Hello Brian,

You are correct in saying that it is still going through what is known as our "Non-Judicial Process" of foreclosure here in the state of California.

What Trulia, RealtyTrac and many others do, in an effort to draw internet traffic, is to promote/advertise homes which are still in the foreclosure process. They obtain this information from the public records from the court house, and then in turn place this data on the internet to read as though they are "Bank Owned" properties. The average person will not see this immediately.

In today's market place just about every bank who takes back a property through the foreclosure process will end up listing the home with a local REALTOR. So be very careful of companies who try to sell you lists of homes which are bank owned. These lists are "FREE" to you by contacting your local real estate agent.

Thu May 8 2008, 17:01

Hi Brian,
I am a private investor and I buy a lot of properties. I will give you an unbiased opinion about REO properties. These are normally properties that are less desirable and prime for real estate investing. You can buy these for deep discounts and can work out well for you if you plan to flip them. There never been a better time to buy REO properties in the history of real estate then now and the next 24 months. Yes this will come to an end soon but you will have a fairly good selection to choose from while it last. So take your time and get a property that you feel good about.

If you want more information go to Simon Volkov website and read articles and learn about this industry.

Fri Feb 29 2008, 21:47

Hello Brian,
If you would like a list of properties in the Long Beach area that are bank-owned, please let me know. There are increasing opportunities in this type of property.

Sun Feb 10 2008, 07:16

Hi Brian,

Just to provide you with some clarification, Trulia shows the following foreclosure statuses:

Pre-Foreclosure (Notice of Default or Lis Pendens)
Auction (Notice of Trustee Sale or Notice of Foreclosure Sale)
Bank-owned (Real Estate Owned)

If you preview or view details for a foreclosure listing on Trulia you will see one of those statuses listed and you should see a 'What's this?' link next to the status that will provide you with more details.

Best Wishes,

Emily Gibson
Customer Service Representative

Thu Dec 20 2007, 11:21

HI Brian,

REO means that the property has been returned to its original owner, usually the bank. It is NOT a short sale. Let me know if you'd like to see more REO properties currently available in Long Beach & the surrounding area.

Good Luck,

Karen Miller

Sun Dec 16 2007, 15:21

REO means that it has gone back to the beneificary (lender) whoever that might be. It has completed the process of foreclosure and no one stepped up to purchase it at the trust deed sale which is the last stop before it goes back to the bank.

Sun Dec 16 2007, 14:36