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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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2052 Daffodil Way Hemet, CA 92545

$150,000
3 Beds
1.5 Baths
1,219 SqFt
Status Active Under Contract
MLS # 190014867
Property Type Single Family Residence
Price Type --
Property has deferred maintenance. Solar balance. Short Sale. Neighborhoods: Hemet Other Fees: 0 Sewer: Sewer Connected Topography: LL

2340 Loveland Drive Jurupa Valley, CA 92509

$398,000
4 Beds
2 Baths
2,512 SqFt
Status Active Under Contract
MLS # TR19061065
Property Type Single Family Residence
Price Type --
Great opportunity for the right buyer! This home is a Short sale. Meaning there will be a process and final approval from the bank. The home was started and not finished. You will need to invest money into the home to fix, correct and redo some parts of the home. Please review the photos and see the condition of the home for yourself. The lot size is very large, and includes the area to the RIGHT of the driveway. Homes in the area go for thousands more, so come and see this one before it gets away. Sales like this don't come along every day.

3594 Dehesa Meadow Road El Cajon, CA 92019

$685,000
4 Beds
3 Baths
2,770 SqFt
Status Active Under Contract
MLS # 190014781
Property Type Single Family Residence
Price Type --
Short sale approved at $685,000. Fixer-possibility for spectacular estate with gorgeous pool, spa, waterslide and waterfall. Vinyl fencing. Views galore from every vantage point. One story home with huge master suite, dual walk-in closets, large kitchen, 3 additional bedrooms including an office. Formal entry. Large all concrete driveway. Backs to open space. Very private. All fixed up this home would be worth substantially more but does need repairs and updating.

780 Briarpoint Pl San Diego, CA 92154

$635,000
5 Beds
3 Baths
2,541 SqFt
Status Active Under Contract
MLS # 190015121
Property Type Single Family Residence
Price Type --
Short Sale. Beautiful 5 bedroom and 3 full baths, with one bedroom and full bath on first floor. with a big game room on the 3 floor. Views of the Ocean, the city of chula vista & san diego from patio and master bedroom balcony!Back yard is for entertaining with no neighbors on the back and big park on the one side. 3 Car tandem garage has epoxy treated flooring. Extra storage room in the back yard!

1295 N Kraemer Boulevard Unit 23 Placentia, CA 92870

$318,500
2 Beds
1 Bath
884 SqFt
Status Active Under Contract
MLS # TR19062847
Property Type Condominium
Price Type --
Short Sale. One Lender.

10621 Jamul Road Apple Valley, CA 92308

$196,000
3 Beds
2 Baths
1,412 SqFt
Status Active Under Contract
MLS # 511333
Property Type Single Family Residence
Price Type --
APPROVED SHORT SALE, JUST NEEDS A BUYER NOW THAT WILL STICK WITH US TO CLOSE. THIS IS A GREAT 3 BEDROOM, 2 BATH HOME 1412 SQ. FT. HOME WITH FENCED IN YARD. COME TAKE A LOOK! Association Amenities: None # of RV Spaces: 0NONE Lot Location Type: Standard Location Special Features: Cable TV # of Attached Spaces: 2 # of Detached Spaces: 0

1650 Ona Circle Simi Valley, CA 93063

$575,000
5 Beds
2 Baths
1,955 SqFt
Status Active Under Contract
MLS # SR19064014
Property Type Single Family Residence
Price Type --
Terrific business opportunity! This fantastic home was set up as an assisted living facility. Desirable floorplan with approx. 1,955 square feet of living space, located in a quiet cul-de-sac on an entertainer's lot of over 10,000 square feet. Five spacious bedrooms and two bathrooms with walk-in showers, ideally setup to allow disabled access. Open floorplan with a large kitchen, breakfast area and a spacious living room with fireplace. Some of the main upgrades include: newer AC system, newer roof, smooth ceilings, tile flooring throughout, newer windows and recessed lighting. There currently is no master bedroom and bathroom; both have been converted to a secondary bedroom and a hallway bathroom to be shared by the occupants of the other rooms. One of the bedrooms is set up for hospice care and is complete with a fire door, double doors to the backyard and an additional AC wall unit. You will also find an additional, permitted room in the garage. The backyard offer a large covered patio, total privacy and plenty of space to walk around, relax and enjoy warm Southern California days! Great opportunity to purchase a home that is perfect for a business or simply a spacious house with great potential to make it your own, perfect home! This is being sold as a short sale.

7541 9th Street Buena Park, CA 90621

$439,000
3 Beds
1.5 Baths
1,130 SqFt
Status Active
MLS # IV19064290
Property Type Single Family Residence
Price Type --
This is a SHORT SALE Property in a very good and desirable area of Buena Park. Property is close to amusement park and new cinemas and stores. Close to freeways the 91 and 5 fwys. Spacious 3 bedroom and 1.5 baths. Lot size is 5279sqft Centricallly located in the heart of Buena Park. Very nice back yard with a nice well maintained deck in the back of the house. With a double door garage that leads towards the back of the house for more parking space. New fence on the side of the driveway leading towards back on the side of the garage. With spacious living room with a detached fire place, and separate dining room area. Kitchen has lots of cabinet space and laundry located on the side of the kitchen for a double stacked washer and dryer. The bathroom is very spacious with vanity space. The second half bath is located in the garage for when you have parties with guest and family gatherings. Garage is a one car garage with lots of space. The property is surrounded with partial block wall and chain link fence. Buyer and buyers agent to do their due diligence and satisfy themselves on sqft and bedroom count. All bedrooms have closets. Property was first acquired in November of 2018. Motivated owners.

171 Honeysuckle Circle San Jacinto, CA 92583

$290,000
4 Beds
2 Baths
1,872 SqFt
Status Active
MLS # SW19068043
Property Type Single Family Residence
Price Type --
Property is in well maintained condition. Everything works. Big backyard with fruits trees. It's a beautiful house. Must see to appreciate it. Your client will love it. Short Sale subject to lender approval of all terms.

3619 Linnet Dr Lake Elsinore, CA 92530

$189,000
2 Beds
2 Baths
875 SqFt
Status Active Under Contract
MLS # 190017851
Property Type Single Family Residence
Price Type --
Short Sale Approved and Loaded with Potential!! Great opportunity located within walking distance to the lake in Lake Elsinore. No HOA. Conveniently located to shopping centers, freeways and schools. Just needs a little TLC. Neighborhoods: Lake Elsinore Other Fees: 0 Sewer: Sewer Available Topography: LL

4348 Sepulveda Boulevard Sherman Oaks, CA 91403

$1,100,000
3 Beds
4 Baths
3,024 SqFt
Status Active
MLS # BB19072332
Property Type Single Family Residence
Price Type --
Perfect for the Inlaw....Large Lot. Charming 3024 SF....3 BR, 4 Bath Home Nestled Aside Sepulveda Blvd, south of Ventura Blvd. Large Kitchen with Island Stove. Large Formal Dining Room, Step down Living Room with Fireplace, Bar Area and Entrance to Separate Quarters with Bath and Own Entry. Subject has Attached Guest Room with Own Bath and Shower at Rear of Home (partially converted garage) Done in a professional manner. Tiled Floors Throughout. Large Bedrooms. Fruit Trees. Close proximity to Whole Foods, the Galleria, and both the 405 and 101 freeways. Now a Short Sale.

9315 La Reina Avenue Downey, CA 90240

$525,000
2 Beds
2 Baths
1,450 SqFt
Status Active Under Contract
MLS # DW19063574
Property Type Single Family Residence
Price Type --
Short Sale Fixer subject to lender's approval. DRIVE BY ONLY. DO NOT DISTURB OWNER. This North West Downey Ranch Style home is centrally located, walking distance to award winning schools, covered rear patio and located in a private cul de sac.