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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:

14126 Pierce Street Arleta, CA 91331

$645,000
3 Beds
2 Baths
1,602 SqFt
Status Active
MLS # SR22191973
Property Type Single Family Residence
Price Type --
Short Sale!!!!!!! Cash ONLY, 3 Bed. 2 Bath. Property will be sold as is.

10660 Wilshire Boulevard Unit 1204 Los Angeles, CA 90024

$1,199,900
2 Beds
2.5 Baths
1,888 SqFt
Status Active
MLS # 22196263
Property Type Condominium
Price Type --
Check out the beautiful views from the balcony of this luxury living 2 bedroom, 2.5 bath condo located in the heart of the Windsor Corridor. Enjoy natural lighting through floor to ceiling windows lining the condo's entire north wall! Entertain guests at the wet bar overlooking the living room and spread conversations from the kitchen to the dining with this welcoming open floor plan. Pamper yourself in Wilshire Manning's highly sought resort style amenities including a pool, jacuzzi, spa, gym, valet, and 24-hour concierge. Take advantage of this unique opportunity to bring your ideas and TLC to make your dream home come true! This property is owned by Southside Neighborhood Stabilization and was purchased at foreclosure post auction bid pursuant to SB 1079. SB 1079 was put in place to promote homeownership and therefore priority for offers are given to owner occupant buyers. Buyers must provide a notarized affidavit that the agent will supply that states they intend to live in the property. Secondary priority will be given to investors who sign an affidavit stating they plan to rehab and sell the property to an owner occupant. Third priority is to investors who sign an affidavit stating they intend to rehab the property and provide affordable housing. All buyers required to prequalify through sellers preferred lender.

3312 Tecumseh Avenue Lynwood, CA 90262

$478,400
2 Beds
1 Bath
915 SqFt
Status Active
MLS # DW22196540
Property Type Single Family Residence
Price Type --
Welcome to 3312 Tecumseh Ave. This is a 2bed 1bath, 915 SqFt sitting on a 4,628 Lot size. Bank Owned! Price to sell!!!

914 Bay View Avenue Wilmington, CA 90744

$537,800
2 Beds
1 Bath
893 SqFt
Status Active
MLS # IV22197750
Property Type Single Family Residence
Price Type --
Affordable living in Wilmington, California. Why rent when you can own. This two-bedroom single family residence is close to the Los Angeles Harbor. 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.

20256 Via Sansovino Porter Ranch, CA 91326

$2,150,000
3 Beds
4.5 Baths
3,665 SqFt
Status Pending
MLS # SR22197301
Property Type Single Family Residence
Price Type --
It Simply Leaves You BREATHLESS!!!! .... NO Exaggeration!!! Welcome To ***UPDATED***PERFECTION Renaissance Summit Residence (1) HIGHLY DESIRABLE SINGLE STORY ... This Amazing Beauty of Perfection provides SPECTACULAR RECENTLY Updated Kitchen w/ MULTIPLE stainless steel built in SUB ZEREO refrigerator(s) / THERMADOR & VIKING APPLIANCES / Counter Top / Backsplash / Lighting Fixtures / * INCREDIBLE SOUTH / VALLEY VIEWS FACING Backyard W/ Pool / Spa / Multiple water features / Fountain / Built in BBQ for ENTERTAINING * ABUNDANCE OF O-P-E-N Space in Family Room with CUSTOM built in's / Gleaming Rich Wood flooring almost through out / CUSTOM COFFERED CEILINGS * ULTIMATE Main Bath with DEEP Soaking JACUZZI TUB / TRAVERTINE Flooring * Heavenly Spacious Walk-In closet * Deliriously Delicious UPGRADED BATHS Through OUT * JUST TOO WONDERFUL SPACIOUS, WARM & SERENE Main Bedroom W/ Custom Built-In media niche / FIREPLACE to Unwind * Luxurious Formal Dining & Living Room * 4 Bedrooms (currently, ... 4th bedroom converted into an amazing custom HOME OFFICE w/ built ins & Media)

11431 Camp Rock Road Lucerne Valley, CA 92356

$245,200
3 Beds
2 Baths
1,654 SqFt
Status Active
MLS # IV22204477
Property Type Single Family Residence
Price Type --
Wow, Wow, Wow!! Single family residence with over 37 acres of land in Lucerne Valley, CA. This home sits on an amazing amount of land for an incredible price. Truly 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.

1685 S Norfolk Street San Mateo, CA 94403

$1,999,999
5 Beds
4 Baths
1,602 SqFt
Status Active
MLS # OC22205787
Property Type Single Family Residence
Price Type --
Unique property with 4 bedrooms and 3 bathrooms in main home, PLUS legal ADU of 1 bedroom and 1 bathroom in the garage. This home is currently in foreclosure and in need of a quick sale. Property is currently tenant (all on month to month basis) occupied and generating over $8,000.00 rental income per month. You could occupy the home yourself! The home has newer flooring plus stainless steel appliances. House has lots of deferred maintenance but unbelievable potential on very nice street, just needs some TLC. Excellent Opportunity!

4081 N Mountain View Avenue San Bernardino, CA 92407

$500,000
6 Beds
3 Baths
2,290 SqFt
Status Active
MLS # DW22202040
Property Type Single Family Residence
Price Type --
Come check out this great opportunity in North San Bernardino. This unique home has a total of 6 bedrooms and 3 baths. The best part is that the home is split in to two 3 bedroom houses. 2 car detached garage(Possible ADU) and long driveway for parking. This property is owned by Southside Neighborhood Stabilization and was purchased at foreclosure post auction bid pursuant to SB 1079. SB 1079 was put in place to promote homeownership and therefore priority for offers are given to owner occupant buyers. Buyers must provide a notarized affidavit that the agent will supply that states they intend to live in the property. Secondary priority will be given to investors who sign an affidavit stating they plan to rehab and sell the property to an owner occupant. Third priority is to investors who sign an affidavit stating they intend to rehab the property and provide affordable housing. All buyers required to prequalify through sellers preferred lender.

32421 Rosado Court Temecula, CA 92592

$575,000
4 Beds
3 Baths
2,787 SqFt
Status Pending
MLS # SW22206029
Property Type Single Family Residence
Price Type --
PASEO DEL SOL OPPORTUNITY! Short Sale! The home sits on a corner lot of a Cul-de-sac in the one of the most sought after areas in Temecula. Great bones needs TLC. Currently has bathroom leak which has caused MAJOR damage to downstairs including drywall& flooring. See photos. Cash offer only. Home is not loanable. Damage is extensive.

51805 Eisenhower Drive La Quinta, CA 92253

$310,000 - 2Br/2Ba -  for Sale in La Quinta
New
$310,000
2 Beds
2 Baths
1,248 SqFt
Status Active
MLS # 22184059
Property Type Single Family Residence
Price Type --
Welcome to the historic Cove area! This is a short-sale, fixer, but location is key here. 3 block-walk to Old Town La Quinta, featuring great restaurants and other amenities. Minutes drive to PGA West and many other golf courses. About 2 miles from the world tour Indian Wells Tennis Garden facility. This home is 3 blocks from a public school, close to a park, and about 5 blocks from the public library and City Hall. The home has 2 well-sized, on-suite, bedrooms with generous closets. Home has mountain-views both from the front yard and back patio. Home has indoor laundry, privacy wall at the front, attached 2 car garage with built-in cabinets, and pergolas in both the front and back. All terms and conditions subject to short sale lender approval.

510 Echo Lane Boulder Creek, CA 95006

$371,000 - 1Br/1Ba -  for Sale in Boulder Creek
New
$371,000
1 Bed
1 Bath
874 SqFt
Status Active
MLS # IV22216379
Property Type Single Family Residence
Price Type --
Wanna get away!! Welcome to Boulder Creek, CA where we have for sale a cabin that sits on approximately 7,928 square feet. At this price point 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.