Share

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:

29600 Andromeda St Murrieta, CA 92563

$550,000
5 Beds
3.5 Baths
3,233 SqFt
Status Pending
MLS # NDP2112761
Property Type Single Family Residence
Price Type --
Please join me to tour the perfect opportunity you’ve been waiting for! We have priced to attract attention in consideration for your patience needed for the short sale or lien release process. This beautiful 5 bedroom, 3.5 bath home offers 1 bedroom and 1.5 baths downstairs and a large loft upstairs with built-in desk space. The large open floor plan is an entertainer’s dream with the eat-in kitchen opening on either side to the spacious family room and dining area. This gorgeous kitchen features an island, walk-in pantry, granite countertops, walnut cabinetry, and a gas cooktop. The master bedroom offers views of the mountains, an enormous walk-in closet and large bathroom with dual vanity, shower and separate soaking tub. Each additional bedroom is spacious with ample closet space and ceiling fans. The floorplan of the home is ideal for any size family. The backyard is large and has an incredible wooden play structure that will convey with the sale of the home. Enjoy the mountain views and the proximity to the golf course, freeways, shopping and parks!

5722 Lubao Avenue Woodland Hills, CA 91367

$1,299,000
5 Beds
3 Baths
2,444 SqFt
Status Pending
MLS # SR21251072
Property Type Single Family Residence
Price Type --
Short Sale / Fixer can be wonderful property - work needed.

24993 Painted Rock Road Ramona, CA 92065

$599,300
3 Beds
2 Baths
2,513 SqFt
Status Active Under Contract
MLS # IV21254296
Property Type Single Family Residence
Price Type --
Built in 1958 this three bedroom two bath home has 2,513 square feet of living space and sits on five acres!!! Located in San Diego County, this property features beautiful mountain views!! With a little TLC, this would make a perfect home. The property is occupied so all potential buyers are asked to check with City, County, and Tax and other records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS REO property.

17077 Creekside Circle Morgan Hill, CA 95037

$679,000
3 Beds
2.5 Baths
1,473 SqFt
Status Pending
MLS # ML81871241
Property Type Condominium
Price Type --
Short Sale Opportunity in the beautiful Creekside Village Community! The vaulted ceilings and open space in this 3 bed, 2.5 bath home is the perfect canvas to customize your living space. In addition to the private backyard and attached 2 car garage, you can reap all the benefits of the gated community with amenities including a Club House, Pool, Tennis Court, and Gym. Set in the heart of Downtown Morgan Hill, with amazing restaurants, shopping, wineries, and a highly rated school district, you don't want to let this pass you by. ***Must be approved by lender***

10131 Bell Avenue Lower Lake, CA 95457

$275,000
2 Beds
1.5 Baths
1,440 SqFt
Status Active
MLS # IV21256825
Property Type Single Family Residence
Price Type --
Have you always dreamed about having a home out of the hustle and bustle, yet not far from the water and freeways? This multi-story residence is nestled away and is waiting for you. Relax in tranquility at home or venture out a short distance to many outdoor recreational activities, Clear Lake, a vast array of cuisines, shopping, and entertainment. Excellent opportunity to put your finishing touches on this gem and make it your own. Don’t let this rare opportunity to own a piece of paradise get away from you! All potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details. This is a REO Property.

1055 Cinnabar Court Santa Maria, CA 93455

$600,000
5 Beds
3 Baths
2,931 SqFt
Status Active
MLS # PW21257807
Property Type Single Family Residence
Price Type --
You found me!!! Short sale pending confirmation. Five bed, two and three quarter bathrooms. Huge Lot with a huge house, come see me!!!

2351 Lexington Avenue Santa Maria, CA 93458

$375,000
4 Beds
2 Baths
1,517 SqFt
Status Active Under Contract
MLS # PI21262180
Property Type Single Family Residence
Price Type --
Detached four bedroom house in a gated community. Vaulted ceilings, fireplace and extra large kitchen for entertaining. Close to parks, shopping and HWY 101 access. REO ID #L21004C

4871 W 132nd St Hawthorne, CA 90250

$699,000
3 Beds
2 Baths
1,027 SqFt
Status Pending
MLS # SB21262188
Property Type Single Family Residence
Price Type --
***Probate/Short Sale - Court Confirmation required*** Great opportunity in the Wiseburn neighborhood and Wiseburn Unified School District for a CASH BUYER due to deferred maintenance. OFFERS DUE BY FRIDAY 12/17 @ 5:00 PM. CASH Buyers ONLY. Home will not qualify for a loan due to deferred maintenance. This 3 bedroom 2 full bath home has approximately 1,027 square feet on a 5,283 square foot lot (per Public Records). The property features a smaller set beck which creates a larger than usual backyard. The full two car garage is detached in the backyard presenting the opportunity to have an ADU built on the property. The community is adjacent to I-405, Costco, LAX, Trader Joes, the beach, Google, Tesla, Los Angeles Air Force Base and multiple Aerospace companies including SpaceX, Boeing, and Northrop Grumman. The home may need some repairs and this is reflected in the price. Buyer to satisfy themselves regarding all aspects of the property. Property to be sold in current condition – seller will not reduce price, give credits for repairs or termite work based on any inspections. AGENTS TO CONTACT LISTING AGENT PRIOR TO WRITING AN OFFER. WHEN WRITING AN OFFER PLEASE USE GUIDELINES FOR NEW RPA IN THE SUPPLEMENTS SECTION.

2054 Carnation Avenue Hemet, CA 92545

$420,000
3 Beds
2.5 Baths
1,417 SqFt
Status Pending
MLS # CV21258488
Property Type Single Family Residence
Price Type --
AMAZING OPPORTUNITY IN THE CITY OF HEMET! THIS HOME IS DESIGNED WITH BEAUTIFUL HIGH VAULTED CEILINGS AND DECORATIVE ARCHITECTURAL SHELVES SPACES. AS YOU MAKE YOUR WAY TO THE SPACIOUS LIVING ROOM YOU WILL NOTICE THE OUTSTANDING TILED FIREPLACE THAT WILL KEEP YOU WARM DURING THE WINTER AND GIVE YOU THE AUTHENTIC HOLIDAYS AMBIANCE. THE HOUSE HAS A BEAUTIFUL SPACIOUS BACKYARD THAT IT IS PERFECT FOR FAMILY GATHERINGS AND ENTERTAINMENT. JUST A FEW MINUTES FROM THE PROPERTY YOU WILL FIND THE BEAUTIFUL DIAMOND VALLEY LAKE THAT OFFERS A FUN AQUATIC CENTER AND HIKING TRAILS FOR YOU TO COME OUT AND ENJOY THE SUMMER FUN! MOREOVER YOU WILL FIND THE LOCAL SHOPPING CENTERS AND THE FAMOUS WESTERN SCIENCE CENTER, WELCOME HOME!!

26526 Beecher Lane Stevenson Ranch, CA 91381

$1,055,500
4 Beds
3 Baths
2,792 SqFt
Status Active
MLS # IV21262570
Property Type Single Family Residence
Price Type --
Looking for a large, executive-style home on a large lot where you can relax at home or be close to outdoor recreational activities? Now is your chance to own a piece of paradise! This four-bedroom, three bathroom residence features a two-car garage plus additional parking, central air-conditioning, fireplace, and a large fenced yard. Enjoy the tranquility of the outdoors, or venture out to an array of cuisines, shopping, entertainment, outdoor recreational activities, Dr. Richard H. Rioux Memorial Park, and easy access to I-5. All potential buyers are asked to check with City, Tax, and other available records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS REO property.

107 N Poe Street Lake Elsinore, CA 92530

$190,800
2 Beds
1 Bath
1,044 SqFt
Status Active Under Contract
MLS # IV21264084
Property Type Single Family Residence
Price Type --
Rare opportunity to live blocks from the beach on the spectacular Lake Elsinore at an affordable cost. This classic two-bedroom home features a large private yard, two car garage, and a spectacular location. Blocks to the beach, boat launch, and a short distance to the countless outdoor recreational activities that this location offers. Restaurants, schools, sporting venue, shopping and Interstate 15 are nearby. Don’t miss this unique opportunity and say hello your new home! Don't blink and miss this rare opportunity. All potential buyers are asked to check with City, Tax, and other records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS REO property.

437 W 5th Street San Jacinto, CA 92583

$212,800
2 Beds
1 Bath
840 SqFt
Status Active Under Contract
MLS # IV21264075
Property Type Single Family Residence
Price Type --
Don’t blink and miss this spectacular opportunity to own an affordable house with a convenient location. This home features a garage, large private yard, and is conveniently located near many restaurants, shopping, outdoor recreational activities, golfing, and casino. Say Hello to your new home! All potential buyers are asked to check with City, Tax, and other records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction. This is an AS-IS REO property.