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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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45747 Palm Lane Lancaster, CA 93535

$258,000
4 Beds
2 Baths
1,716 SqFt
Status Active
MLS # 18404564
Property Type Single Family Residence
Great price on large single story 4 bed 2 bath Lancaster home. House is move in ready with recessed lighting and open concept kitchen. Master bedroom has ensuite shower and walk in closet. Short sale and seller is motivated, so come make an offer and get a great deal! Property is being sold As Is. Buyer to perform there own inspection. Do not disturb the occupants.

1380 Culver Place Palm Springs, CA 92262

$900,000
4 Beds
4.5 Baths
3,860 SqFt
Status Active Under Contract
MLS # 18401630PS
Property Type Single Family Residence
Now a Short Sale. Located in the exclusive Colony of El Mirador community, this exceptional grand style Mediterranean home reflects the best of Desert Resort Living. Numerous upgrades throughout include Limestone flooring and top of the line kitchen appliances for the serious chef. Enjoy entertaining in the spacious courtyard entry with fireplace & BBQ/Work station, not to mention, dramatic mountain views . Separate casita overlooking the salt-water pool. Close to downtown restaurants & shopping. This was one of the first properties purchased in the development and was acquired for it's premier location. A prize winning floor plan with 3 bedroom suites plus office and powder in the main house and separate casita. It is being offered by the original owner. Note that there is a 30 day minimum restriction on Short Term Rentals. An ideal location in central PS in a rare gated community.

1626 Turquoise Drive Corona, CA 92882

$480,000
5 Beds
2 Baths
2,526 SqFt
Status Active
MLS # IG18268533
Property Type Single Family Residence
This is a Short Sale. This is a process, all must be patient.

1049 Don Alvarado Street Arcadia, CA 91006

$1,300,000
5 Beds
3 Baths
3,015 SqFt
Status Active
MLS # CV18270717
Property Type Single Family Residence
SHORT SALE IN A NICE RESIDENTIAL COMMUNITY. INSPECTION SUBJECT TO OFFER APPROVAL. PLEASE, SEE PRIVATE REMARKS.

3656 Corona Avenue Norco, CA 92860

$439,500
2 Beds
1 Bath
768 SqFt
Status Active Under Contract
MLS # OC18273835
Property Type Single Family Residence
This is a short sale. 2 Bed 1 Bath bungalow nestled on 1.1 acres of flat, usable land with mountain views! Property is completely fenced with adult trees for shade. The property was used as a horse property for many years. Norco is the best city to live if you're a horse enthusiast. There's a horse trail along Corona Ave, just across from your front courtyard... and the trails lead everywhere! Just a few minutes ride to Neil Snipes Park, Sierra vista elementary school, and downtown Norco. Plenty of room for Horse trailers and RV Parking. Easy access to both the 15 and 91 freeways and surrounded by shopping, and restaurants. This is a fantastic opportunity to own in “ Horse Town” USA! Enjoy a low tax rate of only 1.11%!

1498 Peppermint Drive Perris, CA 92571

$339,000
3 Beds
2.5 Baths
3,485 SqFt
Status Active Under Contract
MLS # 218032904DA
Property Type Single Family Residence
This Short Sale Property is Located in the city of Perris, CA 92571. This 3,485 square foot house sits on a 7,405 square foot lot and features 3 bedrooms and 2.5 bathrooms. This property was built in 2006 This House is Located Nearby schools: Avalon Elementary School, Sierra Vista Elementary School and Lakeside Middle School. Shopping Centers, Restaurants, Gas Stations, Coffee Shops all very close by. 1498 Peppermint Dr is near Frank Eaton Park, Morgan Street Park and Lake Perris State Recreation Area.

42038 Bodie Road Palm Desert, CA 92260

$152,000
3 Beds
2 Baths
1,848 SqFt
Status Active Under Contract
MLS # 218033494DA
Property Type Manufacture 433
Great (Short Sale) Opportunity. This home has Lots of Space, 3 Bedrooms, a large family room and it is on a permanent foundation, with a 433A, for financing. The kitchen has skylight, and opens to eating area. Long driveway with plenty of parking. Lush front yard with beautiful lawn and the back yard has lemon and grapefruit trees. Master has large walk in closet, master bath has dual sinks. Situated in the heart of Palm Desert this 55+ Gated Golf Community has great curb appeal, very affordable, and you OWN the Land. Low HOA dues ($335/mo.) which includes: FREE Unlimited Golf for 2, free cable TV & Internet, free Trash Removal. Tennis, Exercise Room, 3 commnity pools with spas. A very social community, offering activities such as Pickle & Bocce ball, bingo, community dinners with events, cafe and Pub, Clubhouse with Library, Pool Table. Minutes from freeway, McCallum Theatre, El Paseo shopping, restaurants and grocery stores. Come in enjoy living in the desert.

5252 Orange Unit 432 San Diego, CA 92115

$246,000
2 Beds
1 Bath
680 SqFt
Status Active Under Contract
MLS # 180065948
Property Type Condominium
THIS AWESOME CONDO NEEDS A LITTLE TLC BUT HAS GREAT POTENTIAL. MAKE IT YOUR OWN WITH A RENOVATION LOAN. THIS IS A SHORT SALE AND STILL NEEDS LENDER APPROVAL.

4 Telescope Newport Coast, CA 92657

$3,500,000
4 Beds
4.5 Baths
4,177 SqFt
Status Active Under Contract
MLS # PW18297439
Property Type Single Family Residence
****SHORT SALE under review!!!!Easy to Close********** Newport Coast's prestigious guard-gated community of Pelican Ridge Estates. Corner lot, cul de sac.Great opportunity.

13308 Traub Avenue Los Angeles, CA 90059

$270,000
4 Beds
2 Baths
1,767 SqFt
Status Active
MLS # DW18292919
Property Type Single Family Residence
Short Sale property, nice neighborhood, cul de sac, house in need of work. Fixer-Upper! Great for Investor!

130 E 20th Street Upland, CA 91784

$690,000
4 Beds
3 Baths
2,589 SqFt
Status Active Under Contract
MLS # 18413472
Property Type Single Family Residence
3 Bedroom Home with 3 bath, Home in need of Exterior and Interior Care. Pool with Fence, in need of Maintenance. Fantastic Location North of Upland ! Great opportunity to own a Large Home. Short Sale Subject to Lender Approval. Multiple Lien holders.

630 W 6th Street Unit 213 Los Angeles, CA 90017

$405,000
1 Bed
1 Bath
530 SqFt
Status Active
MLS # 18414756
Property Type Condominium
Lowest priced condo in in the heart of Downtown LA's Financial District @ the famed Library Court! This unit features an open and versatile dining/living area as well as a separate bedroom. The Library Court's amenities include a well-equipped fitness center, zen-like courtyard, & 24 hour security/doorman. Conveniently located steps away from Metro, public transportation, Standard Hotel, Central Library, the Bloc, Downtown's Restaurant Row, LA Live, Staples, & everything Downtown Los Angeles has to offer, this unit is priced to move quickly! Property is priced for multiple offers as this is a short sale.