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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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22963 Robertson Ranch Road Sonora, CA 95370

$360,200
6 Beds
4.5 Baths
3,605 SqFt
Status Active
MLS # MD19204638
Property Type Single Family Residence
Price Type --
The property at 22963 Robertson Ranch Rd, Sonora, CA 95370 is a residential single family home with 6 bedrooms and 4.5 bathrooms. It was built in 1982, is approximately 3,605 square feet and sits on a very large lot that is roughly 6.38 acres. This Tuolumne county winner may be just the one you are looking for. Check out the opportunity today.

4435 Cactus Tree Lane Hemet, CA 92545

$315,000
3 Beds
2.5 Baths
3,128 SqFt
Status Active Under Contract
MLS # SW19204741
Property Type Single Family Residence
Price Type --
2004 3 bedrooms 3 full bath home, great property for a first-time buyer or possible investor. Short Sale is contingent on approval from all lien holders prior to closing

24181 Tamarisk Avenue Boron, CA 93516

$95,000
2 Beds
2 Baths
1,425 SqFt
Status Active
MLS # SW19206942
Property Type Single Family Residence
Price Type --
Great big house with garage and driveway parking. Convenient location. REO, make offer.

26817 Cuatro Milpas Street Valencia, CA 91354

$505,000
3 Beds
2 Baths
1,637 SqFt
Status Active Under Contract
MLS # SR19207475
Property Type Single Family Residence
Price Type --
Cute single story pool home. No Hoa or Mello Roos. PROPERTY SOLD AS-IS, SELLER WILL MAKE NO REPAIRS

12 Oak Canyon Trail Coto De Caza, CA 92679

$2,450,000
7 Beds
7.5 Baths
7,300 SqFt
Status Active Under Contract
MLS # OC19207198
Property Type Single Family Residence
Price Type --
APPROVED SHORT SALE! This Secluded, 3 acre, 5 bedroom, Custom Estate, offers the ultimate in privacy with panoramic and sunset views along with access to the Cleveland National Forest bordering in the back of the property.. The equestrian property has a gated-security entrance and long driveway with circular turnabout leading to the main house with rock, water-slide pool, spa, BBQ, large flat grass areas and walking trail that provides access to multi-use recreational land, plus an additional 1,680 sq ft,

13257 Venice Blvd Los Angeles, CA 90066

$800,000
-- Bed
1 Bath
760 SqFt
Status Active Under Contract
MLS # 19533612
Property Type Single Family Residence
Price Type --
Sold As-Is Where Is. This Property is in escrow but we are taking back-up offers. Agents See private Remarks for instructions.

25023 Billie Drive Moreno Valley, CA 92553

$315,000
3 Beds
2 Baths
1,320 SqFt
Status Active Under Contract
MLS # IV19210334
Property Type Single Family Residence
Price Type --
This home features 3 bedrooms and 2 baths in need of TLC.

15260 Mcdonnell Avenue Fontana, CA 92336

$524,900
4 Beds
2.5 Baths
3,683 SqFt
Status Active Under Contract
MLS # 819004130
Property Type Single Family Residence
Price Type --
APPROVED SHORT SALE!!! Beautiful 2-Story North Fontana Home Situated In the Etiwanda School District. The home features a well designed open floor plan offering many upgraded features making this the perfect home for comfortable family living and entertaining. The home offers a spacious living room and formal dining area, family room that opens up to the sunlit chef's kitchen with center-island, granite countertops, and built-in appliances, large loft, a master bedroom suite with cozy fireplace, walk-in closet, double sink vanity, and spa-tub, three additional bedrooms and one full bath. Other features include an office/den, or fifth bedroom, laundry room, three-car garage, private back and side yard with patio area, automatic sprinklers. Pursuant to the Offer being reviewed we may place the property in the upcoming auction. All auction properties are subject to a 5% buyer's premium pursuant to the Event Agreement and Auction Terms & Conditions (minimums will apply). Please contact listing agent for details and commission paid on this property.

74120 Mockingbird Indian Wells, CA 92210

$669,000
4 Beds
5 Baths
3,118 SqFt
Status Active
MLS # EV19226762
Property Type Single Family Residence
Price Type --
Updated mid-century floor plan opens to pool & spa. Vaulted ceilings in family room and kitchen. Carrera quartz island, high end kitchen appliances and a contemporary fireplace in the living room. Two master suites with private entrances from the pool area. Attached casita / pool room with full bath. Great home for generational families and close to award winning schools. Potential for so much more from this remodeled pool home on a large corner lot.

7930 Costebelle Way La Jolla, CA 92037

$4,900,000
5 Beds
7.5 Baths
7,611 SqFt
Status Active Under Contract
MLS # 190051067
Property Type Single Family Residence
Price Type --
Short Sale Pending Lender Approval. Located on the hillside of La Jolla with superior ingress and egress, this new construction home was curated by the famed Beverly Hills design-builder Roman James. Each room is encompassed by breathtaking panoramic views of the Pacific Ocean and La Jolla Shores. The contemporary design offers a yoga studio, movie theater, office, guest house, and multi-level deck space along with two private elevators to service each floor.

23334 Glenn Ellen Way Ramona, CA 92065

$550,000
5 Beds
2.5 Baths
2,687 SqFt
Status Active Under Contract
MLS # 190051049
Property Type Single Family Residence
Price Type --
Short Sale approved at $580,000! Great Ramona home with Custom Pool, Spa & covered patio with ceiling fan in San Diego Country Estates. Features Large Open Floor Plan, Huge Master Bedroom w/ enormous Master Bath & Spacious Walk-in Closet. Recently upgraded hardwood floors throughout the great living area. All new plush carpet upstairs, remodeled bathrooms including flooring in the master en-suite. Watch Road Runners or California quail with their cute top-knot play on the hill by the patio.

4318 Elena Place Quartz Hill, CA 93536

$375,000
5 Beds
2.5 Baths
3,560 SqFt
Status Active Under Contract
MLS # SR19223228
Property Type Single Family Residence
Price Type --
Great Quartz Hill Home! This 5 bedroom, 2.5 bath home features 3560 square feet of open design living space and is located on a nearly 9500 square foot private lot. This property has a very large eat-in kitchen with walk-in pantry and tons of counter and storage space. It also has a huge master suite with walk-in closet, master bath with double sinks, formal living and dining rooms, 1 bedroom and half bath downstairs, big yard with lots of trees and shrubs and much, much, more! Located close to shopping and the I-14 freeway this wonderful property needs some work, but what a deal!