How To... in 94002>Question Details

Real Estate…, Home Buyer in Belmont, CA

How do I find REO and foreclosures in my area, San Mateo County? Is it best to use an agent or deal with the?

Asked by Real Estate Investor, Belmont, CA Sun Aug 17, 2008

bank directly? I am interested in finding a cash neutral rental or a fixer to flip for profit.

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Finding REO's, Foreclosures and even Short Sale homes is the easy part. REO (Bank Owned) property is almost always listed with a local Realtor. Distressed sellers in default on their loan who hope to convince the lender to accept less than what they are owed list their homes with a Realtor as well. The reason is listing on the MLS maximizes exposure to potential buyers, and buyers are what sellers need.

Banks generally will not work directly with a buyer. They list homes with Realtors who frankly act as a "gate-keeper" and "flack-catcher". Remember the listing agent (company) is hired by the owner (seller)... bank or market the property and negotiate the highest price for the owner (seller). In my opinion, working directly with the listing agent places the buyer at a competitive disadvantage since the agent is actively working against the buyer's best interest.

My suggestion for you is to work with an experienced, reliable Buyer's Agent with local knowledge. Buying an REO, a Short Sale or a Foreclosure is not for the inexperienced or the uninformed or the dreamers. Beginners beware, mistakes can be costly.

You may wish to attend the Bank Owned - Short Sale Property Workshop:

With over 30 years of real estate experience in good and bad markets, I know we can show you how to make the best deal possible.
1 vote Thank Flag Link Mon Aug 18, 2008
We are located in Belmont and offer a free widget to Foreclsoure Radar on our web page. You can track auctions,pre-foreclosures, and REO's. I suggest you check it out. It's a premium service we subscribe to an offer it as a service at no charge. We also offer information on how to deal with court sales. (See link below)
1 vote Thank Flag Link Sun Aug 17, 2008
call me at 909-706-2102 or email me at I can help you by referring a top agent in the area,,,, thanks
0 votes Thank Flag Link Wed Sep 29, 2010
I suggest to use Real Estate Agent. I'm dealing with number of bank and just sold a very good REO in Belmont. I also deal with short sales. Gene
0 votes Thank Flag Link Sun Aug 17, 2008
You must use an agent, the bank will not deal with you. Go with REOs not foreclosures unless you have hundreds of thousands in cash and a lot of free time. San Mateo County is not a good place to flip houses currently but good luck with that. Also, good luck finding a cash neutral rental, very unlikely. The best agents/brokers to call are Michael Ames and John Geer. Michael Ames has an office inside Cashin on ECR in San Carlos. John Geer is in Redwood City and has an office nearby.
0 votes Thank Flag Link Sun Aug 17, 2008
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