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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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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.

1642 N Gordon Court Pomona, CA 91768

$365,000
3 Beds
1 Bath
1,009 SqFt
Status Active
MLS # MB18293166
Property Type Single Family Residence
Great Family home, Great opportunity for first time home buyers. Purchase this home now with excellent programs available to first time home buyers. Great area of North Pomona, near hospitals, freeways and shops in a very nice cul de sac. Lender has responded with a short sale approval of $365,000.00

1625 E Avenue K Lancaster, CA 93535

$155,000
2 Beds
2 Baths
1,160 SqFt
Status Active Under Contract
MLS # 18417112
Property Type Single Family Residence
Calling all investors!!! This 2 bed 2 bath Lancaster fixer needs many repairs including city occupancy certification and an un permitted addition. Property is being sold as is. This is a short sale subject to lender approval. Buyer is responsible to determine necessary repairs.

4903 Oakville Court Bakersfield, CA 93313

$190,000
3 Beds
2 Baths
1,387 SqFt
Status Active Under Contract
MLS # PW18296838
Property Type Single Family Residence
Quaint 3 bedroom 2 bath single family residence. This home does need some TLC. Only has had 1 owner since being built in 1995. Contains 2 full baths, separate laundry room and attached two car garage. Has a comfortable sized backyard that can accommodate a small shed for storage. Close to shops (Costco!), banks, and 99 freeway. Centrally located within elementary, jr. high and high schools. Don't miss this charming little place. Great starter home for first time homebuyers. This is a short sale. Sales price and commission is subject to Lenders' approval.

24449 Sagecrest Circle Murrieta, CA 92562

$388,000 - 3Br/3Ba -  for Sale in Murrieta
Open House
$388,000
3 Beds
2.5 Baths
1,900 SqFt
Status Active
MLS # SW18296020
Property Type Single Family Residence
Approved short sale- approved by lender! Now lender wants a quick close! Priced thousands below recent comps. In the heart of Murrieta, between I-15 and I-215 is this two story, single family home. Cul-de-Sac location and great schools make this the ideal family home. Enter into the open living space with high ceilings and lots of natural light. Beautiful wood look tile flooring throughout the downstairs. Remodeled powder room with newer vanity and ceramic bowl sink. Kitchen and family room span the entire back of the house. Complete with fireplace and sliding door access to the large backyard. All bedrooms are upstairs. The master includes separate his and her closets, custom tile step-in shower with seamless door and private balcony. Oversize two car garage. Drought tolerant front yard landscaping. Large backyard is surrounded by near new vinyl fencing. Very low tax rate and NO HOA.

6960 Via Mariposa Norte Bonsall, CA 92003

$779,000
3 Beds
3.5 Baths
3,545 SqFt
Status Active Under Contract
MLS # 190000297
Property Type Single Family Residence
Short Sale with lots of potential. Great floorplan, one-story horse property in Saratoga Estates. It needs work. Definitely a fixer. Wrought iron interior doors and custom light fixtures do not convey.

19120 Arthur Street Apple Valley, CA 92308

$165,000
2 Beds
2 Baths
1,267 SqFt
Status Active
MLS # 508340
Property Type Single Family Residence
Approved short sale. Cozy and well maintained Jess Ranch home. Cute as a button. Kitchen offers nook eating area with nice views. Spacious living room with formal eating area. Sliding door leads to large patio with views of the greenbelt. Master bedroom also has door leading to patio. Master bath offers dual sinks, walk in closet with organizer. Convenient laundry in second bathroom. Single garage is fully drywalled. Any buyer will fall in love. Custom window coverings throughout. # of RV Spaces: 0 Special Features: BN,CCPOOL,CLUB,SPA,OSM Lot Location Type: Standard Location Pool Features: Common Pool # of Attached Spaces: 1 # of Detached Spaces: 0

14010 Smoke Tree Road Victorville, CA 92395

$190,000
4 Beds
2 Baths
2,050 SqFt
Status Active
MLS # PW19003086
Property Type Single Family Residence
BACK on the Market!! Short Sale verbal approved price. Please submit offers subject to viewing. Offers need to be close to listing. Home is in poor Condition. This is a short sale subject to bank approval. Please perform your own due diligence when offering. More pics to follow.

22044 Valerio Street Canoga Park, CA 91303

$675,000
3 Beds
2 Baths
1,579 SqFt
Status Active
MLS # SR19003535
Property Type Single Family Residence
Lender has approved the short sale with a minimum price of $615,000. This is a practically new home with permitted additions, and a bonus room behind the detached garage ready for the buyer to create an ADU. The main house has all new exterior with dual pane windows and sliding glass door. The front porch provides formal access through the leaded glass front door to a large living room. This open concept home can be arranged to meet your needs. The recently installed kitchen has a large island with storage, built in appliances, engineered marble look counters, and stainless steel appliances. There is indoor laundry service adjacent the livining rooms and a master suite with private bathroom. The rear bedroom has a sliding glass door out to the rear patio and yard. The security gated property has an electric front gate and a 97 foot long concrete driveway for plenty of off street parking. There are grass yards in the front and rear. The 13 by 12 bonus room behind the garage is currently used as a home office and storage space. The garage has a roll up garage door with automatic opener, and is drywalled inside and has dual pane windows for easier conversion to living space. This property is loaded with possibilities. The sale will be subjet to the existing lender approval of the terms of the short sale agreement at a price no less than $635,000.

14640 Poulter Drive Whittier, CA 90604

$525,000
3 Beds
2 Baths
1,613 SqFt
Status Active
MLS # PW19007160
Property Type Single Family Residence
APPROVED SHORT SALE AT THIS UPDATED PRICE AS OF 7/10/19 - BRING YOUR INVESTORS! Great Opportunity Whittier Home over 1600 square feet with attached sun room & step down family room, formal living room. 3 bedroom / 2 bath home, lot size of 6.957 square feet. La Serna High School District.

1224 Centennial Avenue Camarillo, CA 93010

$625,000
4 Beds
2 Baths
2,061 SqFt
Status Active Under Contract
MLS # 219000350
Property Type Single Family Residence
Short Sale. Great opportunity in coveted Arneill Ranch. Vaulted ceilings. Open floorpan. 4 bedrooms w 2 baths. Pool and spa. Steps away from Arneill Ranch park and amenities. Great schools. Quiet culdesac.