Does anyone know how to find REOs without signing up for a service?
Hello, I'm new to the valley and don't think on my meager six digit salary I'll ever be able to afford a home. (Who DOES buy these $800,000 homes anyway??) . I was thinking about trying to find an REO but it seems all the sites that purport to list them require you to register with them. Any suggestions for avoiding this? (apart from getting a "Free" trial--I don't trust these sites)
Thank you!!!
go to http://www.shortsalesheep.com and scroll toward the bottem of the page...there will be a link for bank owned homes
Just so you know you have been getting excellent advice from the other realtors. I'd like to add that you need to trust someone on this because home do you know your getting a good deal on a home if you can't run comparables to the property? Also you might not know if its a short sale ( which could take months to get an answer from the bank ) or its the starting bid for an Auction price. I'll suggest you talk to a Realtor in person or on the phone and if you like what he/she has to say work with them otherwise you really are at risk of getting ripped off. Call me if you would like a more indept consultion. Allyson (408)705-6578
REO is "Real Estate Owned" (already foreclosed upon) and basically it's owned by the bank who made the defaulted loan. Many of these REO's or bank owned properties are readily available on the MLS (Multiple Listing Service) however, the disclosure that it's bank owned is usually placed in a remarks section that is not easily seen from public view. I subscribe to the MLS and would be happy to send you listings of single family bank owned homes in Santa Clara (and neighboring communities) that are well under $800k. Please contact me and I will be happy to email you REO listings (for free).
REOTrans.com but a good realtor can help you too!
Here is a site that you should find most useful. http://www.ushud.com/links/
I hope it helps. And let me know if I can help with your financing. :-)
Greetings New2Valley,
Banks don't have time to market a home. They use real estate agents and listed on the MLS. You may not see that as this is often noted in the private agent comments. Email me, I have additional information for you.
Almost all REO homes are sold by a Realtor on the MLS at market value. The misconception is that people can get them for less than market value because they are REO's. I would suggest you contact a local Realtor to discuss finding a property in your price range.
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