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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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5603 W Avenue L4 Lancaster, CA 93536

$320,000
5 Beds
3 Baths
2,344 SqFt
Status Active
MLS # SR19015641
Property Type Single Family Residence
Price Type --
Short sale

525 E 238th Place Carson, CA 90745

$415,000
2 Beds
1 Bath
775 SqFt
Status Active
MLS # SB19024325
Property Type Single Family Residence
Price Type --
property needs major work, short sale.

6423 Deep Dell Place Los Angeles, CA 90068

$840,000
3 Beds
3 Baths
2,862 SqFt
Status Active Under Contract
MLS # LG19038149
Property Type Single Family Residence
Price Type --
short sale property needs a lot of updating and repairs

12838 Standing Bear Road Apple Valley, CA 92308

$199,500
3 Beds
2 Baths
1,401 SqFt
Status Active Under Contract
MLS # CV19024783
Property Type Single Family Residence
Price Type --
APPROVED SHORT SALE buyer walked, waiting for your clients offer. Previously Approved. Wonderful starter home for the family looking for a quiet area of Apple Valley. Great 3 bedrooms 2 bath home, Tile flooring through out the home. Carpet in the bedrooms. Central AC, Block fence on the front sides of the home. Ample space in the back yard for the kids and dogs to run around. Awesome fireplace for the cold nights to warm the house down and cozy up with the love ones. Did we mention the location? This home is conveniently located near Stater Bros, Big Lots, Apple Valley High School, AMC Movie Theaters. Get this home before its gone.

155 Metate Place Palm Desert, CA 92260

$1,450,000
4 Beds
4.5 Baths
4,899 SqFt
Status Active Under Contract
MLS # OC19031140
Property Type Single Family Residence
Price Type --
SHORT SALE!! TRUSTEE SALE, MUST SELL! Fantastic BIGHORN Golf Club Estate just off the 3rd hole, 4th fairway with mountain and course views. This custom built home has must see features including; soaring ceilings, spacious/open floor plan, see though great room fireplace, sunken wet bar, large first floor master suite that opens to the pool/course, ceiling to floor windows, second floor office/suite, luxury indoor/outdoor living (huge covered outdoor barbecue/entertainment area) and a beach entry/waterfall pool/spa. This home is a perfect retreat to get away from the hustle and bustle or to entertain in style. The BIGHORN community offers some of the most prestigious and unique golf and amenities in all of the desert. Ideally situated just minutes from the clubhouse, the vault and more.

San Bernardino CA 92411

$202,888
3 Beds
1.5 Baths
1,316 SqFt
Status Active Under Contract
MLS # IV19029403
Property Type Single Family Residence
Price Type --
This property features a 3 bedroom 2 bathroom home situated on a 12000 square foot lot. Property is considered to be a Contractor Special as the property needs extensive major repairs. Submit cash offers only as property will not qualify for an FHA loan. SALE OF THIS PROPERTY IS SUBJECT TO PROBATE COURT AND SHORT SALE LENDER APPROVAL. NOTE: All information is taken from reliable sources and is deemed reliable, however, buyers are to verify all information to satisfy themselves. Seller reserves services.

24993 Painted Rock Ramona, CA 92065

$324,900
3 Beds
2 Baths
2,513 SqFt
Status Active Under Contract
MLS # 190008176
Property Type Single Family Residence
Price Type --
CA$H ONLY. Short Sale!! Here is the bad: Solar batteries failing, diesel generator must run to keep lights on. Buyer to investigate bringing SDGE power to home, poles currently on property line. Plumbing backed up, needs new sewer lines and septic tank. Here is the good: 5 flat acres surrounded by Cleveland National Forest and Barona Indian Reservation. Really nice home with vaulted tongue and groove ceilings, open floor plan. Paid for solar, still producing energy. Workshop is newer w/ permit.

2117 Grant Avenue Unit 3 Redondo Beach, CA 90278

$779,900
3 Beds
3 Baths
2,013 SqFt
Status Active
MLS # 19437184
Property Type Townhouse
Price Type --
Just Reduced!***Rare REO Property in great Redondo Beach neighborhood!*** Huge tri-level unit with two large master bedrooms! Features plenty of storage space and a third floor laundry room, plus 2 balconies and private patio! Needs TLC. Perfect opportunity to make it your own! No HOA Dues however unit 3 is currently assigned to pay lawncare ($60/mo) and a shared maintenance fee ($16.67/mo).

1131 Dawes Street Lake Elsinore, CA 92530

$162,000
3 Beds
1 Bath
945 SqFt
Status Active
MLS # SW19045184
Property Type Single Family Residence
Price Type --
This home is close to the lake, the 15 freeway and shopping center, great opportunity for the right buyer who will be willing to do the repairs needed . It's a short sale and all offers, terms and conditions are subject to bank approval, home to be sold as it is in the present condition.

1800 Oregon Street Bakersfield, CA 93305

$149,500
4 Beds
1.5 Baths
1,452 SqFt
Status Active
MLS # SR19053456
Property Type Single Family Residence
Price Type --
Bring all OFFERS!! done with major overhaul, more than $60,000 spent. Ready to move in or investor GREAT rental area, most are long term renters as they love this family friendly area. NOW its 4 bedrooms with a BRAND new bath tub with shower,.. Do not compare this house to the low priced REO or distressed properties, those low price properties are not fixed up like this one, those that are distressed turn into higher priced fixed up houses making this area great up ward movement, and with the medical large facilities nearby, this area will grow. This is one of the largest SF houses with a BIG usable corner lot, YES it is BIGGER so it cost more @ $125/SF?? Custom dirt yard to save water or ready for you to fix the existing sprinkler system. .. Many upgrades to electrical, plumbing and NEW plumbing to the street, baths are remodeled, NEW exterior PAINT, kitchen is new modern design, new flooring, new paint, many other new items and exterior new lighting. 6 cars can fit in the driveway with room to build a carport AND, the only house with RV access on the side. There are others that add a rental (air BnB) trailer on the lot. Desirable area, this house compares to $170,000++ because it is so much bigger than most. Also a great corner lot with possible double entry ( RV ACCESS ).

11336 Norwood Avenue Riverside, CA 92505

$268,000
3 Beds
1 Bath
854 SqFt
Status Active
MLS # BB19054586
Property Type Single Family Residence
Price Type --
Major price reduction!! Changed the sale from standard to Short sale. This home is located in the city of Riverside. Near plenty of eating shops, and freeways. For conventinal and investors only. Investors keep in mind that bank will ONLY accept offers close to BOP. The BPO is 290,000. Not FHA approved. Open floor plan with recessed lighting.Two bedrooms and one in half bathrooms. On title its states it has two bedrooms but it has a total of three bedrooms. Buyer and Buyers agent has to due their due diligence.Property has a notice of default and will be sold as is and seller will not be respnosible for any repairs. House has a few things that need work. Septic tank issues and that why is now being sold in the short sale. Conventional buyer will get their money worth if they are willing to fix the problems the property has. Lots of parking available for a buyer with more than a couple cars and even a RV. There is a shed in the back that can be used as storage place. House needs some love but never the less it has huge potential. Get it for the right price. Location is prime. Come see all the potential this property has to offer.

14651 Grandview Moreno Valley, CA 92555

$320,000
2 Beds
2 Baths
1,635 SqFt
Status Active Under Contract
MLS # IV19059087
Property Type Single Family Residence
Price Type --
If you are 55+and looking for a change, Here are a few common thoughts: Are you ready to downsize, or from a two story to a single? Have you thought of moving to a quieter and more secure place. How about two major hospitals and two shopping centers within a three mile radius. There is no more Mello Roos, property tax's are 1.25% The lowest HOA fees for the amenities available such as Swimming pool, Jacuzzi, tennis court or pickle ball , workout room and picnic area. This home plus two other to choose from, are the most desirable models. Two of them arke Short Sales. It will be the Banks prerogative for accepting the final settlement. So all offers will be submitted for bank approval. Back on the market is now BANK Approved. BANK APPROVED.