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Frequently asked questions!

What is REO?

REO stands for "Real Estate Owned". In simple terms: Bank Owned Property. Property that has been foreclosed on and was not sold at an auction. Typically this home will get listed with a Real Estate agent who specializes in selling & marketing REO (Bank Owned Property).  The property is marketed via traditional methods and the sale is similar to buying any other house you see on the market with some differences:

• REO are sold "as-is, where-is" most of the time.
• Typically there are no "I need to sell my house first" contingencies allowed.
• Most banks do not allow changes to the Sales Contract
• To submit an offer, buyer must have Full Pre-Approval Letter
• Usually there is a Minimum Deposit amount
• Bank may charge you a per-diem if you don't close when you say you will.
• Many REO's are Fixer-uppers and will need some work done on them I have seen Brand New Homes too that are REO’s that need nothing.

If your interest in an REO, you've come to the right place.  We are a team of licensed Realtor who happens to specializing in REO property.  So while, some real estate agents may be able to tell you 1 or 2 properties that are REO in their market... I know where ALL of them are in Northern Ca! Better yet, if your on my mailing list, or contact me to let me know what your looking for, I may be able to give you a heads up on an upcoming property that is going to be listed... Before anyone else knows!!

Typically it takes 3-4 weeks for us to prepare an REO for marketing. The bank asks for an opinion of value from a Real Estate agent, (called a BPO) sends in an appraiser, gets someone to clear out any trash that may have been left behind, gets an estimate of repairs, etc. During this time, I typically give my buyers & investors a heads up WELL BEFORE the property is ever listed.

This gives you first dibs on the property. Your appointment is scheduled in advance & you get in the same DAY it gets listed, before anyone else even knows it (including other agents!) This means by the time other agents are "getting ready" to call their buyers to see if they are interested, you would have already seen the property and potentially submitted an offer! 

What about Foreclosures?

Do you think you might want to just visit the foreclosure auction and try your luck there? No Problem! If you need assistance and want us to accompany you to a particular foreclosure auction, let us know. We will pre-register you as our buyer with the Auctioneer and will accompany you to the auction.  If you have any questions before, during or after we will be happy to assist you! Please note that most foreclosure auctions BEGIN with the Balance of the mortgage + any liens, penalties, interest, late fees, attorney fees, auction fees, etc.  Should you wait until it becomes REO? That's for you to decide. ;-)  Do you research prior to the auction….. This is your chance to gather all the data you need to make an informed decision on whether you should bid AND how much you should bid.

Please contact me if you have any questions about buying a home in Northern California.

The REO Market is HOT

Although there have been some changes in the overall real estate market, the REO market is booming! It seems everyone is looking for a foreclosure deal or REO (Bank Owned Property), and if you don't know where to look for them, or aren't working with a real estate agent that does.. You’re missing out! 

My Team and I work with many Banks & Financial Institutions when they have REO / Foreclosed Homes that they need marketed. 

If you are an investor or just a buyer that's looking for a fixer upper, or maybe a good deal, I may be just the agent you want to work with!  Not only can I help you find a non-REO home that matches what your looking for, but there are also many listings out there on the market that are bank owned & foreclosed homes....  and I know just which ones they are! When you contact me to assist you with your search, I can tell you exactly where they are, show you the property, and help you put in an offer.

If you have any questions about buying or selling bank owned property, or have any general real estate questions, please contact me and I will be happy to assist you.  If you're looking for property outside of Northern Ca. please let me know and I'll find an agent where your moving to!   

If your looking to invest in foreclosures, HUD, Bank Owned property, REO, or are looking for General Information on these types of properties, feel free to contact me by phone 916*670*9898 or submit an inquiry via the website. I will be happy to speak with you

916REO.com  |  O  916 670 9898  |   F 916 405 5270   |  Agent@916REO.com  | SMS Email 9165954279@messaging.sprintpcs.com