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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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5807 W Avenue M6 Quartz Hill, CA 93536

$479,900
4 Beds
2.5 Baths
2,726 SqFt
Status Active
MLS # SR19056281
Property Type Single Family Residence
Price Type --
This is a short sale listing. Sale price cannot be guaranteed. Quality shows in this Custom Built single story home in Quartz Hill. House is 2526sf plus craft room off about 200sf. Beautiful yet comfortable home with formal living & dining room, great for entertaining. Large Family Room with cozy Fireplace is adjacent to kitchen. Gorgeous Remodeled Kitchen is cook's dream. Rich granite countertops, upgraded stainless appliances, custom pantry, breakfast bar & nook. Rich wood floors in most of the house. Huge master with walkin closet & luxurious master bathroom. Covered patio across back of house. Freeform rock accented pool with raised spa. Attractive arbors, grape vines, fruit trees and you'll be amazed with the producing lemon trees! Garage has attached craft room/workshop. This home is a show piece. Don't miss it.

14651 Grandview Moreno Valley, CA 92555

$320,000
2 Beds
2 Baths
1,635 SqFt
Status Active Under Contract
MLS # IV19059087
Property Type Single Family Residence
Price Type --
If you are 55+and looking for a change, Here are a few common thoughts: Are you ready to downsize, or from a two story to a single? Have you thought of moving to a quieter and more secure place. How about two major hospitals and two shopping centers within a three mile radius. There is no more Mello Roos, property tax's are 1.25% The lowest HOA fees for the amenities available such as Swimming pool, Jacuzzi, tennis court or pickle ball , workout room and picnic area. This home plus two other to choose from, are the most desirable models. Two of them are Short Sales. It will be the Banks prerogative for accepting the final settlement. So all offers will be submitted for bank approval.

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!

37000 Buck Road Temecula, CA 92592

$575,000
2 Beds
2 Baths
1,248 SqFt
Status Active Under Contract
MLS # OC19061286
Property Type Single Family Residence
Price Type --
APPROVED SHORT SALE PRICE!!! $555,900.00 Wow!! What an amazing Wine Country home with over 2+ acres of land! Mediteranean two story home is approx. 1248 square feet with Travertine Tile and Berber flooring throughout. Master bedroom with jacuzzi tub on main living floor. Views from every window! Downstairs bedroom with leaded glass door leads out to patio and pool area. This property is truly spectacular with enough room to spread out! This is a must see!

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.

540 W 111th Place Los Angeles, CA 90044

$400,000
3 Beds
2 Baths
1,028 SqFt
Status Active Under Contract
MLS # 19447180
Property Type Single Family Residence
Price Type --
Potential, Potential, Potential!!! This 3 bedroom, 2 bath home is in need of upgrading. It has a partially converted detached garage. Short sale subject to lender approval.

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.