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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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9340 Crebs Avenue Northridge, CA 91324

$635,000
3 Beds
3 Baths
2,156 SqFt
Status Active
MLS # SW18090502
Property Type Single Family Residence
Back on the market! This is a Short Sale as is a nice 3 bedroom 2 bath home. This home features a great living room, nice kitchen and a den. Property is in a great neighborhood close to CSUN! Great investment opportunity! Pending lender of approval of short sale. House is a fixer.

1430 Gina Drive Oxnard, CA 93030

$348,995
3 Beds
2.5 Baths
1,344 SqFt
Status Active Under Contract
MLS # 18330154
Property Type Townhouse
Beautiful 3 Bedroom / 3 Bath Townhouse Unit in North Oxnard Complex! Conveniently located close to schools, parks, and shopping/entertainment. Attached 2 car garage. Complex amenities include pool, hot tub, common areas. Approved Short Sale!

6384 Colonial Avenue Banning, CA 92220

$228,900
3 Beds
2 Baths
1,285 SqFt
Status Active
MLS # IG18085481
Property Type Single Family Residence
BACK ON THE MARKET!!!! Gorgeous place to live and retire. Two 18 hole golf courses, pool, spa, two restaurants for casual and fine dining, bar/lounge with live music, great way to get to know your neighbors. Tennis courts, boccie ball course, pickle ball, RV club, singles club and so many more, something for everyone. Plus look inside a perfect 2 bedroom, with 3rd bedroom converted to office TV room. Entry stain glassed window, large formal living room with fireplace and formal dining area. Large eating area in kitchen with view overlooking vinyl wood covered patio. The home is easy move-in. Short Sale approval, may need to go back for review.

8263 Locust Avenue Fontana, CA 92335

$250,000
3 Beds
1.5 Baths
955 SqFt
Status Active Under Contract
MLS # DW18090856
Property Type Single Family Residence
HOUSE LOCATED IN GOOD AREA. WITH A HUGE LOT SIZE PERFECT FOR A BIG FAMILY. IT CONSIST TO 3 BEDS AND 1. GOOD SIZE HOME READY TO MOVE IN. THIS IS A SHORT SALE.

41715 Finn Circle Temecula, CA 92592

$615,000
4 Beds
3.5 Baths
4,168 SqFt
Status Active Under Contract
MLS # OC18090077
Property Type Single Family Residence
Investors Dream! Bank Owned 2 Acre Estate 8230;Partially finished new construction with huge potential. 4 bd rm, 3.5 bath 4,168 Sq Ft. Location, Location 8230;located in the Wine Country of Temecula. The owners were building their dream home. Home needs completion. Easements and road to the property need investigating. Currently no road to the property. Home has Main Floor Master, Great Room with Bifold doors that will open up to an expansive views of the Temecula Valley. Large dining room, media room and workout room/office also have beautiful views. Upstairs there are 2 more bedrooms with jack-n-jill bath and loft. Home also has oversized 3 car garage. The residence currently has No Utilities, No Appliances, No Sewage and needs final conditions signed off by the county of Riverside planning Department. SOLD AS IS. Located in the middle of the Wine Country, freeway close, great Temecula schools, shopping, golf, fishing.

15860 Avenida Atezada Road Desert Hot Springs, CA 92240

$197,000
4 Beds
2 Baths
1,664 SqFt
Status Active Under Contract
MLS # 218013010DA
Property Type Single Family Residence
Great opportunity for a 4 bedroom 2 bath home in Desert Hot Springs. Large lot. Short Sale

3742 Walnut Avenue Lynwood, CA 90262

$425,000
3 Beds
2 Baths
2,140 SqFt
Status Active
MLS # SB18104826
Property Type Single Family Residence
Property is a 3 bed 2 bath fixer in the Lynwood area. This is a short sale, all terms are subject to lender approval. Property suffers from decades of deferred maintenance, including but not limited to : 1) Unpermitted 600 sf garage and 420 sf addition. Garage conversion to breezeway and demo patio cover also unpermitted. 2) Roof coverings degranulating, roofing material incorrectly installed, incorrect repairs, sagging, exposed nails and loose materials, water staining and deterioration and incorrect shingles observed in roof system. Recommend complete tear-off. 3) Cracked tile and missing finishedf flooring throughout. Replacement required. 4) Missing doors, drywall and uneven ceilings. Mold observed throughout. Mold removal and drywall and door replacement required. 5) Mold in crawlspace. Demolition and rebuilding of subfloor required. Buyer is to do their own due diligence. Buyer has to waive city report and take property as is. For more details on known deficiencies, please review the valuation report in the supplements. Property permits are not signed off for the back addition.

42374 Camino Merano Temecula, CA 92592

$403,200
4 Beds
3 Baths
2,296 SqFt
Status Active
MLS # SW18108906
Property Type Single Family Residence
LENDER APPROVED SHORT SALE @ $403,200, BACK ON THE MARKET!! 4 bdrm plus big bonus room, 3 full baths in desirable Vintage Hills Development. 1 bedroom and full bathroom on main floor level, great floor plan with kitchen open to family room. Large kitchen with breakfast bar. Spacious family room with fireplace and custom mantle, formal dining room, individual laundry room, and 3 car garage. Upstairs large master suite with balcony, walk in closet, dual sinks, separate tub and shower. Corner lot, large covered patio/balcony, mature landscaping throughout neighborhood; enjoy those wonderful afternoon breezes! Tankless water heater to keep utilities low! Low HOA dues and Low taxes! Centrally located in the heart of Temecula with easy access to everything you need! Vintage Hills Community amenities include two community pools, tot lots, a giant park and baseball diamond, tennis courts, basketball court, and large clubhouse.

3010 Wollyleaf Court Perris, CA 92571

$329,000
3 Beds
2.5 Baths
2,890 SqFt
Status Active
MLS # 218014554DA
Property Type Single Family Residence
REDUCED Short Sale....2007 Build Home features 3 Bedrooms 2.5 Bath, First Floors Features Entry Living Room, Family Room plus Fireplace next to the Kitchen upgraded with Granite Counter tops, Lots of Cabinets, The Kitchen has an Island a walking pantry Perfect For MOM Recessed Lighting throughout the house,1/2 Bathroom is located downstairs, All 3 Bedrooms and 2 Full Baths are upstairs Including the Laundry Room. The Attached Garage has Space for 3 Cars Perfect for DAD The Backyard features a Patio Cover with Ceiling Fans for those summer days!!, The House needs Cosmetic TLC. Property Sold As is Condition. Seller will not pay Repairs.

31724 Canyon Estates Dr Lake Elsinore, CA 92532

$321,000
5 Beds
2.5 Baths
2,123 SqFt
Status Active
MLS # 180024905
Property Type Single Family Residence
This is a short sale with updated pictures to represent the current condition of the property. Don't miss out on this opportunity to own a 5 bd, 2.5 ba with over 2100 sq ft and a 3 car garage home for under $325,000. Neighborhoods: Lake Elsinore Other Fees: 0 Sewer: Sewer Connected

2006 Catalina Boulevard San Diego, CA 92107

$845,000
3 Beds
2 Baths
1,709 SqFt
Status Active Under Contract
MLS # OC18115533
Property Type Single Family Residence
Bank Approved Short Sale. Live beautifully in this single story home within beautiful Point Loma, completely renovated with all new light and bright finishes. Enjoy the brand new kitchen with entertaining in mind, with lots of white soft close cabinetry accented with beautiful quartz counter tops and finished off with a custom back splash, its gorgeous! Approx. 1709 sqft, 3 bedrooms, extra large laundry room with space for a sewing and craft room, plus 2 bathrooms and attached garage. Open floor plan with

50315 E Via Puesta Del Sol La Quinta, CA 92253

$725,000
4 Beds
4.5 Baths
4,613 SqFt
Status Active Under Contract
MLS # 499861
Property Type Single Family Residence
SHORT SALE! Their loss your gain! This is the largest floor plan in Palmilla-an Ironwood. Home features 4,613 sq. ft. with 3 bedrooms, 31/2 baths in the main house plus a 2-room casitas with private bath and walk-in closet. Amenities include slate floors in the living ares, electric window shades plus five fireplaces. West facing backyard with a large pool with dual beach entry and large spa. Extended BBQ island with sink and side burners. Custom gate leads to larger courtyard. Side yard features special water/fire feature. The owners of this property are both licencee real estate agents. Association Amenities: None # of RV Spaces: 0 Special Features: CC,,GH,WSEC,WBNONE,OSM Lot Location Type: Standard Location Landscaping: Sprinklers Special Features: Garage Door Opener # of Attached Spaces: 3 # of Detached Spaces: 0