K. Johnson

I'm a:	Home Buyer
Location:	Almaden Valley, San Jose

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K. Johnson's Questions (4)

K. Johnson's Answers (29)

REO More Advise Please

Asked Wed Apr 2 2008, 22:09 by Mona - Corona - Foreclosure - 6 answers

K. Johnson answered:

I buy foreclosures. I try to get them at auction, but auctions require cash and there is a lot of risk when you purchase at auction.
Purchasing a REO is the best way for novice real estate buyers to get a good deal on a home. But, you need to be aggressive with the bank's realtor. When you submit your offer, be sure to be pre-approved for your loan and let them know what cash you have. Banks like cash because that can speed up the closing process. You need to make them an offer they cannot refuse. Otherwise, the bank will let your offer sit on their agent's desk until a more appealing offer comes through. BE TOUGH. It will take longer and will be more frustrating. But, hey anything worth doing will. - Thu Apr 3 2008, 13:24

Offer on a short sale

Asked Wed Apr 2 2008, 09:03 by Eric Doherty - Boston - Home Buying - 10 answers

K. Johnson answered:

Short sales rarely end in an actual sale (in my experience in CA). It tends to be a waste of time and very frustrating. If the property becomes bank owned (REO), the buyer often gets the house for less than the short sale price. Patience is the key factor here. If this is really the home you want, continue with the short sale and if the bank does not approve the offer, keep a close eye on the property so that you can be ready to make an offer when it is listed as an REO. - Wed Apr 2 2008, 22:29

Question removed

Asked Mon Mar 31 2008, 21:42 by Jennifer Kre… - Los Gatos - Foreclosure - 6 answers

K. Johnson answered:

It's my experience that the best way for a novice home buyer to get a foreclosure is to buy an REO. Most often you will get the property for less money than if you had purchased it as a short sale. - Wed Apr 2 2008, 14:50

who makes the price when a bank owns real estate?

Asked Wed Apr 2 2008, 14:18 by Deal Seeker - All locations - Foreclosure - 2 answers

K. Johnson answered:

The bank is the seller and like any other seller they decide on the listing price. They determine the listing price the same as everyone else plus they take into account the amount that was owed when they foreclosed.
Then, you make an offer you feel the home is worth.
If they like your offer, then they will accept it, but will usually counter that you need to sign some documents as to the fact that you are buying the property "as-is." - Wed Apr 2 2008, 14:44