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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:

4049 Alpine Boulevard Alpine, CA 91901

$533,800
3 Beds
3 Baths
2,966 SqFt
Status Active Under Contract
MLS # IV21269646
Property Type Single Family Residence
Price Type --
Don’t miss this unique opportunity! Have you always wanted to have space, serenity, mountain views a short drive outside of San Diego? This is your chance to own a charming gated compound which features an executive style residence with guest house, pool, spa, air conditioning, large two-car garage with additional parking, fireplace, open floorplan, and a large private yard on approximately .93 acres. This convenient location is a short distance to Viejas Casino and Resort, spectacular shopping, a vast array of restaurants, numerous outdoor recreational activities, and I-8. Excellent opportunity to put your finishing touches on this gem. Come make this “home”! All potential buyers are asked to check with City, County, zoning, tax, and other records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS REO property.

24909 Madison Avenue Unit 2124 Murrieta, CA 92562

$295,000
2 Beds
2 Baths
1,159 SqFt
Status Pending
MLS # ND22005573
Property Type Condominium
Price Type --
Short Sale, INCREDIBLE Opportunity to turn this home into your dream home!! Must See! - This home features 2 bedrooms, 2 baths, a 1 car an assigned parking space. Lots of potential but Home needs TLC. Home needs a minor rehab with paint, carpet. Open kitchen to living room. Amenities include a club house, gym, pool, racquetball court, and spa! Easy access to 1-15 & 215. Great home & layout, ready for your perso touches & upgrades!

3018 E Avenue H4 Lancaster, CA 93535

$300,000
2 Beds
1 Bath
780 SqFt
Status Pending
MLS # BB22008304
Property Type Single Family Residence
Price Type --
Come see this charming 2 bedroom/ 1 bath home with an enclosed patio that runs the length of the home. The property has block walls on two sides for privacy and chain link fence separates the home and yard from the side lot, featuring a large workshop (which could be the garage). There is plenty of room for all your pets and more than one RV...hook-ups and electricity already in place. Home needs some TLC. It is in the Averydale Water District and is on the market as a short sale,

2310 N Catalina Street Burbank, CA 91504

$375,000
2 Beds
1 Bath
1,040 SqFt
Status Pending
MLS # BB22009105
Property Type Single Family Residence
Price Type --
Perfect opportunity for Development in the middle of Burbank . The property has been completely Gutted out . This is a short sale and it is subject to Lenders approval . Commission will be 50/50 based on the final approval of the purchase price . Drive by only Due to the Covid. Please text Zorik for more info .“The sale of the property contingent on the mortgage holders and the mortgage insurer's if applicable, agreement to the sale. The seller's obligation to perform on this contract is subject to the rights of the mortgage insurer (if any) and the mortgage holder relating to the conveyance of the property.

220 Mount Olive Drive Bradbury, CA 91008

$1,700,000
4 Beds
4 Baths
3,978 SqFt
Status Pending
MLS # PW22007572
Property Type Single Family Residence
Price Type --
Situated in the foothills of the San Gabriel mountains, this Bradbury estate is an entertainers dream. Comprised of over 2 acres this 4 bedroom 4 bathroom 3,978 sq ft home has city lights views from nearly every room in the house. Let the soaring ceilings & hardwood floors take your breath away as you enter through the double doors. The kitchen is complete with a Sub Zero refrigerator, dual sinks, double ovens and travertine countertops. A formal dining room and living room sit just off the kitchen with ample dining space. Retire to your main level primary bedroom with city lights views complete with master retreat, his and hers sinks, cedar lined closet, Jacuzzi tub and spacious shower. Downstairs is a family room with kitchenette, and three bedrooms. Two bedrooms downstairs have full attached bathrooms and one has a private entrance from the exterior of the home. The backyard has a sprawling grass area while the side yard has a custom salt water pool complete with spa, rock waterfall, integrated lighting in and out of the pool, entertaining area with artificial grass and raised cabaña. Please note property is listed as a short sale, in need of repair. Description is indicitive of layout and amenities, but property will need substantial repair/upgrading to bring condition up to par. Termite report showed substantial damage and home inspection had numerous items noted as well.

2951 Hartley Street Lakeport, CA 95453

$416,600
4 Beds
2 Baths
3,452 SqFt
Status Active
MLS # IV22030962
Property Type Single Family Residence
Price Type --
Have you always dreamed about living a quieter life with extra space? Don't miss this opportunity to fulfill this dream. Enjoy the peacefulness in the rural setting near Clear Lake. The rural lifestyle blends with the love of the water and the mountains. Enjoy the vast amounts of outdoor recreational activities, restaurants, and shopping just a short distance away. This residence boasts approximately 4.17 acres, four-bedrooms, two-car garage plus additional parking, deck, and affords privacy as it is nestled amongst a large, private lot. Don’t miss this unique chance to say “hello” to your new dream getaway! All potential buyers are asked to check with City, County, Zoning, Tax, and other records to determine all details on this property listed above to their satisfaction. This is an AS-IS REO property.

9151 Hamilton Street Rancho Cucamonga, CA 91701

$773,600
4 Beds
3 Baths
2,326 SqFt
Status Active Under Contract
MLS # IV22032262
Property Type Single Family Residence
Price Type --
Don’t miss out on this is a spectacular opportunity to own a home in a convenient location at an affordable price. This two story residence features a three car garage plus additional parking, four bedrooms, central air conditioning, fireplace, and sits on a large lot. Relax in your private yard, or venture out a short distance to outdoor recreational activities, restaurants, shopping, entertainment, and more all near the 210, 15, 215 and Interstate 10. A great opportunity to put your finishing touches on this gem. Don’t miss this unique chance to say “hello” to your new home! All potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS REO property.

1336 Phlox Drive Patterson, CA 95363

$568,000
4 Beds
3 Baths
3,496 SqFt
Status Active
MLS # DW22032380
Property Type Single Family Residence
Price Type --
investors delight! Short sale property here on the market. We are looking for cash offers on this property. Home is priced to sell and will not last long on the market!!!

10993 Balsam Avenue Hesperia, CA 92345

$175,000
2 Beds
1 Bath
1,418 SqFt
Status Pending
MLS # DW22032650
Property Type Single Family Residence
Price Type --
great fixer in the city of Hesperia. Property is priced low because it is a short sale and the home does not qualify for traditional financing. We are only accepting cash offers at this time.

10613 Hunt Avenue South Gate, CA 90280

$530,400
3 Beds
2 Baths
1,348 SqFt
Status Pending
MLS # DW22036010
Property Type Single Family Residence
Price Type --
Property back on the market subject to cancelation of current escrow. BANK OWNED!!!!! This 3-Bedroom 2-Bath Home. This home boast 1,348 Sq Ft, located South Gate. Property will not last! Priced to sell! BANK OWNED. Please see private remarks. Good Luck!

280 Montebello Avenue Ventura, CA 93004

$625,000
4 Beds
2 Baths
1,630 SqFt
Status Pending
MLS # V1-10940
Property Type Single Family Residence
Price Type --
This 4 Bedroom, 2 Bath is in need of work, but has lots of potential. Located in a wonderful neighborhood close to elementary schools, shopping area, parks, beach and local mountains. Subject to short sale approval by lenders. Property needs a lot of repairs.

5315 Via Rincon Thousand Oaks, CA 91320

$1,100,000
5 Beds
3 Baths
3,113 SqFt
Status Pending
MLS # SR22043567
Property Type Single Family Residence
Price Type --
This home is a contractor's special! It features 5 bedrooms and 3 bathrooms, 3,113 sq ft on a large flag lot. The floorplan is desirable with generous rooms and spacious bedrooms. The primary bedroom and bath with oversized walk-in closets. One bedroom down and currently used as an office. Low HOA and close to the park, elementary school and community center. Short sale subject to bank approval. AGENTS PLEASE READ REMARKS!