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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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454 Fairway Drive Palmdale, CA 93551

$350,000
3 Beds
3 Baths
2,810 SqFt
Status Active
MLS # SR19037024
Property Type Single Family Residence
Price Type --
SHORT SALE ALL TERMS ARE SUBJECT TO LENDERS APPROVAL ..the bank is already working with one offer taking offers as Back up !!!! AV Country Club Pool Home! Open floor plan. Large living room & dining room w/ vaulted ceilings w/ view of backyard through two large sliding glass doors. Plantation shutters. Well maintained, sparkling Pool Remodeled kitchen with maximum storage. Gorgeous cabinets. Built-in work station near kitchen. Large Island with beautiful wood counter top & cook top. Recessed lighting. Large Master suite w/ several floor to ceiling windows. Very private backyard with solar heated pool. Spacious spa. Patio Bar. Upgraded A/C & gas heat. property needs TLC IS SOLD AS IS.

2117 Grant Avenue Unit 3 Redondo Beach, CA 90278

$799,900
3 Beds
3 Baths
2,013 SqFt
Status Active
MLS # 19437184
Property Type Townhouse
Price Type --
Just Reduced!***Rare REO Property in great Redondo Beach neighborhood!*** Huge tri-level unit with two large master bedrooms! Features plenty of storage space and a third floor laundry room, plus 2 balconies and private patio! Needs TLC. Perfect opportunity to make it your own! No HOA Dues however unit 3 is currently assigned to pay lawncare ($60/mo) and a shared maintenance fee ($16.67/mo). ***Seller requires a Caliber Home Loans Qualification Letter prior to negotiation for any non-cash transaction. See Private Remarks for Caliber Loan Consultant details.***

814 Cambria Way Santa Barbara, CA 93105

$849,000
3 Beds
2 Baths
1,585 SqFt
Status Active Under Contract
MLS # 219002088
Property Type Single Family Residence
Price Type --
Do not disturb occupants. Subject to short sale and lender approval. Property is a major fixer. Opportunity for investors.

39401 Andros Street Temecula, CA 92592

$580,000
4 Beds
2.5 Baths
2,778 SqFt
Status Active Under Contract
MLS # OC19044239
Property Type Single Family Residence
Price Type --
Approved Short Sale! Located In the Heart of Temecula Wine Country, This Custom 2,778 Square Foot Home, Built In 1983, Has 4 bedrooms, 2.25 bathrooms on 3 acres with Incredible Views! This Is A Spanish Style Home With A Large Country Kitchen And Double Ovens. It Has Four Car Garage Plus Shop Area. Walking Path Around the Home Has Views Of The Mature Landscaping. Very Close To Award-Winning Wineries, Great Schools, Shopping & Entertainment. This Property is Ready for Vines or Horses. Prime Remodel Opportunity inside and out.

13995 Smoke Tree Road Victorville, CA 92395

$269,000
4 Beds
3.5 Baths
2,744 SqFt
Status Active Under Contract
MLS # SB19045047
Property Type Single Family Residence
Price Type --
Back On The Market as of 7/26/19!!! Short Sale Bank Approved!!!....A custom built home located in Green Tree Golf Course Community of Victorville. This home was built in 2008 and has many of upgrades. The home sits on a nice and private cul-de-sac with block wall fencing and iron gates around the property. The home features 4 oversized bedrooms, 3.5 bathrooms, 2744 sqft of living space with attached 2 car garage. There is additional concrete slab on the side of home for additional cars, boat or RV parking. The front yard is landscaped with water conserving rock and plants. Custom front double door opens to high ceiling with chandeliers. There is a beautiful staircase with oak hand rail supported with curved iron rods. Step down living room with fireplace and heat blower to heat up entire downstairs. The gourmet kitchen has granite counter tops, custom wood cabinets and all stainless steel appliances. Kitchen features a built in sitting area near next to kitchen with access to the back yard. The home has a wet bar area with built in wine rack. First floor has tile and second has carpeting. Second floor features a bridge connecting to 2 beds 1 bath. Oversized master bedroom with large sitting area, large walk in closet, with jetted tub and a separate shower. Large laundry room with storage.

1131 Dawes Street Lake Elsinore, CA 92530

$162,000
3 Beds
1 Bath
945 SqFt
Status Active
MLS # SW19045184
Property Type Single Family Residence
Price Type --
This home is close to the lake, the 15 freeway and shopping center, great opportunity for the right buyer who will be willing to do the repairs needed . It's a short sale and all offers, terms and conditions are subject to bank approval, home to be sold as it is in the present condition.

1800 Oregon Street Bakersfield, CA 93305

$151,000
4 Beds
1.5 Baths
1,452 SqFt
Status Active
MLS # SR19053456
Property Type Single Family Residence
Price Type --
Bring all OFFERS!!! done with major overhaul, more than $60,000 spent. Ready to move in or investor GREAT rental area, most are long term renters as they love this family friendly area. Home owners in this area keep their houses in good condition, all the neighbors around this house are long term great neighbors. Do not compare this house to the low priced REO or distressed properties, those low price properties are not fixed up like this one, those that are distressed turn into higher priced fixed up houses making this area great up ward movement, and with the medical large facilities nearby, this area will grow. This is one of the largest SF houses with a BIG usable corner lot. Custom dirt yard to save water or ready for you to fix the existing sprinkler system. It will value higher because it is bigger than most... It is one of the BIGGEST so it will be more expensive than all the small houses around there, $120/SF??? Many upgrades to electrical, plumbing and NEW plumbing to the street, baths are remodeled, NEW exterior PAINT, kitchen is new modern design, new flooring, new paint, many other new items and exterior new lighting. 6 cars can fit in the driveway with room to build a carport AND, the only house with RV access on the side. There are others that add a rental (air BnB) trailer on the lot. Desirable area, this house compares to $160,000++ because it is so much bigger than most. Also a great corner lot with possible double entry. 3 or 4 bedrooms are possible.

32128 Orange Blossom Drive Winchester, CA 92596

$385,000
4 Beds
3 Baths
2,500 SqFt
Status Active
MLS # SW19053045
Property Type Single Family Residence
Price Type --
This 2500 square foot 4 bedroom, 3 bath Morningstar Ranch home with a 3 car garage in Winchester Ca.is in the Temecula School district. The total lot size is 6038 sq ft. With Low HOA at $14/month. This is a gorgeous neighborhood with lots of walking trails nearby and Brookfield park is only 3 minutes away which just enhances the experience of living here. The home has had most of the rooms freshly painted throughout and has had new laminate wood flooring installed in the family room. A huge 20+ foot ceiling and extra windows bring in a ton of natural lighting. Although it is a short sale it has been well cared for. Bring your clients they are going to like it. Set your appointment with me today

11336 Norwood Avenue Riverside, CA 92505

$260,000
3 Beds
1 Bath
854 SqFt
Status Active Under Contract
MLS # BB19054586
Property Type Single Family Residence
Price Type --
Major price reduction!! Changed the sale from standard to Short sale. This home is located in the city of Riverside. Near plenty of eating shops, and freeways. For conventinal and investors only. Investors keep in mind that bank will ONLY accept offers close to BOP. The BPO is 290,000. Not FHA approved. Open floor plan with recessed lighting.Two bedrooms and one in half bathrooms. On title its states it has two bedrooms but it has a total of three bedrooms. Buyer and Buyers agent has to due their due diligence.Property has a notice of default and will be sold as is and seller will not be respnosible for any repairs. House has a few things that need work. Septic tank issues and that why is now being sold in the short sale. Conventional buyer will get their money worth if they are willing to fix the problems the property has. Lots of parking available for a buyer with more than a couple cars and even a RV. There is a shed in the back that can be used as storage place. House needs some love but never the less it has huge potential. Get it for the right price. Location is prime. Come see all the potential this property has to offer.

2436 Baldwin Way Santa Maria, CA 93458

$440,000
4 Beds
2.5 Baths
2,626 SqFt
Status Active Under Contract
MLS # IV19054225
Property Type Single Family Residence
Price Type --
Must see home, 4/2.5, LARGE MASTERBEDROOM, tile most of first floor, family room, one extra room. Maintained house. SHORT SALE

339 Oakwood Court Corona, CA 92879

$390,000
3 Beds
2.5 Baths
1,573 SqFt
Status Active Under Contract
MLS # IG19055431
Property Type Single Family Residence
Price Type --
Short Sale Subject to Lender Approval!! Country Cottage Community. This Home Features, Living room with 20 ft ceiling. Openings to the Family room area. Brick Fireplace. Open Kitchen with breakfast bar. Kitchen Dining Area with Tile Floor and Sliding glass door to back yard. Direct access from kitchen to attached two car garage. Laundry hook ups are in the garage. Half Bath located at bottom of stairs. Upstairs landing area has lots of linen cabinets. 3 spacious bedrooms upstairs, and two full baths. Community park with playground and picnic table. Close to the Walmart, Costco, and Home Depot shopping centers. A new Lazy Dog Restaurant will be built in November.

5807 W Avenue M6 Quartz Hill, CA 93536

$479,900
4 Beds
2.5 Baths
2,726 SqFt
Status Active
MLS # SR19056281
Property Type Single Family Residence
Price Type --
This is a short sale listing. Sale price cannot be guaranteed. Quality shows in this Custom Built single story home in Quartz Hill. House is 2526sf plus craft room off about 200sf. Beautiful yet comfortable home with formal living & dining room, great for entertaining. Large Family Room with cozy Fireplace is adjacent to kitchen. Gorgeous Remodeled Kitchen is cook's dream. Rich granite countertops, upgraded stainless appliances, custom pantry, breakfast bar & nook. Rich wood floors in most of the house. Huge master with walkin closet & luxurious master bathroom. Covered patio across back of house. Freeform rock accented pool with raised spa. Attractive arbors, grape vines, fruit trees and you'll be amazed with the producing lemon trees! Garage has attached craft room/workshop. This home is a show piece. Don't miss it.