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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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31142 Camino Del Este Temecula, CA 92591

$275,000
3 Beds
1.5 Baths
972 SqFt
Status Active Under Contract
MLS # SW19009585
Property Type Single Family Residence
Single Story FIXER Home in Beautiful Temecula Valley! This one is got to be the lowest priced home in Temecula. Perfect Rental Home or Second Home! Also, Great Opportunity to live in desirable Temecula Unified School District with a low mortgage payment. Walk to schools and parks. Great for First Time Home Buyer or Rental....LOW Taxes and HOA. Only Minutes away from Shopping, Mall, FWYs, and Wine Country! ******This is a Short Sale. Bank has everything just need the right offer to get Approval and get into escrow*******

6726 Valaria Drive Highland, CA 92346

$250,000
3 Beds
2 Baths
1,442 SqFt
Status Active
MLS # CV19010070
Property Type Single Family Residence
Approved short sale.3 Bedrooms 2 Bathrooms and a Large Bonus Room. Spacious kitchen with a large Dining area with granite countertops in the kitchen with stainless steel sink and cabinet. A nice tile floor in the Kitchen, Bathrooms and in the entryway. This home has Ceiling fans. Two car garages. Good size backyard… Located close to shopping, schools, parks and even the San Manuel Casino…. Don't miss out on this great home!

17748 Grand Avenue Lake Elsinore, CA 92530

$499,000
4 Beds
3.5 Baths
4,480 SqFt
Status Active Under Contract
MLS # SW19012143
Property Type Single Family Residence
SHORT SALE WAITING FOR APPROVAL 2 parcels totaling 4.21 Acres of usable flat land, 381-190-010 and 381-190-009, included in the sale, a variety of Zoning W-1,R-3, check TLMA maps loaded under supplements, Extensive concrete and asphalting. 135' Well that supplies water to the whole property. Extensive sprinkler system. Electrical consumption about $5K per year. Extensive landscaping. Asphalt access to beach. Large cove on the beach. 1,200 SQFT two bedroom 1 bath home, 550 SQFT Studio with 1 bath, 3000 SqFt. Mechanical or Storage Shop with utility bathroom, and so much more! Don't forget the 250 linear feet of sandy shoreline, and with your own boat dock...

71 Listo Street Rancho Mission Viejo, CA 92694

$639,000
2 Beds
2.5 Baths
1,546 SqFt
Status Active
MLS # OC19012409
Property Type Townhouse
Great opportunity to own this nicely upgraded, one-story VIREO home. Spacious open floor plan with tons of natural light. Light colored wood vinyl flooring is both durable and stylish. Kitchen is large with over-sized island, quartz counters, custom marble backsplash and stainless steel appliances. Walk in panty makes cooking a joy. Both bedrooms have in-suite master baths. Master bedroom has large walk in closet and upgraded master bath with walk in shower. Spacious powder room and inside laundry room. Side yard has artificial turf lawn. Home is attached on one wall (duplex) but shows like a detached home. Quiet low traffic location. Located in the Gavilan area of Esencia. (At least one occupant must be 55+). Home is located adjacent to a community citrus garden with outdoor exercise equipment. Walking distance to Canyon House clubhouse with coffee house, community garden, bocce ball and more. Enjoy resort like living with access to ALL community facilities in Sendero, Esencia and future villages. Amenities include pools, jacuzzis, gyms, miles of hiking trails, South Paw dog park, firepits, BBQ areas, sports parks and great community events.

17667 Bobrick Avenue Lake Elsinore, CA 92530

$257,000
2 Beds
2 Baths
1,206 SqFt
Status Active Under Contract
MLS # SW19014141
Property Type Single Family Residence
**APPROVED SHORT SALE AT $257,000*** Best Price Per Sqft in Town, We Just Checked. Great Home For First Time Home Buyers or Investor Looking For Rental Income. Home Was Recently Renovated And Has Newer Kitchen, Including Newer Cabinets, Newer Granite Counter Top, Newer Stainless Steel Sink, Kitchen With Recessed Lights, Newer Flooring Throughout The Home. Home Offers 2 Bedrooms, 2 Full Baths, 2 Car Attached Garage With Direct Access, Tile Floorings In Both Bathrooms, Was Painted Both Inside And Outside Within Last Two Years. Newer Laminate Flooring. Two Large Private Decks On The 2nd Floor Access From Each Bedroom. Lots Of Space To Park Your Cars, Toys, Boat And Additional Space For RV Parking. Close To Schools, Shopping and 15 Fwy. Sold As-Is.

234 Franciscan Way Oceanside, CA 92057

$570,000
4 Beds
2.5 Baths
2,204 SqFt
Status Active Under Contract
MLS # IV19002573
Property Type Single Family Residence
A bargain short sale of 4B, 2.5 BA, 2204 sqft in Mission Wells awaiting you to a fun project of remodeling. The house needs fumigation and termite repair for clearance. Seller repairs NONE.

22481 Quiet Bay Drive Corona, CA 92883

$700,000
5 Beds
3.5 Baths
5,307 SqFt
Status Active Under Contract
MLS # LG19050623
Property Type Single Family Residence
short sale in THE RETREAT largest plan in the community

935 N Merced Avenue Ontario, CA 91764

$320,000
3 Beds
2 Baths
1,396 SqFt
Status Active Under Contract
MLS # AR19017315
Property Type Single Family Residence
Sale is contingent upon short sale lender's and/or any lien holder's approval. Property is selling in a AS IS condition.

78975 Via Trieste La Quinta, CA 92253

$425,000
3 Beds
3.5 Baths
2,605 SqFt
Status Active Under Contract
MLS # 19426650PS
Property Type Single Family Residence
SHORT SALE!!!Charming 3 bedroom home in beautiful guard gated Lake La Quinta. This home has upgrades galore inside and just as many outside. French doors lead to a kitchen eating area off of the front courtyard. The gourmet kitchen is open to a family room with a view. Floorplan offers great separation of Master bedroom and guest rooms. The backyard is as charming and inviting as the front courtyard. Hard to choose a favorite sitting spot.This home is part of an estate liquidation so furniture is avail outside of escrow. Lake La Quinta is a gated community with a 25 acre lake and several parks. Private Community park offers a community pool, outdoor party facilities, a boat launch and endless views. All terms to be approved by lender

9882 Portola Drive Beverly Hills, CA 90210

$850,000
2 Beds
1.5 Baths
1,054 SqFt
Status Active Under Contract
MLS # SR19017642
Property Type Single Family Residence
Approved at $850,000. This is a short sale listing subject to short sale lender approval. Split level home with open floor concept; dark wood floors; vaulted ceilings and floor to ceiling windows. Lower level features kitchen with granite counter tops, living and dining room combo, half bath and a small laundry room. Upper level consists of 2 bedrooms; Jack and Jill bathroom with dual sinks; and French doors leading to the deck. The home is in need of extensive repairs; buyer to do their own investigations. Agents - Please read agent remarks!

73155 Ajo Ln Lane Palm Desert, CA 92260

$299,000
2 Beds
2 Baths
1,441 SqFt
Status Active
MLS # OC19013064
Property Type Condominium
WOW amazing value! SHORT SALE is subject to approval of lender. Complete remodel and MOVE IN READY. You must see this gorgeous remodeled condo home. Large 2 bedroom 2 bath newly remodeled unit, all new tile and cabinets, a modern glass kitchen backsplash and very nicely upgraded bathrooms. There are two master suites and two full bathrooms in the prestigious Ironwood Country Club. (Located in the newer Lake Vista Villas side all one level ). The Ironwood CC is known for its prestigious golf courses and allows you the option to join the golf membership or not. So you can relax on one of two private patios and take in the views of the mountains. There is a scenic greenbelt directly behind the patio. This home also has more privacy from than many units. With this spacious condo, you can enjoy the sitting area off of the kitchen and the large living room. Take-in the majestic mountain views and palm trees from the front and back. The open entry and living room have a fabulous atrium to enjoy the beautiful natural outdoor light. There is plenty of room in the 2 car attached garage for storage. Come see the many amenities that Ironwood Country Club has to offer. Located in south Palm Desert near Big Horn and The Vintage.

28749 Lebanon Rd Pine Valley, CA 91962

$350,000
3 Beds
1.5 Baths
1,714 SqFt
Status Active Under Contract
MLS # 190004970
Property Type Single Family Residence
Short Sale...Investor/Contractor Special...deck & other repairs needed! Upgraded kitchen with large island; granite counters, cherry cabinets, travertine floors. Large living room with vaulted ceiling, rock fireplace, concrete floors. Master BA with sunken tub/separate shower Rare 1.91 acre lot next to Cleveland National Forest. Seasonal creek, large pad has room for horses, RV parking. Lot has privacy, views. Title opened with Chicago Title.