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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:

1331 Indigo Place Oxnard, CA 93036

$705,000
4 Beds
2.5 Baths
2,032 SqFt
Status Active
MLS # IV21264081
Property Type Single Family Residence
Price Type --
Rare opportunity to own a two-story, single family home with four bedrooms, two and a half bathrooms, two-car garage with additional parking, fireplace, central air conditioning, a private yard, and a convenient location all at an affordable price. A short distance to many popular restaurants, shopping, golf, outdoor recreational activities, the beach, and easy access to numerous freeways. Don't miss out on this unique opportunity! The property is occupied so all potential buyers are asked to check with City, Tax, and other records to determine actual bedroom, bathroom counts and all details. This is an AS-IS REO property.

158 Kern Street Unit 12 Salinas, CA 93905

$291,500
2 Beds
1 Bath
946 SqFt
Status Active
MLS # IV21265618
Property Type Condominium
Price Type --
Don’t blink and miss this rare opportunity to own your own property with so much to offer at an affordable price. This two-bedroom condominium features covered parking, fireplace, a swimming pool, spa, sauna, clubhouse, and is pet friendly. This convenient location is a short distance to spectacular shopping, a vast array of restaurants, numerous outdoor recreational activities, golf course, airport, and numerous freeways. Don’t miss this unique opportunity! Excellent opportunity to put your finishing touches on this gem. Come make this “home”! All potential buyers are asked to check with City, County, Tax, Association, and other 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.

4049 Alpine Boulevard Alpine, CA 91901

$518,400
3 Beds
3 Baths
2,966 SqFt
Status Active
MLS # IV21269646
Property Type Single Family Residence
Price Type --
Don’t miss this unique opportunity! Have you always wanted to have space, serenity, mountain views a short drive outside of San Diego? This is your chance to own a charming gated compound which features an executive style residence with guest house, pool, spa, air conditioning, large two-car garage with additional parking, fireplace, open floorplan, and a large private yard on approximately .93 acres. This convenient location is a short distance to Viejas Casino and Resort, spectacular shopping, a vast array of restaurants, numerous outdoor recreational activities, and I-8. Excellent opportunity to put your finishing touches on this gem. Come make this “home”! All potential buyers are asked to check with City, County, zoning, tax, and other 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.

79405 Brookville La Quinta, CA 92253

$2,395,000
4 Beds
8 Baths
6,245 SqFt
Status Active Under Contract
MLS # 219071908DA
Property Type Single Family Residence
Price Type --
Bank owned. Ultra-private modern luxury architectural 6 ensuite bedroom 8-bathroom home located in the highly desirable Estancias at Rancho La Quinta a highly coveted 24-hour guard gated community. This entertainer's dream home, designed by renowned architectural firm of Walling and McCallum contains over 6,200 square feet is located on nearly an acre lot boasts impressive curb appeal, a sizeable set back from the street, and a grand circular driveway. This exquisite showplace is light and bright with large travertine flooring, towering ceilings, superb stonework, and an inviting sit-down wet bar with amazing vistas of the gorgeous Santa Rosa mountains. This home features a chef's kitchen with Sub-Zero, stainless appliances, a huge granite island, plus an ideal second kitchen prep area. The primary bedroom retreat has beautiful mountain views and a stone fireplace while the bathroom has both a multi-jet tub, a custom double shower, plus a huge walk-in closet with island. The picturesque backyard is landscaped and highlighted by a massive resort style pebble-tec pool and spa, with multiple waterfalls, pool slide, a custom firepit, built-in BBQ, and a covered patio with outdoor fireplace. A generous 3-car garage with built-in storage plus an expansive custom gated motor court.

25200 Antelope Road Romoland, CA 92585

$536,400
4 Beds
2 Baths
1,435 SqFt
Status Active
MLS # IV22000257
Property Type Single Family Residence
Price Type --
Built in 1964 this ranch style single family residence features 1,435 square feet, 4 bedrooms, 2 bathrooms, central air conditioning, rear patio, attached two car garage, on 2.48 acres!! With a little TLC this would make a perfect rental property or 1st time home. All potential buyers are asked to check with City, County, Zoning, Tax, and other 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.

24909 Madison Avenue Unit 2124 Murrieta, CA 92562

$295,000
2 Beds
2 Baths
1,159 SqFt
Status Pending
MLS # ND22005573
Property Type Condominium
Price Type --
Short Sale, INCREDIBLE Opportunity to turn this home into your dream home!! Must See! - This home features 2 bedrooms, 2 baths, a 1 car an assigned parking space. Lots of potential but Home needs TLC. Home needs a minor rehab with paint, carpet. Open kitchen to living room. Amenities include a club house, gym, pool, racquetball court, and spa! Easy access to 1-15 & 215. Great home & layout, ready for your perso touches & upgrades!

15955 Running Deer Trail Poway, CA 92064

$2,599,000
4 Beds
7 Baths
6,583 SqFt
Status Active
MLS # 220000373SD
Property Type Single Family Residence
Price Type --
Spectacular 9.24A ocean and mountain view property located on your own private hilltop!Beautiful family home in award winning Poway school district. Welcoming entry to formal living and dining room,kitchen, separate game room with bar,family room,office, laundry and spacious master suite all on first floor.Resort pool and outdoor entertainment area.Lovely rural atmosphere with all the right amenities and easy access to Poway and area shopping. Home has solar panels secured by a lease that Chase will pay in full and the lease transferred to buyer at closing. Lease will expire on 06/10/2034. Buyer will have the option to renew the lease or purchase the panels upon expiration of the lease.See Supplement below for more details.Bank Owned - Opportunity! Upstairs are 3 ensuite bedrooms,extra washer/dryer for convenience, very large open space for a great room, play room, at home schooling space,second office,artist studio... Outside there is an oversized,screened in gaming court/regulation tennis court and nearby well equipped play area for children with 2 story playhouse and 3 slides. Plenty of room to add a trampoline too.The resort style beach walk-in pool has a large slide, grotto, children's wading pool, and spa with waterfalls. Gated/fenced dog compound/shelter. A long, private, gated driveway off Running Deer Trail leads up to the home with newer septic tank, 400 ft well with newer pump, water tank as well as propane tank. Home is solar equipped and gas and electric bills are very, very low.Second SDGE line on property. Many more amenities. It's a great place to call home! Architectural Style: Custom Built View: Custom Built Equipment: Fire Sprinklers,Pool/Spa/Equipment Sewer: Septic Installed Topography: ,,RSLP,GSL

15955 Running Deer Trail Poway, CA 92064

$2,599,000
4 Beds
7 Baths
6,583 SqFt
Status Active
MLS # 220000373
Property Type Single Family Residence
Price Type --
Spectacular 9.24A ocean and mountain view property located on your own private hilltop!Beautiful family home in award winning Poway school district. Welcoming entry to formal living and dining room,kitchen, separate game room with bar,family room,office, laundry and spacious master suite all on first floor.Resort pool and outdoor entertainment area.Lovely rural atmosphere with all the right amenities and easy access to Poway and area shopping. Home has solar panels secured by a lease that Chase will pay in full and the lease transferred to buyer at closing. Lease will expire on 06/10/2034. Buyer will have the option to renew the lease or purchase the panels upon expiration of the lease.See Supplement below for more details.Bank Owned - Opportunity! Upstairs are 3 ensuite bedrooms,extra washer/dryer for convenience, very large open space for a great room, play room, at home schooling space,second office,artist studio... Outside there is an oversized,screened in gaming court/regulation tennis court and nearby well equipped play area for children with 2 story playhouse and 3 slides. Plenty of room to add a trampoline too.The resort style beach walk-in pool has a large slide, grotto, children's wading pool, and spa with waterfalls. Gated/fenced dog compound/shelter. A long, private, gated driveway off Running Deer Trail leads up to the home with newer septic tank, 400 ft well with newer pump, water tank as well as propane tank. Home is solar equipped and gas and electric bills are very, very low.Second SDGE line on property. Many more amenities. It's a great place to call home! Architectural Style: Custom Built View: Custom Built Equipment: Fire Sprinklers,Pool/Spa/Equipment Sewer: Septic Installed Topography: ,,RSLP,GSL

381 Artesia Ave Yucca Valley, CA 92284

$249,000
2 Beds
2 Baths
1,080 SqFt
Status Pending
MLS # IG22004595
Property Type Manufactured On Land
Price Type --
VIEWS VIEWS VIEWS!!! ESCAPE FROM THE HUSTLE AND BUSTLE OF THE CITY! COME HOME TO YOUR PEACEFUL OASIS IN THE DESERT! WATCH THE SUNRISE AND SUNSET FROM THE COMFORT OF YOUR HOME. THIS MANUFACTURED HOME HAS 2 BEDROOMS AND 2 BATHROOMS AND A CUSTOM BUILD COVERED PATIO WITH ITS VERY OWN JACUZZI ROOM. THE PROPERTY SITS ON 2 ACRES AND IS PERFECT FOR ALL YOUR ATVS AND DIRT BIKES! THERE IS AN ADDITION THAT WAS MADE TO THE HOME WITH ITS OWN ENTRANCE AND CAN BE USED AS A 3RD BEDROOM(BUYER TO DO THEIR DUE DILIGENCE ON PERMITS). THE OWNER IS LOOKING TO SELL HOME FURNISHED & AS IS. HOME WOULD BE PERFECT FOR AIRBNB OR INVESTOR. IT NEEDS SOME TLC BUT NOT MUCH. FLOORING IN MASTER BATHROOM IS UNFINISHED (MATERIALS HAVE ALL BEEN BOUGHT). HOME IS IN FORECLOSURE AND PRICED TO SELL. KITCHEN IS SPACIOUS WITH ALOT OF CABINET SPACE. HOME OFFERS VAULTED CEILINGS GIVING IT THE FEEL OF MORE THAN 1080SQ FT! THERE IS A WOOD BURNING FURNACE TO KEEP THE HOME WARM AND COZY!

7954 Lyndora Street Downey, CA 90242

$1,038,800
5 Beds
5.5 Baths
3,273 SqFt
Status Active
MLS # IV22005529
Property Type Single Family Residence
Price Type --
Bank owned REO. OCCUPIED NO SHOW DRIVE BY ONLY - the seller does not represent or guarantee occupancy status. NO VIEWING of this property. Please DO NOT DISTURB the occupant. As is cash only sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing. You can own this 3,273 sq./ft. detached house constructed on 6,274 sq./ft. lot with 5 bedrooms, five and half bath and attached two car garages in highly desirable section of Downey, California!!!!!! Buyer to independently verify accuracy of this listing.

4620 E Eugenia Avenue Fresno, CA 93725

$220,000
2 Beds
1 Bath
1,008 SqFt
Status Active
MLS # IV22005531
Property Type Single Family Residence
Price Type --
Bank owned REO. OCCUPIED NO SHOW DRIVE BY ONLY - the seller does not represent or guarantee occupancy status. NO VIEWING of this property. Please DO NOT DISTURB the occupant. As is cash only sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property You can own this 1,008 sq./ft. detached house constructed on 6,000 sq./ft. lot with 2 bedrooms, One bath in Fresno, California !!!!!! Buyer to independently verify accuracy of this listing.

3018 E Avenue H4 Lancaster, CA 93535

$300,000
2 Beds
1 Bath
780 SqFt
Status Active
MLS # BB22008304
Property Type Single Family Residence
Price Type --
Come see this charming 2 bedroom/ 1 bath home with an enclosed patio that runs the length of the home. The property has block walls on two sides for privacy and chain link fence separates the home and yard from the side lot, featuring a large workshop (which could be the garage). There is plenty of room for all your pets and more than one RV...hook-ups and electricity already in place. Home needs some TLC. It is on a shared well in the Averydale Water District and is on the market as a short sale,