Foreclosure in Los Angeles>Question Details

Paul Shay, Home Buyer in Walnut, CA

I am interested in buying a REO property. Anybody is a foreclosure specialist in Walnut/Diamond Bar area?

Asked by Paul Shay, Walnut, CA Thu Feb 16, 2012

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5
If you are financing make sure that the agent you re working with is experienced in the type of financing you are buying with. I regularly get people looking for homes that are fixer uppers and they have fallen in love with the home online only to find out that no matter how skilled they are they cannot fix the home to qualify it for the loan. an reo is an "as is" deal so when I teach buyers how to buy you will hear me saying what you see or what you don't see is what you get.
With that being said, there is financing that will allow you to repair the home, so work with an experienced buyers agent and your lender to make sure you find out before the offer and not after you paid for the appraisal that the home qualifies or not.
If buying cash, have fun you only restrict yourself.
0 votes Thank Flag Link Thu Mar 8, 2012
Hello Paul,

REO inventory is still high. Make sure you work with a good buyer's agent. REO sales are a bit different from regular sales. The main concern will be the condition the property. In a REO since the seller (the Bank) has never lived in the property and will not be able to provide you a clear history on the home, you are buying the home "as is". If you have an FHA loan some REO properties may not meet the conditions for FHA financing.

REO transactions require a diligent agent. Attention to detail is king. As a REO buyer you want an agent who is not too busy to dedicate the amount of time and personal attention you will need.

I am happy to say I have placed several buyers in REO properties, and would be more than happy to assist you.

Best of luck to you!!

Kawain Payne, Realtor
Prudential California Realty
714-293-1151
0 votes Thank Flag Link Mon Feb 27, 2012
Hello Paul,

I would be glad to assist you in your search for a home. You may reach me through my profile. Look forward to hearing from you soon. Thank you!

Matt
0 votes Thank Flag Link Thu Feb 16, 2012
Hi Paul,
I have closed a number of REO transactions including 2 in January. Please contact me through my profile to see if I can be of help.
Good luck,
0 votes Thank Flag Link Thu Feb 16, 2012
I recommend submitting a request on RealtyTrac.com for an agent to contact you because those agents have experience with distressed properties, Foreclosures, and REO's and access all the information you need to make a good offer. The loan and lien history as well a general picture of the foreclosure market in the area that MLS data cannot provide.
0 votes Thank Flag Link Thu Feb 16, 2012
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