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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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21214 Sauvignon Lane Apple Valley, CA 92308

$245,000
5 Beds
3 Baths
2,434 SqFt
Status Active
MLS # PW19267682
Property Type Single Family Residence
Price Type --
Short Sale, The property located in a very nice and quiet neighborhood Built in 2006, 5 bedrooms and 3 bathrooms. Living Space 2,434 sqft, lot 22,104 sqft. Home need lot of work due to the previous tenant had grown Cannabis and damaged the property, City has issued fine due code violations, fines from city has passed due about $31,000 . Please check with city for any issues regards to violation.

8732 Summercrest Circle Garden Grove, CA 92844

$710,000
4 Beds
2.5 Baths
2,266 SqFt
Status Active
MLS # PW19268489
Property Type Single Family Residence
Price Type --
4 Bedrooms & 2.5 Baths. Open floor plan and good size yard. Association dues is $48/month. THIS IS A SHORT SALE/ SUBJECT TO LENDERS APPROVAL.

2 Normandy Way Rancho Mirage, CA 92270

$600,000
5 Beds
4.5 Baths
5,240 SqFt
Status Active Under Contract
MLS # 219034155DA
Property Type Single Family Residence
Price Type --
This Victoria Falls home has 5 bedrooms, 4 baths, a sparkling pool and spa, and is two stories. The home is move in ready, and waiting for your personal touch. 2 car garage. 3rd garage has been converted to an office/exercise room. Huge master suite has its own office, with a door to the back yard. Short sale.

40986 166th Street E Lancaster, CA 93535

$160,000
3 Beds
2 Baths
1,134 SqFt
Status Active Under Contract
MLS # SR19265221
Property Type Single Family Residence
Price Type --
Amazing opportunity to own this 3 bed, 2 bath, 1134 square foot, single story home located on over half an acre. This property needs lots work. There are known plumbing, electrical and other issues. The bathrooms do not have proper running water. The electrical only works in 50% of the house and that's intermittent. The heating and air are inoperable. This property must be sold as-is. But with a little work this could be a great home!! If you've ever wanted to live in your own home on a large lot this is it!! No financing is available due to property condition. There is an illegal renter in a trailer on the back of the property. An eviction of the illegal tenant will likely be necessary. Short Sale has been approved at list price!!

26578 Primrose Way Moreno Valley, CA 92555

$395,000
5 Beds
3 Baths
2,912 SqFt
Status Active Under Contract
MLS # IV19270612
Property Type Single Family Residence
Price Type --
Great property built-in 2006 with lots of potentials. Great kitchen with an island. Price reflects the condition of the property. Being sold as-is. Short SALE. This is your opportunity to buy a fixer-upper and enjoy sweat equity. 5 Bedrooms,2.75 bathrooms, one-bedroom, and one bathroom is downstairs, formal living room, game room, family room, huge lot. Excellent area to raise a family. Don't miss out! Property is close to 60 Freeway, Shopping, Schools, Community College, Hospitals and Parks.

938 N Redding Way Unit B Upland, CA 91786

$340,000
3 Beds
2.5 Baths
1,482 SqFt
Status Active Under Contract
MLS # OC19275085
Property Type Condominium
Price Type --
Approved short sale price. Great opportunity to own a condo in Upland. The two car attached garage allows for easy access right into the property. Kitchen features granite counter tops and plenty of cabinet space. Community features pool, spa and clubhouse for your enjoyment. Upland high school is right across the street and it is a short walk to shops and restaurants. This is a must see!

1199 New Bedford Court Ventura, CA 93001

$1,255,000
4 Beds
3 Baths
1,886 SqFt
Status Active Under Contract
MLS # 219014299
Property Type Single Family Residence
Price Type --
Opportunity Knocks!! Conditionally Approved Short Sale! Call Agent for details. Showings available 4/25/2020 12pm thru 2pm Fabulous opportunity to buy in the Pierpont Lanes! This absolutely darling two-story 4 bedroom ocean view home is just steps to the beach, close to Marina Park, plus a short drive to the Pier and the many excellent restaurants in downtown Ventura. And so close to the wine country of Santa Barbara and Santa Ynez too! Successfully utilized as a vacation rental on VRBO, this cozy home is ideally set up for a sizable group of people, with plenty of space to entertain inside, and outside on the lovely and peaceful patio. Many of the furnishings can be negotiated separately, so you can have your new home complete and ready to enjoy. Experience the refreshing and renewing beach life!

5929 Ranger Way Carmichael, CA 95608

$382,700
3 Beds
2 Baths
1,633 SqFt
Status Active
MLS # PW19277962
Property Type Single Family Residence
Price Type --
Upcoming pre-foreclosure auction! Exclusive Xome Property. NO BUYERS PREMIUM! Auction properties are sold AS IS without any guarantee or warranty by seller. Property may be occupied. Please do not trespass. THERE IS NO ACCESS OR SHOWINGS

22736 Porter St Nuevo/lakeview, CA 92567

$255,000
3 Beds
2 Baths
1,340 SqFt
Status Active
MLS # IV19277926
Property Type Manufactured On Land
Price Type --
This 2-year-old Fleetwood manufactured home welcomes you to its open floor plan of 3 bedrooms and 2 baths. Large Indoor Laundry room. Big front porch and low maintenance yard. Home has a construction warranty for 10 years that is transferrable to the new buyer. Home energy-efficient appliances in the throughout the home. Come see for yourself! Home is on a permanent foundation and 7406 lot size.

29835 Hidden Creek Drive San Juan Capistrano, CA 92675

$2,695,000
9 Beds
10.5 Baths
9,320 SqFt
Status Active
MLS # OC19203435
Property Type Single Family Residence
Price Type --
HUGE PRICE REDUCTION! BRAND NEW CONSTRUCTION! AMAZING OPPORTUNITY! Possibly the best-priced, LUXURY HOME on the market! Welcome to the 'Angel Dome Villa!' Uniquely crafted, located in an exclusive and private enclave of 8 residences. Nestled along the hillsides of beautiful and historic San Juan Capistrano. Minutes from the Beach and Downtown, this spectacular home is destined to be one of the most iconic homes ever built in S.J.C. The design was inspired by the famed Sante-Fe Station which was built in S

1049 Don Alvarado Street Arcadia, CA 91006

$999,999
5 Beds
3 Baths
3,015 SqFt
Status Active
MLS # CV19281075
Property Type Single Family Residence
Price Type --
SHORT SALE IN A NICE RESIDENTIAL COMMUNITY. INSPECTION SUBJECT TO OFFER APPROVAL. PLEASE, SEE PRIVATE REMARKS.

4260 Rustling Pines Road Shingle Springs, CA 95682

$500,000
4 Beds
2 Baths
2,616 SqFt
Status Active Under Contract
MLS # SB19279598
Property Type Single Family Residence
Price Type --
This Property is a Short sale subject to lender approval. This home is 4 bedrooms and 2 Baths plus Guess house 2 beds and one bath, It is the buyer’s responsibility to check permits.