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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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2022 Keltic Lodge Drive Oxnard, CA 93036

$775,000
3 Beds
3.5 Baths
3,260 SqFt
Status Active Under Contract
MLS # 219007213
Property Type Single Family Residence
Price Type --
SHORT SALE APPROVED!!! One of the several desirable estate neighborhoods and minutes to 101 Freeway and the Collection Shopping Center. Welcome to the Victoria Estates!!!! This spacious single story is 3,260 sq ft and offers 3 bedrooms, 3.5 bathrooms and a separate office. This is the 2nd to the largest single story floor plan in the community. The high ceilings throughout make it feel bright and airy. The floor plan is a great for entertaining as the kitchen overlooks the oversized family room and creates a huge openness. Off the dining room are French doors that open to a charming courtyard. The second bedroom has an en suite bathroom and the third bathroom has jack and jill doors that open up to the office and 3rd bedroom. NO MELLO ROOS. One of the only HOAs that includes 24 hour on guard security at the front entrance. Not to mention a fabulous clubhouse with pool, spa and fitness center amenities. Located near schools, parks and minutes away from the ocean. Definitely a must see!!!!

640 Barrington Court Newbury Park, CA 91320

$750,000
5 Beds
2 Baths
2,451 SqFt
Status Active Under Contract
MLS # 219007239
Property Type Single Family Residence
Price Type --
Single story home awaits you in family-friendly Newbury Park.

330 W California Boulevard Unit 301 Pasadena, CA 91105

$650,000
2 Beds
3 Baths
1,754 SqFt
Status Active
MLS # SB19146238
Property Type Condominium
Price Type --
2 BEDROOM 3 BATH WITH 1754 SQFT NEED WORK. BANK APPROVED $650,000 AS IS .

1417 Filmore Place Chula Vista, CA 91913

$505,000
4 Beds
2.5 Baths
1,756 SqFt
Status Active Under Contract
MLS # SR19147732
Property Type Single Family Residence
Price Type --
OTAY RANCH BEAUTY! 4 BEDROOMS- LOWER FEES- WONDERFUL OPEN FLOORPLAN- SHOWS LIGHT, BRIGHT, AND AIRY- MASTER BEDROOM AREA FEATURES WALK-IN CLOSET- HIS/ HERS VANITIES- SPACIOUS SECONDARY BEDROOMS-BACKYARD FEATURES STAMPED CONCRETE- HURRY THIS OTAY RANCH BEAUTY WON'T LAST!!!!

3230 E Yountville Drive Unit 2 Ontario, CA 91761

$344,900
2 Beds
2.5 Baths
1,068 SqFt
Status Active
MLS # PW19148556
Property Type Condominium
Price Type --

1333 N North Hills Drive Upland, CA 91784

$449,900
4 Beds
2.5 Baths
2,260 SqFt
Status Active Under Contract
MLS # SR19151838
Property Type Single Family Residence
Price Type --
Beautiful remodeled 4 Bedroom, 3 Bath Home located in the Private North Hills Community. Recess Lights, vinyl windows and sliders, wood flooring throughout, Downstairs Bed/Bath. The Community has a Pool/Spa and is located near Shopping and Easy Access to the 210 & 10 Freeways. This Home is a Must See! Great School Ratings.

13329 Morningside Street Hesperia, CA 92344

$310,000
5 Beds
3 Baths
2,602 SqFt
Status Active
MLS # IV19182354
Property Type Single Family Residence
Price Type --
Property needs TLC. Will go to FHA or VA due to repairs required. Roof has falling concrete tiles, pool has been drained due to damaged in the pool equipment.

200 W San Bernardino Avenue Unit 100 Rialto, CA 92376

$90,000
3 Beds
2 Baths
1,375 SqFt
Status Active Under Contract
MLS # IV19158003
Property Type Manufacture 433
Price Type --
Senior Complex Mobile Home!!! If you are not 55 years or older you will not qualify to live here! Beautiful Mobile Home Features 3 bedrooms, the master bedroom has it own sitting area or make it an extra closet! It has is private bathroom with a bathtub. Kitchen has an island and a sky light. All the bedrooms are spacious. A laundry area inside with lots of cabinet space. This home is a must see. The location is fabulous! Close to shopping center, so close you may walk!!! Close to freeway. The living room has a fireplace and a dining area which you can entertain all year long! Come see this property!

13695 West Drive Desert Hot Springs, CA 92240

$175,000
3 Beds
2 Baths
1,232 SqFt
Status Active Under Contract
MLS # 19485406
Property Type Single Family Residence
Price Type --
Beautiful 3-Bedroom Home Located in Quiet Desert Hot Springs Residential Neighborhood! Tile floors & granite countertops throughout. Large Master Bedroom w/ en-suite bathroom. Spacious Backyard w/ covered patio, ready for your personal touches! Central AC + Heat. Solar. Water filtration system. Garage has been converted into living unit w/ kitchen, bathroom, living room & bedroom (unpermitted).

Anaheim CA 92804

$618,000
3 Beds
2 Baths
1,399 SqFt
Status Active
MLS # RS19164069
Property Type Single Family Residence
Price Type --
SUBJECT TO CANCELLATION OF EXISTING CONTRACT. Charming and well-loved home on a raised foundation has 3 bedrooms and 1.75 baths, 2-car attached garage with automatic garage door opener, direct access and washer & dryer hookups. Ceiling fans in 3 bedrooms. The utility room with recessed lighting can be converted to a 4th bedroom. Beautiful hardwood floors in living area, hallway and utility room, ceramic tile in entry & kitchen, and wall-to-wall carpet in bedrooms. Living/dining area has a wood burning fireplace, ceiling fan and recessed lighting. Kitchen and bathrooms were completely remodeled approx. 13 years ago. Newer copper plumbing. Master bedroom has a wall air conditioner and a master bathroom with ceramic tile floor, walk-in shower, grab bars and linen cabinet. Full bathroom in hallway has linoleum flooring and a linen cabinet. Hallway has extra storage cabinets. Security system with control panel near the front entry. Enjoy Disneyland fireworks from the huge multi-level hardscaped backyard with a brick patio; perfect for entertaining family and friends; has a storage shed and lots of fruit trees, flowering bushes & vegetables. Front yard has a sprinkler system. All windows facing the street have privacy screens. The long driveway can accommodate 6 vehicles. Brick-covered steps to the front door.

10562 Summer Breeze Drive Moreno Valley, CA 92557

$370,000
4 Beds
2.5 Baths
2,391 SqFt
Status Active Under Contract
MLS # IV19166025
Property Type Single Family Residence
Price Type --
This Sunnymead Ranch home offers both easy and delightful living. 2391 square feet on one level with 4 bedrooms, two full baths, and a half bath for guests. Three bedrooms and a full bath are located on opposite end of house from the Master Suite, providing privacy and an option for creating a second Master Suite. Laundry is more enjoyable with an over-sized laundry room, sink, counter space, cabinets, and a door leading outside. A spacious kitchen overlooks the family room and one of the homes two firepl

27462 Grassland Drive Laguna Niguel, CA 92677

$1,160,000
5 Beds
4 Baths
3,054 SqFt
Status Active
MLS # OC20039245
Property Type Single Family Residence
Price Type --
A gorgeous and highly upgraded home in the exclusive guard-gated community of San Joaquin Hills. Very open and spacious floor-plan with soaring high ceilings in the living room and dining room. The gourmet kitchen features recessed lighting, beautiful maple cabinets with granite counter tops, stainless-steel appliances, and a center island. Crown molding throughout the home. The family room has recessed lighting, with custom built-ins, and a cozy fireplace with mantle. The main floor bedroom is being used