Foreclosure in El Monte>Question Details

Veronica Cas…, Home Buyer in El Monte, CA

My husband and I are interested in purchasing a home in the El Monte/Baldwin Park area. We are noticing that

Asked by Veronica Castillo, El Monte, CA Fri Feb 15, 2008

many of the homes are REOs that have been on the market for over 100 days.

Can an REO be a good buy?
Can we make an offer of more than 10% off the asking price?

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Answers

2
Dot Chance’s answer
Hi, Veronica. On the other hand, an REO can be a diamond in the rough! REOs can be good buys, but you must have all the inspections done and don't let anything slide by. You can offer whatever you want to. These homes that have been on the market for over 100 days are more likely to look at a lowball offer than one fresh on the market.

Let me know if I can be of assistance!
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Fri Feb 15, 2008
Hello Veronica,

Most REOs have the AS IS clause which make them far more risky a purchase. The seller, who in this case is the bank makes no representation as to the soundness of the construction or if there are any material defects with the home. In other words you could be buying a "money pit".

If you are seriously considering the purchase of an REO or Bank Owned property you most definitely need the assistance and knowledge of a licensed REALTOR AND a licensed home inspector. I am happy to assist you and can refer you to a real estate agent who is LOCAL to El Monte/Baldwin Park area. That is the best way to find out about the area and any other issues that the REO owner won't be able to tell you.

Please feel free to contact me via my website below!

Sincerely,

Maggie Mouscardy
REALTOR
Long Beach, CA
0 votes Thank Flag Link Fri Feb 15, 2008
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