental....LOW Taxes and HOA. Only Minutes away from Shopping, Mall, FWYs, and Wine Country! ******This is a Short Sale. Bank has everything just need the right offer to get Approval and get into escrow*******

6726 Valaria Drive Highland, CA 92346

$250,000
3 Beds
2 Baths
1,442 SqFt
Status Active Under Contract
MLS # CV19010070
Property Type Single Family Residence
Price Type --
Approved short sale.3 Bedrooms 2 Bathrooms and a Large Bonus Room. Spacious kitchen with a large Dining area with granite countertops in the kitchen with stainless steel sink and cabinet. A nice tile floor in the Kitchen, Bathrooms and in the entryway. This home has Ceiling fans. Two car garages. Good size backyard… Located close to shopping, schools, parks and even the San Manuel Casino…. Don't miss out on this great home!

71 Listo Street Rancho Mission Viejo, CA 92694

$639,000 - 2Br/3Ba -  for Sale in Other (othr), Rancho Mission Viejo
Open House
$639,000
2 Beds
2.5 Baths
1,546 SqFt
Status Active
MLS # OC19012409
Property Type Townhouse
Price Type --
Great opportunity to own this nicely upgraded, ONE STORY VIREO home. Spacious open floor plan with tons of natural light. Light colored wood vinyl flooring is both durable and stylish. Kitchen is large with over-sized island, quartz counters, custom marble backsplash and stainless steel appliances. Walk in panty makes cooking a joy. Both bedrooms have in-suite master baths. Master bedroom has large walk in closet and upgraded master bath with walk in shower. Spacious powder room and inside laundry room. Side yard has artificial turf lawn. Home is attached on one wall (duplex) but shows like a detached home. Quiet low traffic location. Located in the Gavilan area of Esencia. (At least one occupant must be 55+). Home is located adjacent to a community citrus garden with outdoor exercise equipment. Walking distance to Canyon House clubhouse with coffee house, community garden, bocce ball and much more. Enjoy resort like living with access to ALL community facilities in Sendero, Esencia and future villages. Amenities include pools, jacuzzis, gyms, miles of hiking trails, South Paw dog park, firepits, BBQ areas, sports parks and great community events. Call today for a private showing

234 Franciscan Way Oceanside, CA 92057

$550,000
4 Beds
2.5 Baths
2,204 SqFt
Status Active Under Contract
MLS # IV19002573
Property Type Single Family Residence
Price Type --
A bargain short sale of 4B, 2.5 BA, 2204 sqft in Mission Wells has just been approved by both banks at the listed price. The house is very well kept, clean, great layout, and the backyard is beautifully landscaped with so many flowers and fruit trees awaiting you to call it home.

22481 Quiet Bay Drive Corona, CA 92883

$869,000
5 Beds
3.5 Baths
5,307 SqFt
Status Active
MLS # LG19050623
Property Type Single Family Residence
Price Type --
short sale in THE RETREAT largest plan in the community a spectacular property

44316 Tahoe Way Lancaster, CA 93536

$300,000 - 3Br/2Ba -  for Sale in Lancaster
New
$300,000
3 Beds
2 Baths
1,588 SqFt
Status Active
MLS # SR19015004
Property Type Single Family Residence
Price Type --
Short sale pending bank approval.

935 N Merced Avenue Ontario, CA 91764

$330,000
3 Beds
2 Baths
1,396 SqFt
Status Active Under Contract
MLS # AR19017315
Property Type Single Family Residence
Price Type --
Sale is contingent upon short sale lender's and/or any lien holder's approval. Property is selling in a AS IS condition.