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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:

3281 Reche Rd Fallbrook, CA 92028

$829,000
3 Beds
3 Baths
2,890 SqFt
Status Active
MLS # 200010323
Property Type Single Family Residence
Price Type --
This property it is Short Sale all terms and condition are subject to short sale approval the house facing view from 16x8 foot window.from the living room the garage was converted in to room this house has avocado trees a,lemon trees and grapefruit t this house has fire sprinkler system ,has surround sound system.floor it bamboo wood floor and the door's made from solid wood very good quality Equipment: Fire Sprinklers,Garage Door Opener Other Fees: 0 Sewer: Septic Installed Topography: ,,LL Frontage: Canyon, Open Space

25401 Echo Valley Road Homeland, CA 92548

$239,900
3 Beds
2.5 Baths
1,716 SqFt
Status Active
MLS # SW20051345
Property Type Manufactured On Land
Price Type --
Property is available subject to pending cancellation of escrow. INVESTOR OPPORTUNITY-Fixer Upper!! This really is a diamond in the rough!!! 2.69 acres atop a private hillside with a 2003 Doublewide manufactured home. 3 bedroom 2.5 bath. Living room with large corner fireplace off open kitchen This home has an open floor plan and bright layout. So many possibilities for this home and exceptionally large lot. Workshop/2 Garage with half bath. The view is the best in the neighborhood.

21705 Bene Drive Saugus, CA 91350

$510,000
3 Beds
3 Baths
1,696 SqFt
Status Active Under Contract
MLS # MB20054359
Property Type Condominium
Price Type --
Villa Metro Terra model home in gated community. Two story 3 bedroom 3 bath home in excellent condition. 1 bedroom with 3/4 bath downstairs plus bonus room/den. 2nd level additional 2 bedrooms and 1 & 3/4 baths. Open floor plan with kitchen and living room area. Large 2 car garage with workshop.

23200 Red Rock Road Topanga, CA 90290

$1,295,000
2 Beds
2 Baths
1,388 SqFt
Status Active
MLS # 20565436
Property Type Single Family Residence
Price Type --
Incredibly private and secluded apx. 18+ acre mountain top compound with 2 separate cottages each with county water, electric, etc. Incredible views and adjacent to thousands of acres of parkland. The property is as remote as they come yet about 8 minutes into Calabasas and 15 minutes to PCH in Malibu. Being SOLD FOR LAND VALUE ONLY, numerous CCC violations on title. Cash buyers only, verification required prior to showing and please do not enter property without listing agent present. Lender owned.

35306 Marabella Court Winchester, CA 92596

$380,000
3 Beds
3.5 Baths
1,648 SqFt
Status Active Under Contract
MLS # 200013957
Property Type Condominium
Price Type --
Former Model Home is now available. This detached end-unit, built in 2010, has a large designer kitchen, breakfast nook, artificial turf, AND an optional 3rd bedroom/office. Arched doorways, tile and wood flooring, designer paint, all add to this beautiful home. Enjoy the fireplace, vaulted ceilings in the master bedroom, and a peaceful/quite backyard. Located in the Temecula Valley School District. This home is also energy efficient! Equipment: Range/Oven Other Fees: 0 Sewer: Sewer Connected Topography: ,LL

6733 Breakers Way Ventura, CA 93001

$4,700
3 Beds
3.5 Baths
2,811 SqFt
Status Active
MLS # 20566284
Property Type Single Family Residence
Price Type --
Completely updated Beach house with Ocean View on the Rooftop deck! Completely updated kitchen and bathrooms, huge master bedroom with walk in closet, newer appliances. House is completely furnished and updated, it's 2811 square feet, 3bed/3bath, very clean and spacious- new kitchen, new windows, new appliances, new floors, new furniture, new mattresses, new art.3 level house- ocean views from roof top lounge area. New King bed in the masterbedroom, Queen bed in another bedroom, and 2 twins in a 3rd bedroom. Living room has a pull-out couch.. Short walking distance to perfect secluded beach to get away, de-stress and seclude. Muscle Shaols is a small beach community, this is the 2nd row of houses from the beach. There is a bike-path which goes all the way to Santa Barbara right behind the house. Check out the photos!

3991 Wendi Court Fallbrook, CA 92028

$1,499,000
5 Beds
5.5 Baths
5,200 SqFt
Status Active Under Contract
MLS # OC20063116
Property Type Single Family Residence
Price Type --
Premiere Views! Ultimate RV (41ft length) sized shop/man-cave. Work from home and enjoy the peaceful private 2 acres! Large one bedroom guesthouse with pool deck overlooking 20x40 foot pool with cover and hot tub to relax. Property is ideally located in the Highly desirable Brook Hills gated community with Grand Club House and tennis courts. Home is complete with natural gas and sewer service rarely found in the area! (No Propane or Septic tank)

20310 Myron Perris, CA 92570

$256,500
3 Beds
2 Baths
1,568 SqFt
Status Active
MLS # PW20068702
Property Type Manufacture 433
Price Type --

4371 Vanalden Avenue Tarzana, CA 91356

$1,599,000
6 Beds
6 Baths
5,112 SqFt
Status Active Under Contract
MLS # SR20070778
Property Type Single Family Residence
Price Type --
South of blvd Large home on beautiful grounds 5112 sq ft,on a 18475 sq ft lot.6 bedrooms and 5 1/2 bath,home is in need of major repairs .Has tons of potential.Short sale must be approved.

4252 Tosca Road Woodland Hills, CA 91364

$705,000
2 Beds
2 Baths
1,684 SqFt
Status Active Under Contract
MLS # 20571994
Property Type Single Family Residence
Price Type --
**IMPORTANT** OFFERS WERE DUE SEVERAL WEEKS AGO. AN OFFER IS CURRENTLY UNDER REVIEW WITH THE LENDER PENDING APPROVAL. NO SHOWINGS AT THIS TIME. DO NOT DISTRUB OWNER. THIS IS A SHORT SALE, BEING SOLD IN AS-IS CONDITION. NO REPAIRS OF ANY KIND WILL BE MADE. NO TERMITE SECTION 1 CLEARANCE, NHD, HOME WARRANTY WILL BE PAID BY THE LENDER. FIXER UPPER. A must see cottage hidden in Woodland Hills. Don't miss the opportunity to own this unique flat 7000 Sq ft lot, it's time to get creative! Whether you want to live in the two bedroom, one bath portion of the house and rent the attached unit, or you want to convert into a three bed, two bath, or even a four-two, thats up to you!

30815 Loma Linda Road Temecula, CA 92592

$360,000
2 Beds
2 Baths
1,230 SqFt
Status Active Under Contract
MLS # PW20073865
Property Type Single Family Residence
Price Type --
Perfect investment opportunity. Home is in good condition. Property is close to golf course, freeway, shopping and award winning schools. It also has a permitted addition on patio with an additional room. This home wont last!!

8603 Newton Pl Riverside, CA 92508

$399,000
3 Beds
2 Baths
1,434 SqFt
Status Active Under Contract
MLS # 200017628
Property Type Single Family Residence
Price Type --
Orange Crest, single story home at the end of cul-de-sac. Open floor plan. Oversized lot with large backyard with double gates for all the toys including RV. Close to the BEST schools in Riverside. EZ access to eateries, entertainment, shopping parks and minutes Freeways. Priced to BUY!!. Neighborhoods: Orange Crest Equipment: Garage Door Opener Other Fees: 0 Sewer: Sewer Connected Topography: LL