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:

2856 Terry Road Laguna Beach, CA 92651

$2,275,000
4 Beds
4 Baths
2,250 SqFt
Status Active
MLS # LG19177900
Property Type Single Family Residence
Price Type --
This sleek, contemporary home has been tastefully updated to capture the stunning views overlooking iconic Victoria Beach. An open-concept kitchen, family room with custom cabinetry, quartz counters, and center- island, creates a subtle blend of neutral tones, allowing the views to take center stage. Draw back the wall of Cantina doors and double your entertainment space. Downstairs are three bedrooms and two and a half baths. The entire second floor is a private Master bedroom suite with a large walk-in closet, luxurious Master bath, and a huge deck taking in 180 degree coastline views. Newly painted inside and out, with subtle LED lighting, new flooring, and resurfaced decks, this home presents as new construction. With a low maintenance rear yard, walking distance to the Montage, convenient access to the Laguna Trolley, this home is a perfect weekend escape or full time residence for discerning buyers.

606 Bali Drive Palm Springs, CA 92264

$150,000
1 Bed
1 Bath
600 SqFt
Status Active
MLS # 19494834PS
Property Type Manufacture 433
Price Type --
Downsized living doesn't mean you sacrifice comforts. Check out this newly built home at Palm Springs' most exciting communities, the Palm Canyon Mobile Club. You'll enjoy the benefits of indoor/outdoor living, with three private decks, a private yard, and plenty of windows that bring the outdoors in. Stainless steel appliances included in the modern kitchen. Room for a stacked washer and dryer. A tiled shower and separate vanity area provide for privacy too. The community features a mid-century vibe with updated pool and spa areas, outdoor bbq, two dog parks, fitness center, recreation hall, billiards and lounge too. Enjoy living in one of the most desirable neighborhoods in town for not a lot of money! Space rent: currently $682.50/month, to be adjusted in January to $716.63, buyer to verify with Park Manager.

3128 Mulberry Street Riverside, CA 92501

$310,000
3 Beds
2 Baths
1,366 SqFt
Status Active Under Contract
MLS # IV19189367
Property Type Single Family Residence
Price Type --
Calling all cash investors looking for rental properties! Bids start at $310,000, looking for a fast escrow. This 3 bedroom 2 bathroom craftsman bungalow has a 315 sqft detached studio with 1 full bath (permitted), this could be great cash flow! The front house has a big living room with fireplace, built-in china hutch in the dining room, large kitchen with walk-in pantry, original hardwood floors, fairly new HVAC and roof. Turnkey value is low 400's, front house could rent for $1,800, back house for $800, buyer/buyer's agent to verify these numbers. Fully fenced lot with a long driveway, there's hardly any freeway noise due to storm windows. Just bring your paint and brush and turn this home into a great place! This one won't last! (Pictures shown are old, the property was vandalized, no big damage done besides trash and stuff everywhere, please bring appropriate shoes and flashlight).

45 Genoa Street Unit Unit A Arcadia, CA 91006

$600,000
3 Beds
3 Baths
1,720 SqFt
Status Active Under Contract
MLS # TR19197088
Property Type Townhouse
Price Type --
Short Sale Townhouse. In the heart of City of Arcadia with: Westfield Santa Anita Mall, Santa Anita Park, and many many more public amenities surrounding the area. The townhouse will be sold AS-IS condition.

6287 Kapalua Bay Avenue Banning, CA 92220

$279,990
3 Beds
2.5 Baths
1,849 SqFt
Status Active
MLS # OC19197300
Property Type Single Family Residence
Price Type --
Great 3 bedroom floorplan in Banning's highly sought after Sun Lakes. With two bedrooms, loft and full bath upstairs, the downstairs is basically a large one bedroom home with living room, family room, kitchen, formal dining room & breakfast nook, guest bath, and large spacious master suite with walkin closet. Perfect floorplan where the owners can live downstairs, and guests and family members can have their privacy upstairs. Direct access to large garage with lots of storage, including side space for golf cart and pull-down stairs for rafter attic. Priced below cost of replacement!

3366 Beaver Hollow Road Jamul, CA 91935

$369,000
3 Beds
1.5 Baths
1,380 SqFt
Status Active Under Contract
MLS # 190046758
Property Type Single Family Residence
Price Type --
What would you do with 10 Acres in Jamul! Investor Special! This property has so many possibilities don't miss it!. Neighborhoods: Jamul Other Fees: 0 Sewer: Septic Installed Topography: LL,

919 W Stockwell Street Compton, CA 90222

$399,000
2 Beds
1 Bath
1,146 SqFt
Status Active
MLS # 19503238
Property Type Single Family Residence
Price Type --
A rare opportunity to own in an attractive market; certainly, a needle in the haystack. Be first. Purchase 919 W. Stockwell St. Maximize its potential. 2 bedroom, 1 bath. Value-Add with ample space to add on or to have an Accessory Dwelling Unit (ADU). NO RENT CONTROL (with current use). Pictures are estimations in design of prospective interior space and layout.

1268 E Ramon Road Unit 11 Palm Springs, CA 92264

$185,900
2 Beds
2 Baths
992 SqFt
Status Active
MLS # 19501684PS
Property Type Condominium
Price Type --
Check this one again with a low New price, the big private south facing outdoor patio is the living space that offers the indoor outdoor lifestyle we all come her for and is truly a terrific location within Palm Springs and within the community. Assigned carport with storage compartment can be accessed from the kitchen slider. Ground floor, No steps, located literally right in front of the crystal clear community pool, life is nice and easy. Don't miss this opportunity for a seldom available unit that checks all the boxes. The seller just completed many upgrades, paint, carpet, fixtures, stainless steel appliances, toilets, bathroom cabinets and new tops and the home feels and smells brand new. The current lease is already expires in 2052, the lessor will extend a favorable lease to 2077 for a one time fee of $7,000 with the monthly rate increasing $30.53 per month, this offer is only valid until 11/30/2019 per lessor's attorney. This is a home-path property

8951 Appian Way Hollywood Hills, CA 90046

$1,900,000
5 Beds
5 Baths
4,000 SqFt
Status Active Under Contract
MLS # SB19204849
Property Type Single Family Residence
Price Type --
This home is a must see in the Hollywood Hills. It has breathtaking views of the city and a generous size back yard with a beautiful swimming pool. The house is perfect for entertaining you family and guests. Please note that the title records don't show the full 4000 sqft that the property has. Buyer to verify sqft. This is a Short Sale. Send all offers.

22963 Robertson Ranch Road Sonora, CA 95370

$360,200
6 Beds
4.5 Baths
3,605 SqFt
Status Active
MLS # MD19204638
Property Type Single Family Residence
Price Type --
The property at 22963 Robertson Ranch Rd, Sonora, CA 95370 is a residential single family home with 6 bedrooms and 4.5 bathrooms. It was built in 1982, is approximately 3,605 square feet and sits on a very large lot that is roughly 6.38 acres. This Tuolumne county winner may be just the one you are looking for. Check out the opportunity today.

24181 Tamarisk Avenue Boron, CA 93516

$95,000
2 Beds
2 Baths
1,425 SqFt
Status Active
MLS # SW19206942
Property Type Single Family Residence
Price Type --
Great big house with garage and driveway parking. Convenient location. REO, make offer.

142 E 91st Street Los Angeles, CA 90003

$407,000
2 Beds
1 Bath
1,076 SqFt
Status Active
MLS # IN19219462
Property Type Single Family Residence
Price Type --
Great Home for a First Time Buyer. This 2/1 Bath Home is Located close to Freeways and Grocery Stores. Property has also had some upgrades as well as alot of potential. Lot Size is large enough to expand.