In one of my life times I was a REO manager for a Savings and Loan in San Francisco. Avoid all of the real estate "sharks"...who's only interest is to collect commissions. All of the information that is needed is on the internet...including forms. Find out who is managing the properties first and make sure that the forclosure process is complete. If the bank is owner then you can go direct to them to make an offer and also request for them to make the loans...that is their primary business. Make sure you get the title run to make sure there are not any conditions that would "cloud" the title, basically interfer with your ownership. do a property inspection or hire someone to do one to make sure you are not inheriting any major property damage. Title Companies are also a good source of information and help. You could also offer one of these sharks a flat fee to review any paperwork you are going to submit, or find a King Shark "RE attorney". ;-)
Buying a foreclosure property is somewhat different when you buy non-foreclosure homes. When a property is foreclosed upon, the bank or lender that had the loan on it becomes the owner. Each bank has its own method of processing a property during the sale. Your agent must know how foreclosure sales work and the differences in disclosures received from a regular sale that would impact the way you conduct your inspections and investigations during the escrow process. Banks also give you limited time to make decisions and close the escrow. This is where your agent's expertise in REO sales comes in.
Give me a call at your convenience and we can discuss the details of the REO/Foreclosure sale process.
United America Realty
To buy a foreclosure is a bit more involve. I recommend for you to get a realtor. 1. To see the inside of the property. 2. see what loan type is best for it,some may not be fha approved because it may need work to be done in them. 3. Disclosures are more detail and the bank decides which offer to go with 4. it takes time for them to respond back to the offer. I hope this helps you. Let me know if I can assist you.
If so then no one will sell these homes. Not even the best Realtor so whatâ€™s up here?
I see REO Motions to Vacate, Motions to Vacate by parties who have had default judgments entered against them. If granted the default judgment in a foreclosure it can be vacated and the matter will be reset for a trial.
Motions for a New Trial in a wrongful foreclosure can be judicial now and up t two years to jury trial. .
Claims in this market can be made under and certain circumstances. The assets are also at times suffering from impaired or disturbed collateral subject to a notice of pendency that is clouding title.
Some are phantom properties that are not even assets of the banks. You call yourself a salesman! (Glen Geary Glen Ross)
This is no way to make a living. The non agency, private label derivatives and sub prime debacle lives on! Anaheim Marriott Suites from 1:00 to 3:00 should be interesting!
Sub prime and REO issues / should be good with a guest panel
of speakers. . . Ask them!
You need to speak to a strong agent to guide you through the process of buying a home. There is a large inventory of REO properties and NOW is the time to buy. If you have any questions in regards through the process of buying a home, give me a call or shoot me an email.
I've closed a significant amount of foreclosure deals and understand the benefits and pitfalls. You're best served to work with an agent with experience in this process. Happy investing and I'm available for any of your questions.
Keller Williams Realty
Your best option is to find a realtor that you like and trust. They can help find foreclosures for you and also assist you in your research in making sure that you provide a fair offer and do the proper investigations so that you are protected. If you have any questions, or need help, please feel free to email me at email@example.com or to call me on my cell at 310-902-1564. Thanks and good luck.
Bank Owned Buyer's Specialist
Keller Williams Realty