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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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6554 Juniper Avenue 29 Palms, CA 92277

$135,000
3 Beds
2 Baths
1,200 SqFt
Status Active
MLS # JT18042066
Property Type Single Family Residence
Status change to a Short Sale. Bank-approved price. Spacious 3 bedroom 2 bath with a fenced back yard and storage shed. Dual cooling option for very low utility bills during the summer months. Natural gas heating and cooking. Dual pane windows. Carpeted bedrooms with a custom tile walkway. Walking distance to stores and restaurants. Very close to the Joshua Tree National Park, the New Turtle Rock Casino and the USMC base. This would be a perfect starter home or rental. Nice view with no neighbors in the front.

425 Jenny Circle Corona, CA 92882

$679,900
4 Beds
4.5 Baths
4,157 SqFt
Status Active
MLS # IG18041997
Property Type Single Family Residence
***APPROVED SHORT SALE*** Location Location Location! This large end of the cul-de-sac Fieldstone model features a spacious formal living room & dining room with beautiful ceramic tile & newer carpet. The kitchen features upgraded maple cabinetry w/a center island & beautiful granite counter tops plus upgraded stainless steel appliances. You will love the huge pantry for all your food storing needs. The family room has a built in entertaining center & fireplace. Behind the family room is a large bonus room which can be used for an office, craft room, or play area for the kids. There's a downstairs laundry room w/lots of cabinets & a sink. The railing leading to the upstairs is a gorgeous upgraded wrought iron. At the top of the stairs you will find a huge landing/upstairs family room/game area that is the center for 4 large bedrooms & 4 full baths. 3 of the upstairs bedrooms have their own walk in closets & contained baths. The master features a sitting area w/romantic fireplace. And you won't be disappointed w/the large bathroom w/jetted tub & walk in closet - all with a City Light view! If you are looking for that large end of the cul-de-sac lot this is it! The yard is park-like & private w/a huge playground for the kids! You will definitely be the envy of all your guest that come to enjoy your parties! There's also plenty of room for the RV, boat or toys - lots of possibilities here - don't miss out on this beauty that doesn't come along very often!

5350 Fox Hills Avenue Buena Park, CA 90621

$650,000
3 Beds
2 Baths
1,733 SqFt
Status Active Under Contract
MLS # OC18043464
Property Type Single Family Residence
This is a Probate Listing, Buyer has to withdraw offer seller attorney said to relisted all offer subject to Court confirmation due to bank short sale. 13; PLEASE WRITE ALL OFFER'S ON PROBATE CONTRACT NOT RPA. 13; 13; 13; First time on the market since the family bought it in 1969, Property is located on a 10,295 sqft corner lot, with 3 bedrooms, 2 baths, step down living area, dining area, home is dated in the kitchen, both bathrooms, older roof, windows, the value is in the opportunity to bring this home up today standards. Home has lots of potential for either expanding or just renovating to ones style. Being sold as-is no repairs

20211 Anahola Street Unit A & B Hodge, CA 92311

$199,500
3 Beds
3 Baths
1,680 SqFt
Status Active
MLS # 496398
Property Type Manufactured On Land
Big time multiple family fixer upper on 16.94 acres. This 2 home property is a very large fixer-upper but has a lot of possibilities. The 1 bed/1 bath mobile and the 2 bed/2bath manufactured home both require work to become livable. The homes have been vandalized and the property now has a full time caretaker on site. The seller is the foreclosure lender selling the property 'as-is', 'where-is'. No title on the mobile or manufactured home, Seller will issue a bill of sale. Full Title Insurance on land and attached improvements. NO CREDIT CHECK, Owner Carry financing at 5% interest only, $791.67 per month. Down payment of $9,500 plus escrow closing costs is buyers qualification. Association Amenities: None # of RV Spaces: 0 Special Features: OB,NONE Frontage Type: Dirt Road Lot Location Type: Standard Location Landscaping: Natural Special Features: Two Homes on a Lot # of Attached Spaces: 0 # of Detached Spaces: 0

20211 Hodge Rd Hodge, CA 92311

$199,500
3 Beds
3 Baths
1,680 SqFt
Status Active
MLS # SW18046152
Property Type Manufactured On Land
Big time multiple family fixer upper on 16.94 acres. This 2 home property is a very large fixer-upper but has a lot of possibilities. The 1 bed/1 bath mobile and the 2 bed/2bath manufactured home both require work to become livable. The homes have been vandalized and the property now has a full time caretaker on site. The seller is the foreclosure lender selling the property 'as-is', 'where-is'. No title on the mobile or manufactured home, Seller will issue a bill of sale. Full Title Insurance on land and attached improvements. NO CREDIT CHECK, Owner Carry financing at 5% interest only, $791.67 per month. Down payment of $9,500 plus escrow closing costs is buyers qualification.

511 Cliff Drive Newport Beach, CA 92663

$3,500,000
6 Beds
7 Baths
6,850 SqFt
Status Active Under Contract
MLS # 18317670
Property Type Single Family Residence
Beautiful 2-Story Home in Prestigious Cliff Haven enclave of Newport Heights. Completely remodeled in 2004, this home offers 6 Bedroom / 7 Bathrooms & 6,850 square feet of living space (per owner/builder). Backyard w/ pool & spa. Short sale subject to lender approval. Property is being sold AS-IS.

5933 Edgewater St San Diego, CA 92139

$575,000
5 Beds
2 Baths
2,207 SqFt
Status Active
MLS # 180012232
Property Type Single Family Residence
Nice large home with plenty parking and multiple rooms. Basically 2 units. Zoning is R-2 large driveway that accommodates boat or RV. All measurements to be verified by buyers agent before close of escrow. Currently working with lender and attorney to reverse illegal foreclosure sale. Make an offer and take this home to flip. CASH OFFER IS KING. Other financing terms welcome.

5315 Via Rincon Newbury Park, CA 91320

$810,000
5 Beds
3 Baths
3,113 SqFt
Status Active Under Contract
MLS # 218002776
Property Type Single Family Residence
Special offering in the Gallery of Dos Vientos. This flag lot cosmetic fixer home features large 3,113 sq ft floor plan situated on a rare .73 acre relatively private lot. In need of TLC, the property features master with oversized tub & his/hers walk in closets, indoor laundry room, 3 car garage + more. Whether you update or upgrade, you can customize your new home to your exact specifications. Bring your contractor and landscaper, this one is a spectacular property with a tremendous upside. Great schools with an even greater location. This is an amazing opportunity to create your dream house in a very hot neighborhood! Short sale that requires bank approval.

9269 44th Street Riverside, CA 92509

$325,000
3 Beds
2 Baths
1,188 SqFt
Status Active Under Contract
MLS # AR18058996
Property Type Single Family Residence
Subject to Short Sale Lender's approval. Property needs work and it is being sold AS IS.

4709 Briana Court Fallbrook, CA 92028

$799,000
4 Beds
6 Baths
3,750 SqFt
Status Active Under Contract
MLS # 180014579
Property Type Single Family Residence
Short Sale! Spacious and Stunning Single Level Santa Barbara Style home located in the highly desirable Morro Hills area of Fallbrook. Cool Ocean Breezes, Private Roads, quiet Cul-de-Sac location on approx 2.1 spectacular view acres! This est. 3750 sq.ft. home has 4 large bedrooms each with their own en-suite bathroom, spacious gourmet kitchen with upgraded high-end stainless steel appliances, large laundry room and lots of storage! Enjoy the tropical backyard paradise complete with pool, jacuzzi!

35438 Stockton Street Beaumont, CA 92223

$370,000
4 Beds
3 Baths
3,065 SqFt
Status Active
MLS # EV18066499
Property Type Single Family Residence
This gorgeous 4 bedroom, 3 bath Fairway Canyon home is ready for you to move in to. Spacious and open floor plan includes a downstairs bedroom, butler pantry, office, family room, dining room and open kitchen with large island. Check out the beautiful views of the mountains from the backyard and private balcony off the master. Fairway Canyon amenities include clubhouse, gym, two pools, spa and internet into home. BANK APPROVED SHORT SALE PRICE @ $370,000.

571 Shady Dell Road Crestline, CA 92325

$195,000
2 Beds
2 Baths
1,586 SqFt
Status Active
MLS # EV18068223
Property Type Cabin
SHORT SALE APPROVED AT $195,000!! Tri-level cabin well situated on two and a half lots. Master suite on bottom floor, bathroom includes laundry area with washer and dryer hookups. Main living area is on second floor with access to the large deck. Top floor is large loft area that was previously used as a bedroom. Several storage sheds and workshop. There is an additional lot to be sold with the cabin that is to be a separate transaction and is NOT included at the $200,000, MLS EV18072797 - part of the driveway sits on the additional lot. Independent appraisal came in at $205,000.