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Foreclosure in Crestline : Real Estate Advice

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Tue Apr 1, 2014
Shel-lee Davis answered:
An REO property means the bank has taken the property back through the foreclosure process. REO properties are listed with real estate agents and sold similarly to any other property. Banks do not take "bids" directly from the buyers. Offers are submitted either on the bank's approved contract or on the State's approved contract through a real estate broker.

Sometimes there is a delay between the date the bank acquires title to the property through the foreclosure process and the date it is made available for sale. This is is often the result of either title or property issues. However, banks are not in the business of holding on to REO properties, so eventually it will be offered for sale.

Your best bet for bidding on such properties is to align yourself with a well connected Realtor in your area who will be able to notify you the moment the property becomes available. Then write a clean offer and hope for the best.

Shel-lee Davis BRE #01817412
Real Estate Consultant
International Real Estate Specialist - IRES®
Senior Real Estate Specialist - SRES®
Certified Home Seller Advisor - CHSA®
Certified Home Buyer Advisor - CHBA®
Member - National Association of Certified Expert Advisors - NAEA®
Certified Distressed Property Expert - CDPE®
RE/MAX Estate Properties
424-2HELP12 (424-243-5712)
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Tue Apr 1, 2014
Cindy Davis answered:
Hi Bill,

The answer really depends on whether the property is listed on the MLS or sitting with a bank. Generally speaking, people can buy REO's on the court house steps at the trustee sale, or with an agent if it is on the MLS. If the home is already listed, you essentially bid on it as you would anything else. There are two main things to know: 1) REO's get many more offers than traditional listings 2) Offer your highest number first, and expect to pay over list price.

Good luck.
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