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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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361 E Phillips Boulevard Pomona, CA 91766

$250,000
3 Beds
3 Baths
1,474 SqFt
Status Active Under Contract
MLS # TR19150461
Property Type Condominium
Price Type --
This is a short sale subject to interior inspection and bank approval.

1333 N North Hills Drive Upland, CA 91784

$449,900
4 Beds
2.5 Baths
2,260 SqFt
Status Active
MLS # SR19151838
Property Type Single Family Residence
Price Type --
Beautiful remodeled 4 Bedroom, 3 Bath Home located in the Private North Hills Community. Recess Lights, vinyl windows and sliders, wood flooring throughout, Downstairs Bed/Bath. The Community has a Pool/Spa and is located near Shopping and Easy Access to the 210 & 10 Freeways. This Home is a Must See! Great School Ratings.

13329 Morningside Street Hesperia, CA 92344

$310,000
5 Beds
3 Baths
2,602 SqFt
Status Active
MLS # IV19182354
Property Type Single Family Residence
Price Type --
Property needs TLC. Will go to FHA or VA due to repairs required. Roof has falling concrete tiles, pool has been drained due to damaged in the pool equipment, upstairs bathroom leaks from the tub. Cabinet doors are also missing.

13695 West Drive Desert Hot Springs, CA 92240

$179,500
3 Beds
2 Baths
1,232 SqFt
Status Active
MLS # 19485406
Property Type Single Family Residence
Price Type --
Beautiful 3-Bedroom Home Located in Quiet Desert Hot Springs Residential Neighborhood! Tile floors & granite countertops throughout. Large Master Bedroom w/ en-suite bathroom. Spacious Backyard w/ covered patio, ready for your personal touches! Central AC + Heat. Solar. Water filtration system. Garage has been converted into living unit w/ kitchen, bathroom, living room & bedroom (unpermitted).

1 Shire Coto De Caza, CA 92679

$2,100,000
6 Beds
7 Baths
5,838 SqFt
Status Active
MLS # OC19158659
Property Type Single Family Residence
Price Type --
Entertaining french country home. Large 2.16 acre lot with outdoor room, fireplace, BBQ area, large rock pool with spa and large grass area. Custom home ready to add your upgrades, high ceilings and large rooms. Bonus room, gourmet chefs kitchen, very private end of cul de sac location. 5660 square feet with 6 bedrooms, five and 1/2 bath. Coto de Caza a Golf and Tennis and equestrian community has so much to offer, warm night's to enjoy the outdoor living, you can't get night's like this at the beach! 25

14773 Tamarix Drive Hacienda Heights, CA 91745

$530,000
2 Beds
2 Baths
1,384 SqFt
Status Active
MLS # SB19227716
Property Type Single Family Residence
Price Type --
This secluded home and large lot are located in a hilly neighborhood and features two detached dwellings and a large detached garage with loft. The property received damage from a fallen tree a few years ago but has been partially restored. However, it still needs some major TLC. The location is great with good shopping and schools not far away.

Anaheim CA 92804

$618,000
3 Beds
2 Baths
1,399 SqFt
Status Active Under Contract
MLS # RS19164069
Property Type Single Family Residence
Price Type --
Charming and well-loved home on a raised foundation has 3 bedrooms and 1.75 baths, 2-car attached garage with automatic garage door opener, direct access and washer & dryer hookups. Ceiling fans in 3 bedrooms. The utility room with recessed lighting can be converted to a 4th bedroom. Beautiful hardwood floors in living area, hallway and utility room, ceramic tile in entry & kitchen, and wall-to-wall carpet in bedrooms. Living/dining area has a wood burning fireplace, ceiling fan and recessed lighting. Kitchen and bathrooms were completely remodeled approx. 13 years ago. Newer copper plumbing. Master bedroom has a wall air conditioner and a master bathroom with ceramic tile floor, walk-in shower, grab bars and linen cabinet. Full bathroom in hallway has linoleum flooring and a linen cabinet. Hallway has extra storage cabinets. Security system with control panel near the front entry. Enjoy Disneyland fireworks from the huge multi-level hardscaped backyard with a brick patio; perfect for entertaining family and friends; has a storage shed and lots of fruit trees, flowering bushes & vegetables. Front yard has a sprinkler system. All windows facing the street have privacy screens. The long driveway can accommodate 6 vehicles. Brick-covered steps to the front door.

27462 Grassland Drive Laguna Niguel, CA 92677

$1,160,000
5 Beds
4 Baths
3,054 SqFt
Status Active
MLS # OC20039245
Property Type Single Family Residence
Price Type --
A gorgeous and highly upgraded home in the exclusive guard-gated community of San Joaquin Hills. Very open and spacious floor-plan with soaring high ceilings in the living room and dining room. The gourmet kitchen features recessed lighting, beautiful maple cabinets with granite counter tops, stainless-steel appliances, and a center island. Crown molding throughout the home. The family room has recessed lighting, with custom built-ins, and a cozy fireplace with mantle. The main floor bedroom is being used

30184 Skippers Way Drive Canyon Lake, CA 92587

$539,900
4 Beds
2 Baths
1,872 SqFt
Status Active Under Contract
MLS # SW19169613
Property Type Single Family Residence
Price Type --
In the coveted city of Canyon Lake, this waterfront home is ideal for resort-style living. The community has much to offer from private sandy beaches, a Marina, Restaurants, to an Award-winning Golf Course. Upon arriving at the property you will be pleased with the great curb appeal provided by the manicured shrubs, the lush lawn, and plenty of palm trees. This 4 BR/2BTH single story is 1,872 square feet with a great sunken living room with views of the lake. Just outside the living room is the covered de

935 Iowa Street Fallbrook, CA 92028

$460,000
3 Beds
2 Baths
1,543 SqFt
Status Active
MLS # WS19175214
Property Type Single Family Residence
Price Type --
Short Sale. Price has been approved by lender. Terms and conditions to be approved by lender. This home was built in 2018 and has has been well taken care of. Three bed rooms, two bath. Large front and back yard.

1947 San Pasqual Street Pasadena, CA 91107

$2,598,000
6 Beds
5.5 Baths
5,310 SqFt
Status Active
MLS # 819003391
Property Type Single Family Residence
Price Type --
On one of the best streets in the Caltech neighborhood rests a largely untouched Sylvanus Marston French Normandy estate with separate guest house and 4-car garage on a large double lot. The spacious interior boasts 6 bedrooms and 5.5 baths, including a main level bedroom suite. The main home measures 4720 sf, and the guest house measures 590 sf. Once inside, the foyer welcomes you with a circular staircase and an open, airy layout that leads to the formal living room with large windows and beamed ceilings. The living room and family room are ideal for entertaining with three fireplaces, built-in shelves and french doors to an outdoor patio area. The garden room overlooks the outdoor retreat with a terrace-stepped pool and a full guest house. The circular drive frames the front of the house and the long driveway to the large 823 sf 4-car garage offers ample additional parking. The property is close to Caltech, The Huntington Library, and Pasadena's shopping and dining destinations.

10047 Bordeaux Avenue Arleta, CA 91331

$350,000
2 Beds
1 Bath
860 SqFt
Status Active Under Contract
MLS # SB19175805
Property Type Single Family Residence
Price Type --
Property is a 2 bed 1 bath located in the Arleta area. This is a short sale, all conditions are subject to lender approval. Property has an enclosed patio that appears to be un-permitted and buyer to verify all permits. 1. Staining/moisture damage observed throughout cabinets in kitchen, bathroom and hallway. 2.Cracking and surface deterioration observed at the driveway. 3. Inadequate grade drainage observed at front, rear and sides of home. 4. Galvanized distribution piping is beyond its intended service life and rust/corrosion observed at a number of areas throughout the distribution piping. Needs TLC. Buyer is to do their own due diligence, property will be sold as-is.