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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:

39318 Victoria Street Palmdale, CA 93551

$409,900
6 Beds
5 Baths
3,057 SqFt
Status Active Under Contract
MLS # V0-220004005
Property Type Single Family Residence
Price Type --
Currently in escrow. Waiting for short sale approval from existing lenders. Great opportunity to do the buyer looking for some cosmetic work. Spacious rear yard, open kitchen, one bedroom downstairs with full bath. Has 2 fireplaces - family room & master bedroom. Tax information shows home as 6 bedrooms. Currently house has 5 bedrooms.

1554 E 24th Street Los Angeles, CA 90011

$246,800
1 Bed
1 Bath
650 SqFt
Status Active
MLS # PW20078090
Property Type Single Family Residence
Price Type --
Charming 1 bedroom and 1 bathroom home in South Los Angeles area. The house is 650 sqft. Lot is 2,078 square feet. Built in 1907. Great location. Very close to downtown.

334 S F Street Oxnard, CA 93030

$599,000
2 Beds
1 Bath
1,537 SqFt
Status Active
MLS # 220004127
Property Type Single Family Residence
Price Type --
Old Fashioned home with high ceilings, built ins and architectural style inside. Historical Area in old Oxnard part of the Henry T. Oxnard Tract. One story home built in 1913 Needs some TLC but an amazing fantastic property, might consider a trade but definitely a sale works best.

6242 Morley Avenue Los Angeles, CA 90056

$883,900
3 Beds
2 Baths
1,776 SqFt
Status Active
MLS # IV20080557
Property Type Single Family Residence
Price Type --
Welcome to Los Angeles, California. This charming single family residence features three bedrooms and two baths with two car detached garage. Front covered patio. Hardwood flooring throughout. If you blink it will be sold. The property is occupied so all potential buyers are asked to check with city and tax records to determine actual bedroom, bathroom counts and all details on this property listed above to their satisfaction prior to submitting a bid offer online. This is an AS-IS REO property. Exterior drive-by inspections only do not disturb occupants. Online auction all offers must be submitted online. Buyer pays premium at closing. Cash offers only no financing allowed.

40722 90th Street W Leona Valley, CA 93551

$475,000
3 Beds
2 Baths
2,026 SqFt
Status Active Under Contract
MLS # SR20080256
Property Type Single Family Residence
Price Type --
Large lot with a beautiful view. 3 bedroom 2 bathroom. Large master suite with a walk in closet. House does need some upgrading and has deferred maintenance. It has a 1 car attached garage and an additional garage with 2 parking spots and storage. There is a guest house on the property which is non permitted.

25431 Prado De Las Fresas Calabasas, CA 91302

$3,527,400
5 Beds
6.5 Baths
6,782 SqFt
Status Active
MLS # IV20083432
Property Type Single Family Residence
Price Type --
Located in The Oaks of Calabasas. This two story Mediterranean home is an incredible opportunity. The home shows it has five bedrooms and over six bathrooms. The home sits on a good size lot. It shows it includes a pool and spa. There is a four car garage. If you blink it will be sold. The property is occupied so all potential buyers are asked to check with city and tax 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.

13997 Luna Road Victorville, CA 92392

$305,000
4 Beds
2 Baths
2,314 SqFt
Status Active
MLS # CV20084158
Property Type Single Family Residence
Price Type --
A must to see this spacious this 4 bedroom home with 2 bathrooms, from the front door walk into lots of sunlight from the multitude of windows and a spacious living room and formal dining room that also can also used a conference table or possibly a holiday formal celebration table that sits 8, that would give you privacy on the rest of the house. Then walk threw a short path into a private kitchen and another dining area that is hidden from the living room witch is attached to the kitchen and sits 4 that can be used as family dining area /semi-formal dining area or to receive more guest for dining when you combine both the front formal dining room and the family dining area attached to kitchen. From their you can access the for 4 bedrooms an 2 bathrooms . Step outside threw a double glass sliding door to a huge lot that combined with to side yard and front yard gives you a total of 10,000 square feet of lot (23 acre),plenty of room for kids to run around and a swimming pool.

4647 N Castleview Avenue Covina, CA 91724

$531,100
4 Beds
2 Baths
1,389 SqFt
Status Active Under Contract
MLS # IV20085061
Property Type Single Family Residence
Price Type --
Welcome to Covina, California. This Traditional style detached single family residence is a good opportunity. It is situated on an average sized lot. If you blink it will be sold. The property is occupied so all potential buyers are asked to check with city and tax 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.

611 Calle Campana San Clemente, CA 92673

$881,900
8 Beds
7 Baths
3,680 SqFt
Status Active Under Contract
MLS # NP20088099
Property Type Quadruplex
Price Type --
Welcome home landlords to the city of San Clemente and to the opportunity to own one of the rare fourplexes in this Coastal Resort. The city is home to the former Western White House, great surfing, and perhaps the center of the media world for surfing magazine publishing. This Four-Unit Two Story property features one 3 bedroom two bath unit, two 2 bedroom 2 bath units, and one 1 bedroom 1 bathroom unit. Other features include a community laundry Room, and an oversized two-door garage with parking for four set upon an alley with off street parking. The location is sought out as it is close to the beach but away from the frenetic activity of the sand. However you are so close to the beach that you will need to remind your tenants’ to wash the sand off their feet when they get home. Best of all, you are close to all the great things in the city: the charm of Old Downtown San Clemente with the pier, the train depot, outstanding beaches and legendary surf spots. So invest in San Clemente and start to enjoy the benefits of income property that sells the best of the Orange County beach lifestyle today.

198 Corte Helena Ave Chula Vista, CA 91910

$429,000
2 Beds
1.5 Baths
1,468 SqFt
Status Active Under Contract
MLS # 200021731
Property Type Single Family Residence
Price Type --
2 Bed, 2 Bath, Beautiful Kitchen, Solar Panels, Pool, 2 Car Garage with Driveway and space for an RV, Great location, Fireplace. Near Down Town Chula Vista and Quick access to Down Town San Diego, Airport, Low Maintanace Backyard.

28248 Rey De Copas Lane Malibu, CA 90265

$748,500
4 Beds
3 Baths
1,639 SqFt
Status Active
MLS # 20577578
Property Type Condominium
Price Type --
Rare 4-Bedroom Fixer Townhouse in Malibu Villas Complex! Travertine tile floors, vaulted ceilings & recessed lighting throughout. Bright & Airy Living room w/ balcony & fireplace. Dining area w/ accent wall. Spacious kitchen w/ custom hardwood cabinets, granite countertops, & tile backsplash. Floating wood staircase. Master Bedroom w/ balcony & ocean views. Master Bathroom w/ dual-sink vanity, soaking tub & shower. Attached 2 car garage. Central AC + heat. Abundant storage throughout. Complex amenities include Swimming Pool, hot tub, sauna, & clubhouse. Walk to the beach!

San Diego CA 92111

$750,000
2 Beds
2 Baths
2,675 SqFt
Status Active
MLS # 200021144
Property Type Single Family Residence
Price Type --
Spacious 2 bed/ 2 bath with large bonus/game room. Drought resistant landscaping with artificial lawn. Covered patio for outdoor entertaining. Views of USD and coastline with amazing sunsets! Other Fees: 0 Sewer: Sewer Connected Topography: GSL