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FirstTimer, Home Buyer in Santa Clara, CA

Does anyone know how to find REOs without signing up for a service?

Asked by FirstTimer, Santa Clara, CA Tue Jan 22, 2008

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!!!

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13
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. :-)
Web Reference: http://www.ALendingPro.com
1 vote Thank Flag Link Tue Jan 22, 2008
Hi,
You can log on to my web page ( http://www.homesbyallyson.com ) and put in an REO search and it is free, you also can put in a short sale or regular sale search. If you are not sure of areas and would like some help just email me with your needs and wants and price range and I can set it up for you.
At your service,
Allyson
408-705-6578
allyson@homesbyallyson.com
Certified Distressed Property Expert
DRE# 01397256
0 votes Thank Flag Link Thu Mar 15, 2012
The easiest process would be to have an agent search for you with an "REO" selected as a pre-qualification.

However, if what you're looking for truly is a good price in a good area, you might just want to select a price range and look for homes that way. Foreclosures are not the only way to find a good price/good opportunity. There is a house in North San Jose now where the son inherited it, the mom lived there forever, it's about $200K below market price and a great opportunity.

Not to say that agents are the only people with access to information! But if you do an automated listing for homes in a zip code, you'll get all the homes including the foreclosure. Occasionally, opportunities show up where the seller wants to be DONE and sometimes they happen in foreclosed homes, but you can find a great opportunity in lot of different ways. You can also occasionally happen upon great short sale opportunities and these will typically run about 10 percent under appraised value (not always).

Good luck!

Erica Glessing Nelson
Editor & Co-Publisher "Sell Your House Fast for a great Price," (book slated for 2012 release)
http://www.Facebook.com/SellYrHouseFast
http://www.Twitter.com/#!/SellYrHouseFast
http://www.HomesforSaleinSanJose.net
408-416-7090
DRE 01425475
0 votes Thank Flag Link Sun Mar 11, 2012
Hey FirstTimer,

If you want to find REO's but dont want to sign up for it, call me and I can put you on a Listing Alert. All I will need is your search criteria. The listing alert will be based on your search criteria. With a listing alert you can be the first to view all REO's that come into the market.
My number - 408-316-0793 or email me at rpablaza@comcast.net. I can help you purchase an REO.
0 votes Thank Flag Link Wed Feb 8, 2012
To answer your second question, the people who buy the $800,000 home are ones with two meager six figure salary :)
0 votes Thank Flag Link Wed Feb 8, 2012
Hi First Timer,

MLS Listings is the official site for all home sales in the South Bay Area. The is the site all Realtors in this area use to list and find homes for sale. We have to sign up to use this site. This is site is current with it's information. Suggest you use this site, but you will have to sign in.

You can also use my site for FREE. You will also have to sign in. However my site goes further to give you market analysis, neighborhood information such as demographics / type of stores & restaurants in the area / churches / etc, school information; and, you can even compare the zip code you are looking at to the zip code you are currently residing in.

If you wish to try my site, go to - http://www.buyorsellhomesinthebayareaca.com

Thanks
0 votes Thank Flag Link Thu Jan 26, 2012
0 votes Thank Flag Link Thu Dec 29, 2011
go to http://www.shortsalesheep.com and scroll toward the bottem of the page...there will be a link for bank owned homes
0 votes Thank Flag Link Sat Mar 1, 2008
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
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
0 votes Thank Flag Link Wed Feb 27, 2008
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).
0 votes Thank Flag Link Wed Jan 30, 2008
REOTrans.com but a good realtor can help you too!
0 votes Thank Flag Link Tue Jan 22, 2008
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.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Tue Jan 22, 2008
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.
0 votes Thank Flag Link Tue Jan 22, 2008
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