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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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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.

3619 Linnet Dr Lake Elsinore, CA 92530

$189,000
2 Beds
2 Baths
875 SqFt
Status Active
MLS # 190017851
Property Type Single Family Residence
Price Type --
Short Sale Approved and Loaded with Potential!! Great opportunity located within walking distance to the lake in Lake Elsinore. No HOA. Conveniently located to shopping centers, freeways and schools. Just needs a little TLC. Neighborhoods: Lake Elsinore Other Fees: 0 Sewer: Sewer Available Topography: LL

4348 Sepulveda Boulevard Sherman Oaks, CA 91403

$1,100,000
3 Beds
4 Baths
3,024 SqFt
Status Active
MLS # BB19072332
Property Type Single Family Residence
Price Type --
Perfect for the Inlaw....Large Lot. Charming 3024 SF....3 BR, 4 Bath Home Nestled Aside Sepulveda Blvd, south of Ventura Blvd. Large Kitchen with Island Stove. Large Formal Dining Room, Step down Living Room with Fireplace, Bar Area and Entrance to Separate Quarters with Bath and Own Entry. Subject has Attached Guest Room with Own Bath and Shower at Rear of Home (partially converted garage) Done in a professional manner. Tiled Floors Throughout. Large Bedrooms. Fruit Trees. Close proximity to Whole Foods, the Galleria, and both the 405 and 101 freeways. Now a Short Sale.

9315 La Reina Avenue Downey, CA 90240

$525,000
2 Beds
2 Baths
1,450 SqFt
Status Active Under Contract
MLS # DW19063574
Property Type Single Family Residence
Price Type --
Short Sale Fixer subject to lender's approval. DRIVE BY ONLY. DO NOT DISTURB OWNER. This North West Downey Ranch Style home is centrally located, walking distance to award winning schools, covered rear patio and located in a private cul de sac.

7250 Pondera Circle West Hills, CA 91307

$875,000
5 Beds
3 Baths
2,745 SqFt
Status Active
MLS # SR19087429
Property Type Single Family Residence
Price Type --
Must see. Short Sale.

33637 Cold Springs Trl Palomar Mountain, CA 92060

$400,000
3 Beds
3 Baths
4,323 SqFt
Status Active Under Contract
MLS # 190019970
Property Type Single Family Residence
Price Type --
Short sale offer has already been submitted to the bank. Property is unfinished and has multiple issues with title, septic, and compliance with the local fire authority.

2699 Desert Breeze Way Palm Springs, CA 92262

$367,000
2 Beds
2 Baths
2,102 SqFt
Status Active
MLS # IV19074883
Property Type Single Family Residence
Price Type --
Beautiful Beautiful Beautiful Home.......Approved Short Sale!!!!....... Lowest priced home in the community!!!! Amazing Home, Amazing Location, Amazing Four Seasons Community, Amazing View, and Amazing DEAL !!!!! This home has it all, upgraded kitchen countertops, upgraded flooring, upgraded cabinets, plantation shutters, Open floor plan, has Solar for monthly savings. Fabulous Lodge facility which features a solar heated lap pool, large exercise pool & spa, tennis and pickleball courts, bocci, shuffleboard, basketball, horseshoes, handball and many daily activities from tai chi and aerobics, to crafting, wine club, bridge, book club plus much more!! Approved Short Sale!!!!

715 Nacional Court Salinas, CA 93901

$539,000
4 Beds
2.5 Baths
2,490 SqFt
Status Active Under Contract
MLS # ML81745113
Property Type Single Family Residence
Price Type --
Listing is a short sale and will need bank approval. Harrod build home, sits on the Briarwood Estates of South Salinas. Home features 4 bedroom 2.5 baths with living room combo, family room and breakfast nook. Home does need TLC and listing price shows for it. Submit your highest and best and let's see what the bank says! Don't miss out and make this one your own palace. Open house this Saturday April 6th from 1:00pm - 3:00pm.

San Diego CA 92106

$599,000
2 Beds
2 Baths
1,190 SqFt
Status Active
MLS # 190017436
Property Type Condominium
Price Type --
Short Sale: Location, Location, Location: This nearly 1200 foot townhouse sits just 1 block from the beautiful San Diego Bay in Point Loma. Enjoy the walk to the countless restaurants, shopping in shelter island. This is a great opportunity to own in Point Loma. The house features 2 bedroom, 2 bath and 2 assigned underground parking. Needs some TLC/updating and it's priced to sell.

402 Johnson Road Oxnard, CA 93033

$277,000
2 Beds
2.5 Baths
1,195 SqFt
Status Active Under Contract
MLS # 219003893
Property Type Condominium
Price Type --
Short Sale BARGAIN!!.. Excellent Opportunity for First Time Home Buyer or Investor **Price reflects FIXER condition..Submit ALL OFFERS !!!Subject to S/S Lender Approval.**Located in Desirable Strawberry Shores complex **Open airy floor plan with HIGH Ceilings..1st LEVEL - LivRm w/Fplc, Dining Area off of Ktchn w/Breakfast Bar, Guest 1/2 Bath..Private Open Air Patio..2 Car Attached Garage w/Laundry2nd LEVEL - Very Large Master Brm w/Private Full Bath & Walk-in Closet PLUS Large 2nd Brm w/Private Full Bath & Big Closet. . **DON'T MISS THIS BARGAIN BABY!!!

501 Haverstock Road La Canada Flintridge, CA 91011

$2,500,000
6 Beds
8 Baths
8,662 SqFt
Status Active Under Contract
MLS # SR19079263
Property Type Single Family Residence
Price Type --
Short Sale! Must see. Needs Work. Needs landscaping and cosmetic improvements. Bring your contractors and investors.

15409 Happy Hollow Dr Pauma Valley, CA 92061

$285,000
2 Beds
2 Baths
1,871 SqFt
Status Active
MLS # 190019620
Property Type Single Family Residence
Price Type --
Short Sale. Solid and well kept 2 Bed, 2 Bath home in the Serene gated community of Oak Tree Ranch. Lovely open 1800+ sf floor plan with a large country kitchen, opens to a spacious back patio and green area. This is a great home for young families or couples wanting to downsize. There are 31 Condos in this complex, many of which are stand alone homes, the others are attached sharing only 1 common wall. The community boasts 3 in ground pools to service the 31 homes and 19 acres of rural quiet.