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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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780 Briarpoint Pl San Diego, CA 92154

$635,000
5 Beds
3 Baths
2,541 SqFt
Status Active Under Contract
MLS # 190015121
Property Type Single Family Residence
Price Type --
Short Sale. Beautiful 5 bedroom and 3 full baths, with one bedroom and full bath on first floor. with a big game room on the 3 floor. Views of the Ocean, the city of chula vista & san diego from patio and master bedroom balcony!Back yard is for entertaining with no neighbors on the back and big park on the one side. 3 Car tandem garage has epoxy treated flooring. Extra storage room in the back yard!

1295 N Kraemer Boulevard Unit 23 Placentia, CA 92870

$316,500
2 Beds
1 Bath
884 SqFt
Status Active Under Contract
MLS # TR19062847
Property Type Condominium
Price Type --
Short Sale. One Lender.

171 Honeysuckle Circle San Jacinto, CA 92583

$270,000
4 Beds
2 Baths
1,872 SqFt
Status Active
MLS # SW19068043
Property Type Single Family Residence
Price Type --
Property is in well maintained condition. Everything works. Big backyard with fruits trees. It's a beautiful house. Must see to appreciate. Your client will love it. Short Sale subject to lender approval of all terms.

1385 N K Street San Bernardino, CA 92411

$223,000
2 Beds
1 Bath
782 SqFt
Status Active
MLS # CV19066577
Property Type Single Family Residence
Price Type --
Subject to cancellation of current escrow. Approved short sale based on previous offer-Back on Market subject to current escrow cancellation- Nice 2 bedroom home on large lot, with a 2 car detached garage, extended carport and large patio area for entertaining. This is an ideal starter home for your first time buyers or investor looking for an affordable home in a nice area of the City of San Bernardino. Please see agent remarks

3619 Linnet Dr Lake Elsinore, CA 92530

$189,000
2 Beds
2 Baths
875 SqFt
Status Active Under Contract
MLS # 190017851
Property Type Single Family Residence
Price Type --
Short Sale Approved and Loaded with Potential!! Great opportunity located within walking distance to the lake in Lake Elsinore. No HOA. Conveniently located to shopping centers, freeways and schools. Just needs a little TLC. Neighborhoods: Lake Elsinore Other Fees: 0 Sewer: Sewer Available Topography: LL

4348 Sepulveda Boulevard Sherman Oaks, CA 91403

$999,999
3 Beds
4 Baths
3,024 SqFt
Status Active
MLS # BB19072332
Property Type Single Family Residence
Price Type --
Perfect for the Inlaw....Large Lot. Charming 3024 SF....3 BR, 4 Bath Home Nestled Aside Sepulveda Blvd, south of Ventura Blvd. Large Kitchen with Island Stove. Large Formal Dining Room, Step down Living Room with Fireplace, Bar Area and Entrance to Separate Quarters with Bath and Own Entry. Subject has Attached Guest Room with Own Bath and Shower at Rear of Home (partially converted garage) Done in a professional manner. Tiled Floors Throughout. Large Bedrooms. Fruit Trees. Close proximity to Whole Foods, the Galleria, and both the 405 and 101 freeways. A Short Sale

22992 Pine Lane Crestline, CA 92325

$168,000
2 Beds
1 Bath
1,628 SqFt
Status Active Under Contract
MLS # OC19083032
Property Type Single Family Residence
Price Type --
Approved Short Sale - Closing like a Standard Sale - Enter on the second level through the partially enclosed deck or through the bedroom downstairs. The house features a large dining area off the kitchen and living room with an open floor plan and inside laundry. Two of the Bedrooms upstairs lead out side to the back patio and back yard that is completely fenced in. Plenty of great storage space. Enclosed workshop at the back of the attached one-car garage.

402 Johnson Road Oxnard, CA 93033

$280,000
2 Beds
2.5 Baths
1,195 SqFt
Status Active Under Contract
MLS # 219003893
Property Type Condominium
Price Type --
Short Sale BARGAIN!!..** BOM WITH SHORT SALE LENDER APPROVAL AT $280,000 FIRM...BUYER FAILED TO PERFORM. **Excellent Opportunity for First Time Home Buyer or Investor **Price reflects FIXER condition..Submit ALL OFFERS !!!Subject to S/S Lender Approval.**Located in Desirable Strawberry Shores complex **Open airy floor plan with HIGH Ceilings..**1st LEVEL - LivRm w/Fplc, Dining Area off of Ktchn w/Breakfast Bar, Guest 1/2 Bath..Private Open Air Patio..2 Car Attached Garage w/Laundry**2nd LEVEL - Very Large Master Brm w/Private Full Bath & Walk-in Closet PLUS Large 2nd Brm w/Private Full Bath & Big Closet. . **DON'T MISS THIS BARGAIN BABY!!!

3195 Fairhill Lane Hemet, CA 92545

$285,000
4 Beds
2.5 Baths
2,390 SqFt
Status Active Under Contract
MLS # TR19077044
Property Type Single Family Residence
Price Type --
APPROVED SHORT SALE!!! Location location location!!! Impeccable community. Beautiful 4 bedrooms and 2 and half bathrooms. Fantastic view of the man made river. Huge home and spacious bedrooms. Master bedroom has its own master bathroom with his and hers sink. Gated community with man made rivers and parks where children can play. Great investment. Very convenient location.

2813 W Avenue K12 Unit 167 Lancaster, CA 93536

$168,000
2 Beds
2 Baths
936 SqFt
Status Active
MLS # OC19078479
Property Type Single Family Residence
Price Type --
Approved Short Sale - Close like a Standard Sale - Well maintained lower unit condo - This complex is close to Antelope Valley College

501 Haverstock Road La Canada Flintridge, CA 91011

$2,500,000
6 Beds
8 Baths
8,662 SqFt
Status Active Under Contract
MLS # SR19079263
Property Type Single Family Residence
Price Type --
Short Sale! Must see. Needs Work. Needs landscaping and cosmetic improvements. Bring your contractors and investors.

5523 Fleming Ave Oakland, CA 94605

$749,000
3 Beds
1 Bath
1,258 SqFt
Status Active
MLS # 40860800
Property Type Single Family Residence
Price Type --
Lender denied Short Sale. Minor cosmetic fixer. Tucked away among redwoods on a 9,000 sq. ft. corner lot, spacious split-level in Mills College, borders Maxwell Park, Laurel and near shopping,restaurants, transportation, parks. Tons of potential to appeal to your creative side and allow you to have the opportunity to re-imagine and customize to your taste. Lower master bedroom w/ bath could be in-law or income potential. Updated kitchen, arched doorways, formal dining. Two bedrooms on main level have been combined as one. Full basement for in-home business, workshop, office, studio. Private back yard with patio. Garage parking and long driveway for additional off-street parking. New roof.