In My Neighborhood in 91362>Question Details

kam, Home Buyer in 91362

is there an reo buyers agent out there?

Asked by kam, 91362 Sat Aug 8, 2009

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Web Reference: http://www.homebuysblog.com
0 votes Thank Flag Link Sat Aug 8, 2009
Hi Kam,

There are less than two dozen available properties on the MLS right now that are REOs. The initial excitement of obtaining a great deal from a motivated seller (Bank) has now worn off, and you are meeting up with competition from other qualified buyers, who are driving up prices in the multiple offer arena. Additionally, since the property is purchased "As-Is", you really should be hiring various licensed tradesmen to perform your due diligence while in escrow (i.e., electrician, plumber, termite & pest control, heating & A/C, etc. A regular seller is required to disclose known material facts that could affect the value and desirability of a property -- but the REO seller is not. The potential advantage of a reduced purchase price has gone away, now that homes are more affordable, Buyers are incentivized with the $8K tax credit, etc. In my opinion, you need access to licensed contactors you can trust in order to have an REO purchase make any sense. The only exception would be an all cash investor intending to flip the property, as long as the numbers work for upside potential. Good luck in your adventure!

_________________________________________________________________________________
Type Status Date List/Sell $ DOM/CDOM Address City Area BD BA Sq Ft Lot Sz
_________________________________________________________________________________

CVML Att Active
06/02/09 $178,000 15/15 140 Maegan Pl #Apt 5 Thousand Oaks Thousand Oaks East 3 2.50 1200 1

CVML Att Active
07/30/09 $254,900 9/9 653 Oak Run #308 Oak Park Agoura 1 1 780

VENT Att Active
07/13/09 $264,900 26/26 4240 Lost Hills Rd #505 Agoura Hills Agoura 1 1.25 760 2535

VENT Att Active
07/06/09 $275,900 33/33 31550 Agoura Rd #6 Westlake Village Westlake 2 2 1134 1494

CVML Det Active
08/08/09 $279,800 0/3 2421 Chiquita Ln Thousand Oaks Thousand Oaks East 2 1 1278 7150

CVML Det Active
06/30/09 $279,900 36/36 2659 Calle Manzano Thousand Oaks Thousand Oaks East 3 2 1140 10000

CVML Att Active
08/04/09 $300,000 4/4 2735 Lakeridge Ln Westlake Village Westlake 2 2 1231 4827

CVML Att Active
07/28/09 $318,600 11/11 28543 Conejo View Dr Agoura Hills Agoura 3 1.50 1242 4887

VENT Det Active
07/21/09 $329,500 18/18 679 Wendy Newbury Park Newbury Park 3 2 1462 8468

CVML Det Active
06/29/09 $370,000 40/40 153 Maple Rd Newbury Park Newbury Park 3 2 1160 5000

VENT Det Active
07/11/09 $399,900 28/235 597 Irving Dr Thousand Oaks Thousand Oaks East 3 1 1312 6600

CVML Det Active
07/21/09 $459,900 4/4 1820 Rivendell Cir Newbury Park Newbury Park 4 3 2428 9649

VENT Det Active
08/07/09 $499,900 1/1 2075 Maricio Cir Thousand Oaks Thousand Oaks West 3 2 1900 9900

VENT Det Active
08/06/09 $519,500 2/2 2024 Young Ave Thousand Oaks Thousand Oaks West 5 4 2483 9540

CVML Det Active
07/20/09 $539,900 19/19 4133 Mayfield St Newbury Park Newbury Park 5 3 1713 13600

VENT Det Active
07/30/09 $619,900 9/9 1690 Valley High Ave Thousand Oaks Thousand Oaks East 5 3 3128 10209

SIMI Det Active
08/05/09 $650,000 3/3 5084 Benedict Ct Oak Park Agoura 3 2.50 2095 3517

CVML Det Active
08/07/09 $688,050 1/1 1102 Arroyo View St Newbury Park Thousand Oaks West 3 3 2493 7288

CVML Det Active
06/30/09 $999,000 39/39 11 La Cam Rd Newbury Park Newbury Park 4 3.50 3830 51836

CVML Det Active
06/05/09 $1,250,000 64/64 1314 White Dove Cir Westlake Village Westlake 5 6 4216 16487

CVML Det Active
08/04/09 $2,004,750 4/4 4209 Cresthaven Dr Westlake Village Westlake 5 6.50 7356 36528

CVML Det Active
07/17/09 $2,279,302 22/22 4007 Hunt Club Ct Agoura Hills Agoura 5 6 7591 33528
1 vote Thank Flag Link Sat Aug 8, 2009
Hi Kam,

I am the local RealtyTrac representative. RealtyTrac is the nations largest foreclosure web site. Because I represent RealtyTrac locally and have for the last three years or so, I have the opportunity to successfully represent many buyers in REO purchases. So, I would be happy to work with you when I am back in my office on August 17th. If you need assistance before then, I would recommend contacting Ted in my office, he also lists REO's and is a very active and attentive Realtor.

Just a note, I strongly discourage buyers from only looking at REO's. While approximately 75% of my buyers purchase REO's last year, I strongly recommend that you set your criteria and look at every property that meets your critieria. Bank properties are not always the best deal, they are not always managed by the most motivated Sellers and you will definetely be limiting your options in this market too much.
Web Reference: http://www.ConejoLiving.com
0 votes Thank Flag Link Tue Aug 11, 2009
Kam,

The best bet is working with a Realtor who has experience dealing with bank-owned properties. Writing and negotiating with banks is a 'different animal' than working with a conventional home seller.

Two days ago I closed escrow with representing a buyer on a bank-owned home (otherwise known as a REO). This property had five other offers besides my buyer's offer. In addition I have another bank-owned property in escrow; this property had 12 other offers. You really have to know how to make your offer stand out from the other offiers. You have to know how to 'play' the bank's game.

If you need help in the Ventura County area, please give me and my partner, Greg Ricci, a call at (805) 340-5811.
Web Reference: http://www.805Local.com
0 votes Thank Flag Link Sun Aug 9, 2009
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