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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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1930 Oakwood Way Pomona, CA 91767

$360,000
3 Beds
3 Baths
1,599 SqFt
Status Active
MLS # TR19182453
Property Type Condominium
Price Type --
Short sale with one lender. Good investment opportunity. Well-maintained 1599 square foot, 3 bedroom, 3 bath condo built in 2006.

414 Arroyo Drive Big Bear, CA 92315

$300,000
3 Beds
2 Baths
1,452 SqFt
Status Active
MLS # EV19183037
Property Type Single Family Residence
Price Type --
This unique property has so much to offer. Minutes to the Village by car. The lot itself is 212ftX173 ft. It sits on the corner of Forest and Arroyo Street to street access. 2 driveways and a Ranch Style Home in the middle of it. Featuring 3 bedrooms 2 baths, A seasonal creek, and a lawn. The detached 2 car garage features a workshop that is 20X20 with a wood stove. The exposed beam wood finish as you walk in gives the home a cozy mountain feel. Plenty of windows to watch it snow on the cold winter nights. A mudroom/laundry room and fireplace with insert to keep you warm. Take a dip in the indoor Jacuzzi, All 3 bedrooms are nice sized. There are many extras like a detached shed and a This property has been a home of the same owner and local since the 1960s a Very solid property. This property is a Short Sale.

29922 Pacific Channel Way Menifee, CA 92586

$349,900
4 Beds
2 Baths
1,666 SqFt
Status Active Under Contract
MLS # OC19221183
Property Type Single Family Residence
Price Type --
Amazing Value! Short Sale Approved Listing Price - The Bank Appraised the home $371,000 this year! - Highly Desirable 4 Bedroom Single Story Pool Home! Upgraded Kitchen with custom cabinets and granite counter tops. This home features Vaulted Ceilings, Indoor Laundry, Whole House Fan, Central Vac, & In-Wall Surround Sound (including HDMI in wall) in Living Room. The Back Yard is a Dream come true, with over-sized pool including large Baja Step and Umbrella Stand in and around the pool, Aluminum Patio Covers for an extension of living space, custom fencing separating the yard area from the pool. The 3 car garage and 3 car wide driveway give you plenty of parking and storage space. Low Cost of ownership with Low Taxes and No HOA dues and low utility cost.

12774 Mesa View Drive Victorville, CA 92394

$320,000
4 Beds
3 Baths
3,114 SqFt
Status Active
MLS # 516181
Property Type Single Family Residence
Price Type --
BUYER WALKED.... WHEN THEIR OFFER WAS APPROVED. NEED NEW BUYER ASAP.. APPROVED SHORT SALE $310,00 NO CC $320,000 UP TO 10CC Your Dream come true has just arrived.This double level home features out side curb appeal,an inviting double arch shaded porch. This home has upgraded tile through out the entire home, Carpet in the living room,Family Room and Bedrooms.The Gourmet Kitchen will memorize your eyes, with the stunning Granite counters, A unique back splash, Island and dual ovens with Built in appliances. Oh wait.cant help but pass by the breakfast nook on your way to the cozy family room, with the attractive rock fireplace. Mother in law coming to visit? No problem-we have a room and a bathroom down stairs. Stroll on up- stairs and enter your spacious Master Bedroom with a Hugh walk in closet, your bath has a separate tub/ shower and dual sinks, plus 2 more bedrooms that are larger then you might have thought. No worry about the laundry that needs done. This laundry room has a sink and plenty of storage for every load to be sorted out. You not only get curb appeal, Unique qualities of the interior home and floor plan- You also get a lot of concrete for your driveway and in the rear yard with Vinyl fencing Maintained landscaping, Perfect for entertaining. and last but not least the 3 car Tandem garage + extra parking on the side.A MUST SEE,I MUST HAVE- Quality, Unique,Place that you can call HOME Association Amenities: None # of RV Spaces: 0 Special Features: ,LF,PTRYNONE Lot Location Type: Standard Location Special Features: Cable TV # of Attached Spaces: 3 # of Detached Spaces: 0

24568 Jacarte Drive Murrieta, CA 92562

$380,000
4 Beds
2.5 Baths
1,850 SqFt
Status Active Under Contract
MLS # 190043470
Property Type Single Family Residence
Price Type --
Approved SHORT SALE $380K-NO HOA & Low Taxes!This Beautiful home is located in the Murrieta Oaks.Bright & open floor plan,perfect for entertaining,the kitchen is spacious with granite countertop,lots of cabinets,bar seating & open to the family room,all 4 bedrooms upstairs,wainscotting in the bathrooms,large lot with a pool size back yard,possible RV parking,close to the 15 & 215 freeway,biking,hiking,shopping, entertainment,award winning schools. Buyer and Buyer's agent to verify BCOE Neighborhoods: Murrieta Equipment: Dryer, Washer Other Fees: 0 Sewer: Sewer Connected Topography: LL

2113 Chestnut Street San Bernardino, CA 92410

$250,000
3 Beds
2 Baths
1,259 SqFt
Status Active Under Contract
MLS # CV19184954
Property Type Single Family Residence
Price Type --
*BACK ON THE MARKET* SHORT SALE CONTINGENT ON BANKS APPROVAL.. This is an excellent opportunity for a first time homebuyer. The home includes 3 bedrooms, 2 bathrooms one being in the Master Bedroom. The kitchen contains upgraded granite counter tops. The living room has a cozy fireplace, ceiling fans, and an in home washer and dryer hook-up. The home has dual pane windows, as well as a brand new HVAC, and a new water heater system. The property is on a great size lot with two fruit trees in the backyard. There is room for possible RV parking, it also includes a two car detached garage. This house has a lot of potential for a special family!

2086 Ginny Lane Escondido, CA 92025

$595,000
3 Beds
2 Baths
1,962 SqFt
Status Active Under Contract
MLS # 19497238
Property Type Single Family Residence
Price Type --
Beautifully updated, this light and bright single level home features hardwood floors and tile flow throughout the home. Bedrooms are carpeted.Spacious family room features recessed lights and cozy fireplace with floor to ceiling stone surround, and opens to the dining room with ceiling fanthat overlooks the backyard. Modern kitchen offers crisp white cabinets, gorgeous, granite slab counter with full height tile backsplash, stainlessappliances including dishwasher, eat-at-bar, and nook. Short Sale Subjec

1524 De Anza Street Barstow, CA 92311

$132,000
3 Beds
2 Baths
1,341 SqFt
Status Active
MLS # 517132
Property Type Single Family Residence
Price Type --
Great location close to shops,school,Hospital and bus station.Great open floor plan with big rooms,ample kitchen and a covered patio for you to enjoy.This is a short sale and commission will be splitted accordingly lender approval. Association Amenities: None # of RV Spaces: 0NONE Lot Location Type: Standard Location Patio and Porch Features: Covered Deck Special Features: None # of Attached Spaces: 2 # of Detached Spaces: 0

38448 Bent Palm Drive Palm Desert, CA 92211

$285,000
2 Beds
2 Baths
1,647 SqFt
Status Active
MLS # CV19192330
Property Type Single Family Residence
Price Type --
Short Sale Approval Received at $285k. Property is being sold AS-IS. No offers below will be considered.

23900 Santa Cruz Highway Los Gatos, CA 95033

$749,900
3 Beds
2 Baths
1,966 SqFt
Status Active
MLS # ML81764519
Property Type Single Family Residence
Price Type --
41 acres with a large house in pristine Santa Cruz mountain setting. Bank owned REO. Tons of potential. House is a fixer upper. The land has some gently sloped areas and some steeply sloped ones. Driveway is NOT for cars with low clearance. 4 wheel drive would be best. Please do not go to house without consulting agent, there are hazards in and around the house. Buyer to investigate future use of land, seller and seller's agent make no predictions about future use. Gorgeous views all the way to coast in the distance. Forest setting. Once again - there are safety concerns. Please call L.A. prior to visiting. This property will NOT qualify for conventional financing. Cash or Hard Money loan only.

45 Genoa Street Unit Unit A Arcadia, CA 91006

$600,000
3 Beds
3 Baths
1,720 SqFt
Status Active Under Contract
MLS # TR19197088
Property Type Townhouse
Price Type --
Short Sale Townhouse. In the heart of City of Arcadia with: Westfield Santa Anita Mall, Santa Anita Park, and many many more public amenities surrounding the area. The townhouse will be sold AS-IS condition.

1686 Larwood Rd Lemon Grove, CA 91945

$390,550
3 Beds
2 Baths
1,323 SqFt
Status Active
MLS # 190046656
Property Type Single Family Residence
Price Type --
SHORT SALE APPROVED: This 3 bedroom, 2.5 bathroom home, located on wooded corner lot, features vaulted living room ceilings, hardwood floors, and a sizable backyard. The converted garage is now living quarters with its own bathroom. Hurry up this won't last long!