REOs 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:
443 Shady Glen Drive
Fallbrook, CA 92028
$315,000
2
Beds
1
Bath
900
SqFt
Status
Active Under Contract
MLS #
22219281
Property Type
Single Family Residence
Price Type
--
This property is a fixer. Needs work all around. This is a short sale.
3169 Amberwood Ln
Escondido, CA 92027
$929,000
3
Beds
3
Baths
2,366
SqFt
Status
Pending
MLS #
220028326SD
Property Type
Single Family Residence
Price Type
--
Short Sale approved and ready to sell. Paid-off solar, sparkling pool, gated community... what more can you ask for? This spacious home in the peaceful gated Rancho San Pasqual golf course community features elegant kitchen with shaker cabinets, walk-in pantry, stainless steel appliances, and large breakfast bar. The large backyard boasts pool, spa, firepit and built-in BBQ—ideal for entertaining. Plus: 3-car garage, separate dining room, fireplace, A/C, two walk-in closets, professional gym in garage, and separate shower & soaking tub in master bath. RSP community features 6-lane Olympic pool, clubhouse, outdoor fireplace & more. Just a few minutes from Eagle Crest Golf Club, wineries, Safari Park, 15 freeway, shopping and dining!
2115 65th Ave
Oakland, CA 94621
$595,000
3
Beds
1
Bath
1,481
SqFt
Status
Active
MLS #
41014428
Property Type
Single Family Residence
Price Type
--
Nice OLDER HOME , sold as is. Third bedroom is more like a loft , looks like it was made from attic space. steep stairs going up to room. Big lot , lots of potential for the right buyer . Needs to be approved by bank , short sale and auction. please ask your agent for details . Lots of old world charm .Built in book shelves , original wood floors . very charming . This home can be brought back to its glory days with some tender loving care. If your looking for a diamond in the rough this is it!!
905 Kansas Avenue
Colton, CA 92324
$349,900
3
Beds
1
Bath
1,190
SqFt
Status
Active Under Contract
MLS #
22219427
Property Type
Single Family Residence
Price Type
--
Probate sale, in foreclosure, subject to short sale approval. No court confirmation required. The sits on a nice corner lot. The interior and exterior has deferred maintenance. The family residing there are related to decedent. We recommend a thorough inspection of all systems for aspects of the property may not be to building standards. This property must sell for no less than 95% of the banks appraised value per HECM requirements. Property is easy to show, but this is a fixer that is well prices for the square footage reflected by assessor.
4609 W 173rd Street
Lawndale, CA 90260
$875,000
4
Beds
2
Baths
1,876
SqFt
Status
Active
MLS #
SB22244229
Property Type
Single Family Residence
Price Type
--
First time on the market in 45 years.!!!!!Spacious 4 bedrooms 2 baths home in a nice cul de sac area of S Lawndale. Home features 1876 sq ft living space with a lot size of 5801 sq ft and a two car detached garage. Tons of potential to make this a beautiful home for your family. Spacious living room with fireplace. Large kitchen with tons of cabinets. A formal dining room. Master bedroom with attached bath. Master bedroom opens into the backyard. This is a short sale and all terms, price and conditions are subject to lender acceptance of the short sale
40365 Trenton Court
Temecula, CA 92591
$589,900
3
Beds
2
Baths
1,866
SqFt
Status
Active Under Contract
MLS #
IV22243576
Property Type
Single Family Residence
Price Type
--
Welcome to Temecula, California. This one level single family residence sits on a lot of approximately 4,356 square feet. If you blink it will be sold. This is a great opportunity to put your finishing touches on this gem. 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.
44114 Coral Drive
Lancaster, CA 93536
$375,000
4
Beds
3
Baths
2,643
SqFt
Status
Pending
MLS #
DW22247685
Property Type
Single Family Residence
Price Type
--
THIS IS A SHORT SALE TRANSACTION. Conditionally Approved. Needs some TLC to recover. The new owners would also need to work with the city/appropriate government agencies to bring the house back to codes, etc.
1828 W 41st Place
Los Angeles, CA 90062
$606,100
3
Beds
1
Bath
1,656
SqFt
Status
Active
MLS #
IV22249130
Property Type
Single Family Residence
Price Type
--
Opportunity awaits you in Los Angeles, California. This single-family residence has a lot size of approximately 5,751 square feet. Includes three bedrooms and a one car garage. If you blink it will be sold. This is a great opportunity to put your finishing touches on this gem. 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.
2644 Gold Court
Placerville, CA 95667
$508,000
3
Beds
2
Baths
2,184
SqFt
Status
Pending
MLS #
22224243
Property Type
Single Family Residence
Price Type
--
This is a Short Sale. The last rejected offer was $475,000. The Lender has agreed to $508,000 anything under that is not guaranteed to be accepted. CALL LISTING BROKER BEFORE MAKING OFFER. All offers to be submitted with a copy of Earnest Money Deposit check, Direct Lender Approval Letter, Proof of Funds & FICO scores. A W-9 form is required from co-broker with seller acceptance. Commission Advantage Listing Broker. This property is being sold in its Present, As-Is, Where-Is Condition without any Warranties or Guarantees. Buyer must remove all contingencies and do all inspections and/or waive all inspections before offer is deemed accepted. Check with City for all permits & verify square footage before making offer. Mineral & Oil Rights Excluded from sale. Do Not Disturb Occupants. This is a Short Sale: Commission Percentage is subject to Lender's Approval. Any reduction in commission shall be split 50/50 between Listing and Selling Brokers. Buyer to keep Refrigerator. Buyer may Cancel Escrow anytime for any reason.
19805 Pearblossom
Llano, CA 93544
$249,000
3
Beds
2
Baths
1,800
SqFt
Status
Active Under Contract
MLS #
HD22254625
Property Type
Single Family Residence
Price Type
--
3 Bedroom Home on a HUGE 5+ Acre Lot in Llano! This home features a modern open-concept layout. Living room w/ boxed-in ceiling & ceiling fan. Kitchen w/ tile countertops & backsplash. Adjacent dining area. Roof recently replaced 3 years ago. Property is on septic & shared water well. Property is being sold “AS-IS”. Short sale subject to lender approval.
44310 Rodin Avenue
Lancaster, CA 93535
$260,000
4
Beds
3
Baths
2,382
SqFt
Status
Pending
MLS #
AR22254411
Property Type
Single Family Residence
Price Type
--
Property is in need of repairs and is selling AS IS and is subject to short sale lender and/or any lien holder's approval.
158 S Hoover Street
Los Angeles, CA 90004
$989,000
4
Beds
2
Baths
2,486
SqFt
Status
Active
MLS #
22224795
Property Type
Single Family Residence
Price Type
--
Huge corner lot zoned LARD1.5 -Excellent redevelopment opportunity located in a thriving part of Los Angeles close to Koreatown, Downtown Los Angeles, Silverlake, Echo Park, Hollywood, Los Feliz, Beverly Center, the 101 Freeway and many more! Lot area is 5,673 Sqft! Existing home is a two story 2,486 4 bedroom 2 bathroom with a loft and den. Owner in pre foreclosure/ bankruptcy subject to court approval. Potential to fix and flip the home or redevelop into up to 3 dwellings as it has the LARD1.5 Zoning. Buyer to do their own due diligence. Information about the LARD1.5 Zoning is in the documents/supplement section and the photos section. Sold in present As-Is condition
