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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:

26133 Williams Way Unit B Murrieta, CA 92563

$530,000
3 Beds
3 Baths
1,654 SqFt
Status Active
MLS # IV22121394
Property Type Condominium
Price Type --
Welcome to Murrieta, California. Villas at Old Schoolhouse Community awaits you. This condominium shows as a two story, three bedrooms build in 2002. If you blink it will be sold. This is a great opportunity to put your finishing touches on this gem. Don't miss this unique chance to say ''hello'' to your new dream getaway! All potential buyers are asked to check with City, County, Zoning, Tax, and other records to determine all details on this property listed above to their satisfaction. This is an AS-IS REO property.

3040 Gibraltar Road Santa Barbara, CA 93105

$2,200,000
6 Beds
5.5 Baths
5,296 SqFt
Status Active
MLS # SR22123740
Property Type Single Family Residence
Price Type --
Just out of foreclosure. REO. Lender owned. New Construction not completed on the main Estate Home (approximately 4300 sq. ft per builder). Main Home is 5 BR / 4.5 BA per seller. The guest house is fenced and has construction containers on the property, also is a fixer 1 + 1 and built in 1982 and is 1,296 sq. feet. per tax assessor. It is currently renting month to month. One of the highest Homes in the Hills with STUNNING OCEAN VIEWS OF SANTA BARBARA, THE COASTLINE, HARBOR AND CITY LIGHTS! This is a once in a lifetime opportunity for the right buyer. The builder ran out of money during Covid restrictions and could not complete the Buildout. Bring your builder or we have Cost Breakdowns and estimates to complete the project and the Builder would love to help complete it. Main house 2 car garage to be built and there's parking for 4 additional cars. Guest house parking driveway can also fit up to 4 cars.

1240 India St Unit 802 San Diego, CA 92101

$1,199,000
2 Beds
2 Baths
1,281 SqFt
Status Active
MLS # 220014950SD
Property Type Condominium
Price Type --
MOVE-IN READY! Enjoy spectacular Bay & City views from this South and West facing corner residence. Located in Columbia District, just steps from Little Italy. Home features 2 bedrooms each with panoramic views, 1 spacious den that may function as a 3rd bedroom, 2 full baths, and a separate kitchen on a single floor totaling 1,281 sq. ft. of indoor space, plus an ample balcony to enjoy the views, the sunsets, the sea breeze and spectacular fireworks displays. Quality custom built-ins throughout make this a stylish place for full-time living. TREO offers a range of amenities, including 24 hr. front-desk and security, gated entry, pool, fitness center, and gathering areas for a reasonable HOA monthly fee. The home sale includes one underground parking space and a separate storage unit. Check out the Virtual Tour. MOVE-IN READY! Enjoy spectacular Bay & City views from this South and West facing corner residence. Located in Columbia District, just steps from Little Italy. Home features 2 bedrooms each with panoramic views, 1 spacious den that may function as a 3rd bedroom, 2 full baths, and a separate kitchen on a single floor totaling 1,281 sq. ft. of indoor space, plus an ample balcony to enjoy the views, the sunsets and the sea breeze. Quality custom built-ins throughout make this a stylish place for full-time living. Living Room with spectacular views, gas fireplace and floor-to-ceiling windows. The Dining Area features a custom wall with a built-in table, glass shelves, and a TV station, custom-designed and built by Basel. Master Bedroom with custom-designed California Closets adding style and function while framing large windows with spectacular views. Master Bath with a sunny window. Updated second bath. Den, or optional 3rd Bedroom, with natural wood built-ins and custom low voltage lighting. Ample West-facing balcony with views of City, Bay, Coronado Island, Point Loma and Mission Hills. Separate kitchen with granite counters, stainless steel appliances, pantry, and LED lighting. Full-size washer and dryer, plus energy-efficient DUAL A/C system. The complex offers a range of amenities, including 24 hr. front-desk and security, gated entry, pool, fitness center, and gathering areas for an HOA fee of $603/month. The sale includes all appliances, TV and sound bar, plus a Parking Space, plus a separate Storage Unit, both located in the underground parking area. Check out the Virtual Tour. Equipment: Dryer,Fire Sprinklers,Garage Door Opener, Range/Oven, Washer Topography: LL

41654 Oak Barrel Court Palmdale, CA 93551

$649,999
5 Beds
4 Baths
3,776 SqFt
Status Active
MLS # 22168259
Property Type Single Family Residence
Price Type --
This is a Short Sale - listing price is not guaranteed but all of the hard work has been done as we were already in escrow with another buyer. Property can now close escrow within 30 Days of a bank accepted offer. Extremely nice VIEW home in the desired Sonoma Ranch Development in West Palmdale. Offers 5-bedrooms, 3.5 baths, and over 3,770 sqft of living space. Home features high ceilings, a large formal living room, a formal dining room, and spacious family room with fireplace. Kitchen features a large center island, plenty of cabinets, and had open access to the family room. Main floor bedroom is ideal for guest room or maids quarters. There are 4 additional large bedrooms upstairs, including the spacious master suite. Separate individual laundry room. 3-car garage. Very open floorplan, city lights view. Large, flat backyard. No Mello-Roos or HOA. Many more features!

22714 Burbank Boulevard Woodland Hills, CA 91367

$650,000 - 2Br/1Ba -  for Sale in Woodland Hills
Open House
$650,000
2 Beds
1 Bath
868 SqFt
Status Active
MLS # SR22128564
Property Type Single Family Residence
Price Type --
Live Auction! Bidding to start from $650,000! Major Renovation or Tear-Down in a very desirable neighborhood of Woodland Hills surrounded by million dollar residences. Available for the first time in over 40 years. Bring your ideas or draw up plans for your dream home. The existing home is a 2 bedroom, 1 bath, stucco and wood trimmed bungalow with a one car, attached garage and a detached, FINISHED BONUS ROOM in the back yard. All mechanicals are in functioning condition but older. The 6,747 s.f. lot offers opportunity to add-on or build a much larger home. PRESENT OFFERS IN ADVANCE TO CANCEL THE AUCTION. Inspection reports and all seller disclosures available for review prior to offer. THIS IS A NON-DISTRESSED AUCTION PROPERTY; NOT IN FORECLOSURE. Buyer agent compensation and all types of financing will be considered. Download the HomeBook from Supplements.

139 Via Fuchsia Paso Robles, CA 93446

$848,000 - 3Br/4Ba -  for Sale in Pr City Limits East(110), Paso Robles
New
$848,000
3 Beds
3.5 Baths
2,589 SqFt
Status Active
MLS # IV22137185
Property Type Single Family Residence
Price Type --
Welcome to Paso Robles, California. A single-family residence awaits you!! This home appears to have been built in 2002 and is on a good size lot of approximately 30,056 square feet. If you blink it will be sold. This is a great opportunity to put your finishing touches on this gem. Don't miss this unique chance to say ''hello'' to your new dream getaway! All potential buyers are asked to check with City, County, Zoning, Tax, and other records to determine all details on this property listed above to their satisfaction. This is an AS-IS REO property.