Foreclosure in Santa Rosa>Question Details

Walker, Home Buyer in Santa Rosa, CA

How do we find the procedure to put a bid on a house the is an REO>.?

Asked by Walker, Santa Rosa, CA Fri Sep 4, 2009

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3
Kenneth Schrier’s answer
Good Morning,

Putting in an offer on an REO (Bank owned home) is no different than submitting an offer to a private seller. The biggest difference between the two is that REOs do not take contingent sales (selling your current home to purchase one of theirs') and the second is that there will be very little disclosures to review.
You are still going through your inspection and loan contingencies timelines and can cancel within those timelines if you need to and have your deposit returned.
You will need a preapproval letter from your lender and in most cases, a Realtor to represent you.

If you need further help, let me know. I would be honored to work for you!
Good luck out there!

Ken

Kenneth Schrier Real Estate Group
CPS Property Advocates
707-529-4819
http://www.kenschrier.com
http://www.kenschrier@aol.com
Web Reference: http://www.kenschrier.com
0 votes Thank Flag Link Tue Sep 8, 2009
Walker

The Banks and the Gov. have created sites to provide the public with access to their properties for sale listings..(REO/Foreclosures) and information on the Bid/Purchase process.



Sites like.... http://www.wamuproperties.com/ .... http://www.hud.gov/homes/index.cfm

https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do ... http://www.homepath.com/

The links to these Bank and Gov. sites can be found here.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp http://www.biggerpockets.com/bank-reo.html

If it's Tax sales you're interested in then you may find this search engine useful...
http://publicrecords.onlinesearches.com/Foreclosures-and-Tax…

Good hunting, Dunes
0 votes Thank Flag Link Fri Sep 4, 2009
Hi -

If the property is an REO and is listed on the MLS - then the instructions for submitting offers are usually very clearly spelled out in the agent instructions - sometimes there are attachments specifically outlining procedures, concessions, timeframes, etc. -

If I can be of any assistance with a specific REO listing that interests you please don't hesitate to contact me.

Best,
Susan Bryer
0 votes Thank Flag Link Fri Sep 4, 2009
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