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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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44316 Tahoe Way Lancaster, CA 93536

$300,000 - 3Br/2Ba -  for Sale in Lancaster
New
$300,000
3 Beds
2 Baths
1,588 SqFt
Status Active
MLS # SR19015004
Property Type Single Family Residence
Price Type --
Short sale pending bank approval.

935 N Merced Avenue Ontario, CA 91764

$330,000
3 Beds
2 Baths
1,396 SqFt
Status Active Under Contract
MLS # AR19017315
Property Type Single Family Residence
Price Type --
Sale is contingent upon short sale lender's and/or any lien holder's approval. Property is selling in a AS IS condition.

5603 W Avenue L4 Lancaster, CA 93536

$320,000 - 5Br/3Ba -  for Sale in Lancaster
New
$320,000
5 Beds
3 Baths
2,344 SqFt
Status Active
MLS # SR19015641
Property Type Single Family Residence
Price Type --
Short sale

73155 Ajo Ln Lane Palm Desert, CA 92260

$299,000
2 Beds
2 Baths
1,441 SqFt
Status Active
MLS # OC19013064
Property Type Condominium
Price Type --
WOW amazing value! SHORT SALE is subject to approval of lender. Complete remodel and MOVE IN READY. You must see this gorgeous remodeled condo home. Large 2 bedroom 2 bath newly remodeled unit, all new tile and a modern glass kitchen backsplash and very nicely upgraded bathrooms. There are two master suites and two full bathrooms in the prestigious Ironwood Country Club. (Located in the newer Lake Vista Villas side all one level ). The Ironwood CC is known for its prestigious golf courses and allows you the option to join the golf membership or not. So you can relax on one of two private patios and take in the views of the mountains. There is a scenic greenbelt directly behind the patio. This home also has more privacy from than many units. With this spacious condo, you can enjoy the sitting area off of the kitchen and the large living room. Take-in the majestic mountain views and palm trees from the front and back. The open entry and living room have a fabulous atrium to enjoy the beautiful natural outdoor light. There is plenty of room in the 2 car attached garage for storage. Come see the many amenities that Ironwood Country Club has to offer. Located in south Palm Desert near Big Horn and The Vintage.

5464 8th Avenue Los Angeles, CA 90043

$435,000
3 Beds
1 Bath
1,428 SqFt
Status Active Under Contract
MLS # 19428104
Property Type Single Family Residence
Price Type --
Single Family home located in Park Mesa Heights. You will enjoy the benefits of being centrally located to major freeways, LAX, downtown Los Angeles, and Kaiser Hospital. This is a great opportunity for investors. With a little TLC this gem of a property can be yours. Note: The 1/4 bathroom is possibly not permitted. Buyers are responsible to conduct their own research. Subject to lender's approval of 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

535 W Vesta Street Ontario, CA 91762

$335,000
4 Beds
2 Baths
1,301 SqFt
Status Active
MLS # TR19029711
Property Type Single Family Residence
Price Type --
535 W Vesta St is a single-story home built in 1910 on a large lot in the city of Ontario located a few blocks from downtown. It has 4 bedrooms and 2 bathrooms, totaling 1301 square feet of living space. It also has a detached garage. Updates needed throughout; a good opportunity for the right buyer. Short sale, one lender. All-cash investors welcome.

11068 White Oak Avenue Granada Hills, CA 91344

$739,000
5 Beds
3.5 Baths
3,531 SqFt
Status Active Under Contract
MLS # SR19029444
Property Type Single Family Residence
Price Type --
BACK ON MARKET. CALL FOR DETAILS.BANK APPROVED SHORT SALE. CASH ONLY. . Outstanding Opportunity. Main house is a 3 Bedroom 2.5 bathroom. Guest unit 2 Bedroom 1 Bathroom (unfinished) Located in the award-winning Granada Hills charter high school area. Walking distance to food-trucks on Chatsworth st, shopping, and supermarkets. Deodar Cedar trees outlining where it was once the entrance to a private ranch. Which is now loved by many for their size and beauty. Please note: Buyers must be CASH only.

2107 Greenwood Court Fullerton, CA 92833

$680,000
3 Beds
2 Baths
1,745 SqFt
Status Active Under Contract
MLS # 19433136
Property Type Single Family Residence
Price Type --
This is a rare Short Sale in this area. THis one story house built in 1983 sits in Coyote Hills Estates. It has 3 Bedrooms and 2 Baths in about 6,500 squre ft lot and needs some interior and outside of work. A great opportunity for the investment. This sale is contingent upon all lenders/lien holders approval.

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.