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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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2886 Luciernaga St. Carlsbad, CA 92009

$510,000
3 Beds
3 Baths
1,824 SqFt
Status Active Under Contract
MLS # 190040196
Property Type Townhouse
Price Type --
Short sale opportunity in the desirable Meadow Villas Community. Beautiful and spacious split-level town home; three bed/three full bath featuring wood planked vaulted ceilings, generous living room, updated flooring, and two large master suites. Unique floor plan includes three outdoor living areas with panoramic south western and ocean views from the main floor balcony. Attached 2 car garage & 1 assigned space. Well maintained complex with community pool and well-manicured grounds. Must see home!

48240 Via Solana La Quinta, CA 92253

$450,000
3 Beds
3 Baths
2,040 SqFt
Status Active Under Contract
MLS # 219019709DA
Property Type Single Family Residence
Price Type --
APPROVED SHORT SALE! Lowest priced home on the golf course in Rancho La Quinta Country Club w/2 award winning golf courses. Clubhouse w/fine dining, tennis/fitness/social memberships included in the HOA dues! Enter the lushly landscaped courtyard & into this resort style home w/3BR/3BA/2040 SF. Located on the 6th fairway of the Jones course w/spectacular mountain, lake & golf course views. The great room has a wet bar w/glass shelves, media niche & a fireplace. The kitchen has a sunny morning room & sliders to the side yard w/a barbecue. There is a formal dining area w/a mirrored wall & beautiful chandelier. Spacious master bedroom also has fabulous views of the mountains, lake & golf course. Master bath has a Jacuzzi tub, separate shower, dual sinks & glass block making it light & bright! Guest rooms w/bath are away from master bedroom. There are black out shades, plantations shutters & ceiling fans. Just steps from the community pool & spa.

31616 Stockton Street Winchester, CA 92596

$349,000
5 Beds
3 Baths
2,708 SqFt
Status Active Under Contract
MLS # RS19177544
Property Type Single Family Residence
Price Type --
Beautiful well kept property in a nice neighborhood in Winchester. Please be advised, this is a short sale.

3200 Ranchgate Drive Bakersfield, CA 93312

$225,000
3 Beds
2 Baths
1,422 SqFt
Status Active Under Contract
MLS # OC19177703
Property Type Single Family Residence
Price Type --
***SHORT SALE*** This 1422 square foot single family home has 3 bedrooms and 2 bathrooms. it is located at 3200 Ranchgate Dr Bakersfield, Ca 93312.

15687 Pico Street Riverside, CA 92508

$600,000
4 Beds
2.5 Baths
2,701 SqFt
Status Active
MLS # CV19175734
Property Type Single Family Residence
Price Type --
Short Sale. The lender approved price is $600k

27497 Silver Lakes Parkway Helendale, CA 92342

$260,000
3 Beds
2.5 Baths
2,326 SqFt
Status Active
MLS # CV19176552
Property Type Single Family Residence
Price Type --
Back on the Market (Again!)! North Lake waterfront property, private dock. Bring your imagination and your tools, home needs work, carpet, paint, updates, priced accordingly well under market value. Short sale bank will not pay for any repairs. Great floor plan for entertaining, formal living/dining room combo, family room open to kitchen with great lake view. Family room has built in indoor BBQ next to fireplace. 2 bedrooms 1 and 1/2 bath downstairs, entire upstairs is roomy master en suite with separate tub and shower, full balcony with panoramic views of lake and mountains. Awesome HOA includes free golf on 27 hole golf course, 2 lakes with boat launch areas, stocked with fish, community pool, spa, basketball, tennis, equestrian facilities, RV storage and much, much more. A great community to live or vacation in!

12502 17th Street Chino, CA 91710

$489,000
3 Beds
2.5 Baths
1,702 SqFt
Status Active
MLS # TR19177980
Property Type Single Family Residence
Price Type --
This is a short sale subject to the lender's approval. 3 bed 2 bath home built in 1986 in the city of Chino. Over 8000 square feet Corner lot. Granite countop in the kitchen.

7077 Cowles Mountain Blvd San Diego, CA 92119

$575,000
5 Beds
3 Baths
2,295 SqFt
Status Active
MLS # 190041161
Property Type Single Family Residence
Price Type --
Short Sale! A Corner lot in San Carlos are hard to find and here is one available for you and your family! This 5 bedroom home with 3 full baths with a HUGE bonus room is perfect for that growing family.

12381 Kirkwood Drive Victorville, CA 92392

$239,990
4 Beds
2 Baths
2,095 SqFt
Status Active
MLS # 515336
Property Type Single Family Residence
Price Type --
Short sale! Nice newer 4 bedroom, 2 bathroom home with an attached 2 car garage. Elegant design, lots of space. Relaxing cover patio, quiet neighborhood. Great location. Association Amenities: None # of RV Spaces: 0NONE Lot Location Type: Standard Location Special Features: None # of Attached Spaces: 2 # of Detached Spaces: 0

30363 Dapple Gray Way Menifee, CA 92584

$340,000
3 Beds
2.5 Baths
1,893 SqFt
Status Active Under Contract
MLS # SW19189287
Property Type Single Family Residence
Price Type --
Audie Murphy Ranch Newly built in 2014 this beautiful home is Spacious and Inviting with Lovely Mountain and Hill views. The Kitchen features: Granite counter tops, Stainless Steel Appliances, Large Center Island, Rich Wood cabinetry and Dark Laminate flooring. Opens-up to a Great Room. Downstairs Guest Bath, and Laundry room. Upstairs you will find a Loft separated by 2 large Bedrooms, and Tub Shower Bathroom. On the other side The Master Bedroom and Bath with Stone Floors and Granite Counter, Large Shower with a Separate Tub double sinks. And a very large Walk in Closet. The pool size yard overlooks a Beautiful Greenbelt, and Mountain and Hill Views, Hiking Trails, Running and Walking Paths. Additional features include: Metered Front & Back yard watering, Central air conditioning, 2 Car Garage. HOA includes, a Pool, Spa, Playgrounds, Parks and Barbeque with Picnic areas. Low dues $128/month. This is a short Sale priced way below market.

35365 Prairie Road Wildomar, CA 92595

$370,000
5 Beds
3 Baths
2,470 SqFt
Status Active Under Contract
MLS # SW19179346
Property Type Single Family Residence
Price Type --
HUGE PRICE REDUCTION!!!!!PENDING SHORT SALE APPROVAL FROM BANK Welcome to Prairie Dr. This home is a gorgeous and well laid out 5 bedroom 3 bathroom home. Very inviting and equipped with so many upgrades that will make you feel right at home. The size of this home is perfect for a family as there is a living room, large family room that is open to the kitchen, separate dinning room and an awesome backyard. The kitchen has a nice sized pantry and very nice appliances with a center island. Upstairs you will be led to the master retreat with its own balcony and fireplace. Step into the oversized attached master bathroom with dual sinks, separate shower and bath with an amazing walk in closet that has storage and organizers. Down the hall you will find 3 more bedrooms that are all nice sized with ceiling fans and also very light and bright. The 5th bedroom or office is also a nice feature to have and is directly across from the Jack and Jill bathroom. On nice sunny days head outside to the backyard oasis where there is a huge grass area, peach/tangerine trees and a built in BBQ with the gas line attached to the house. Beautiful high ceilings with windows everywhere to let in the natural light. This home has so much more to offer and is awaiting your visit! There is a park 3 doors down that has basketball, playground and a BBQ area.

2101 South Pacific Ave Unit 77 Santa Ana, CA 92704

$260,000
2 Beds
1.5 Baths
921 SqFt
Status Active
MLS # CV19180680
Property Type Condominium
Price Type --
Excellent opportunity to own a home, in the great community of Orange County near to 405 fwy close to john wayne airport and to shopping centers. The community is well kept and has a good size pool.This is a short sale that must be approved by the bank needs some TLC.