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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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801 W Country Club Boulevard Big Bear, CA 92314

$223,400
3 Beds
2 Baths
1,378 SqFt
Status Active
MLS # IV19223900
Property Type Manufactured On Land
Price Type --
SHORT SALE PRICE TOTALLY APPROVED, GREAT LOCATION MANUFACTURED HOME ON IT'S OWN 5000 SQ. FT. LOT ON A PERMANENT FOUNDATION IN BIG BEAR CITY 3 BEDROOM 2 BATH WITH ATTACHED GARAGE. GREAT ROOM STYLE WITH BREAKFAST BAR SEPARATE LAUNDRY AREA. LARGE MASTER SUITE. THIS IS A SHORT SALE PROPERTY TOTALLY APPROVED.

2200 Hollyridge Drive Los Angeles, CA 90068

$1,750,000
4 Beds
3.5 Baths
3,638 SqFt
Status Active
MLS # 19518116
Property Type Single Family Residence
Price Type --
Calling all contractors and investors! Check out this spacious 4 Bed 4 Bath Spanish style Hollywood Hills classic. House needs repairs but there is room for a pool and possible additions. Nice canyon views, walking distance to Beachwood Canyon shops and restaurants. This is a short sale, subject to seller's lender approval. Being sold 'as is'. Buyer to do there own due diligence. Do not disturb the occupants.

1627 Velum Court Beaumont, CA 92223

$345,888
4 Beds
3.5 Baths
2,438 SqFt
Status Active Under Contract
MLS # EV19227903
Property Type Single Family Residence
Price Type --
Beautiful East facing 4 bedroom, 3.75 bath Pardee Northstar home located in the prestigious Sundance Community offering lots of amenities including 2 clubhouses with a 3rd one coming, 3 pools, 3 tot lots, 1 basketball court, and so much more! This amazing home offers an open floor-plan, spacious upstairs bedrooms, gourmet kitchen with granite counter-tops, and plenty of room for entertaining and for your family to grow into. Solar panels provide low cost electricity for the home, a huge 3 car garage, alon

24520 Dry Canyon Cold Creek Road Calabasas, CA 91302

$1,777,000
4 Beds
4 Baths
4,292 SqFt
Status Active
MLS # IV19228024
Property Type Single Family Residence
Price Type --
Built in 1985, this Tudor style charming single family residence features five bedrooms and 4 1/2 baths. a living room like a ballroom, a grand dining room, a family room with media center and fireplace, a gourmet kitchen with granite counter tops, bedrooms with builtin desks and bookcases, bathrooms featuring granite and marble surfaces and a pool with a natural rock deck. Pleases note, this property consist of two lots ( 4455-046-002 (( approximately 65,953 sqft)) & (4455-046-003 ((approximately 89,112)) totaling approximately 155,065 sq ft ( 3.56 acres)

1030 San Fernando Lane Placentia, CA 92870

$649,000
5 Beds
3 Baths
2,493 SqFt
Status Active Under Contract
MLS # RS19227709
Property Type Single Family Residence
Price Type --
Huge 5 bedroom 3 bath home with an open floor plan and vaulted ceilings on both floors, lots of windows and light trough out, kitchen opens to the family room with a fireplace, two separate formal dining rooms, wet bar, walk in pantry in the kitchen, over sized master bedroom and master bath with two closets one wall to wall closet and one walk in closet, all of the bedrooms have big closets, inside laundry room, covered patio with a spacious back yard and side yard with a second patio, fruit trees, lots

1668 Mulberry Avenue Upland, CA 91784

$600,000
4 Beds
3 Baths
2,256 SqFt
Status Active
MLS # CV19229512
Property Type Single Family Residence
Price Type --
SHORT SALE - Home needs TLC but has plenty of potential. Pool is empty Beautiful area with a large lot. RV Parking - Multi-Level entry, separate den and family room.

3849 Pala Mesa Dr Fallbrook, CA 92028

$600,000
4 Beds
3.5 Baths
2,698 SqFt
Status Active
MLS # 190054016
Property Type Single Family Residence
Price Type --
Home is a cosmetic fixer with considerable potential, Great views, large usable rooms, Tri-level home located in a great area of Fallbrook. 5 minutes to I-15 There are grading violations on the property. Buyer to verify and complete inspections prior to acceptance of offer.

7834 E Lakeview Orange, CA 92869

$532,750
4 Beds
3 Baths
2,652 SqFt
Status Active Under Contract
MLS # EV19231150
Property Type Single Family Residence
Price Type --
This is a Short Sale and will require approval from various lien holders. Property has red tad from the city and is need of rehabilitation. Buyer to do all due diligence and inspections prior to submitting offer. Property is being sold as is.

27052 Paseo Burladero Unit A San Juan Capistrano, CA 92675

$546,250
2 Beds
3 Baths
1,680 SqFt
Status Active Under Contract
MLS # NP19231792
Property Type Condominium
Price Type --
Short sale approved price: $546,250. Buyer may have to contribute up to $1500 for additional non re-occurring closing costs the lender will not cover. Call agent for details. 2 bedroom plus den which can be 3rd bedroom, with 3 baths. Perfect for seniors with an adult child at home or care giver. Second bedroom has private bath and key lock slider. Short sale property resulting from a reverse mortgage over run. The property just appraised for $575,000 (January 2020). Situated in a manicured, park like setting, the property has had a number of nice upgrades, the kitchen is totally custom with top grade custom cabinets and granite, the master bath has been upgraded with glass block entry and dual showers, one a hand held with a bench to sit on. Laminate flooring covers the living room dining and hallway areas. Note that this property has air conditioning which not all properties in the development have. As you approach the property outside you will note some traffic noise but inside is serene and quiet. The conversion of the carport to a garage is very doable and is a common up grade in the community. Will require paint and probably carpet to be perfect. Create your own palette and enjoy. Golfers paradise ,the San Juan Hills Golf Club is a short cart ride away, a public course with fees ranging from $35 to $94 depending on time of day. Check it out, they have a nice restaurant there with golf course view, open to the public.

18121 El Brazo Rancho Santa Fe, CA 92067

$1,800,000
7 Beds
6.5 Baths
7,402 SqFt
Status Active
MLS # 200017963
Property Type Single Family Residence
Price Type --
Set on the hills of Cielo, this Tuscan style Villa offers breath taking 180 degree panoramic mountain and views to the ocean. The spacious state of the art kitchen features upgraded professional appliances, granite counter tops and walk in pantry. The kitchen opens to a great room leading to the indoor/outdoor living area/entertainment area & Guest area. The second level of the home features an impressive outdoor deck the length of the home to highlight the spectacular West mountain and ocean views.

562 Sunshine Circle Palm Springs, CA 92264

$234,000
2 Beds
2 Baths
1,172 SqFt
Status Active
MLS # 219031174DA
Property Type Condominium
Price Type --
This is a very clean and beautiful 2Bed/2bath Condo located in the rear of Sunshine Villas facing west in the heart of Palm Springs. The unit has new carpet and paint . Open floor plan with vaulted ceilings, fireplace in living room, attached private garage with washer and dryer. Private rear patio to relax. Complex has four pools and two tennis courts.

15660 Lucia Lane Moreno Valley, CA 92551

$350,000
4 Beds
2 Baths
2,168 SqFt
Status Active Under Contract
MLS # CV19235536
Property Type Single Family Residence
Price Type --