I see a couple of reo foreclosures that I want to buy but can't figure out how! Please help! Thanks, Ronnie

Asked by Ronnie, Los Angeles, CA Fri Mar 27, 2009

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Makusan, Both Buyer And Seller, Long Beach, CA
Tue Apr 14, 2009

In one of my life times I was a REO manager for a Savings and Loan in San Francisco. Avoid all of the real estate "sharks"...who's only interest is to collect commissions. All of the information that is needed is on the internet...including forms. Find out who is managing the properties first and make sure that the forclosure process is complete. If the bank is owner then you can go direct to them to make an offer and also request for them to make the loans...that is their primary business. Make sure you get the title run to make sure there are not any conditions that would "cloud" the title, basically interfer with your ownership. do a property inspection or hire someone to do one to make sure you are not inheriting any major property damage. Title Companies are also a good source of information and help. You could also offer one of these sharks a flat fee to review any paperwork you are going to submit, or find a King Shark "RE attorney". ;-)
1 vote
BOB Khalsa, Agent, Newhall, CA
Fri Mar 27, 2009
Hi Ronnie:

Buying a foreclosure property is somewhat different when you buy non-foreclosure homes. When a property is foreclosed upon, the bank or lender that had the loan on it becomes the owner. Each bank has its own method of processing a property during the sale. Your agent must know how foreclosure sales work and the differences in disclosures received from a regular sale that would impact the way you conduct your inspections and investigations during the escrow process. Banks also give you limited time to make decisions and close the escrow. This is where your agent's expertise in REO sales comes in.

Give me a call at your convenience and we can discuss the details of the REO/Foreclosure sale process.

Bob Khalsa
Broker Owner
United America Realty
1 vote
Dyanna, , California
Fri Mar 27, 2009
Hello Ronnie. In order to purchase these properties you would need to go through an agent. It is always better to go through your own agent, representing your best interests. Whatever area you like, your agent will be able to help you gain access to the property so you can make sure you want to make an offer. If you would like my assistance please feel free to call me 323.359.7992 or e-mail me dyannaavila@hotmail.com

Good Luck,
1 vote
Deborah Robi…, Agent, Inglewood, CA
Fri Jun 28, 2013
Hi Ronnie my name is Deborah I am interested please call me at 888-308-7771 ext 1 or email me at Deborah@debrobinson.com so we can talk more about the REO
0 votes
Sang and Son…, Agent, Los Angeles CA 90069, CA
Mon Aug 6, 2012
You can hire an experienced agent you can trust to help you or spend $200- $300/hour for a real estate attorney. There are many good agents out there that are willing to endure the convoluted process of dealing with asset/reo managers to help a client without costing you a nickel.
0 votes
inna ivchenko, Agent, Calabasas, CA
Sun Aug 5, 2012
I just wonder what happened after you posted your question:)
Did you hire a realtor to help?
0 votes
Jonelle Bech…, Agent, Beverly Hills, CA
Sat Apr 11, 2009
THi Ronnie this might be of interest to you if you qualify! The City of Los Angeles Housing Department (LAHD) will offer purchase assistance financing to eligible low- and moderate-income homebuyers seeking to purchase a foreclosed home in an NSP Priority Area in the City of Los Angeles. LAHD provides assistance in the form of a deferred loan for purchase assistance (down payment and closing costs) and rehabilitation funds (if the property requires repairs).
0 votes
Julio Contre…, , Calabasas, CA
Tue Mar 31, 2009
Hello Ronnie

To buy a foreclosure is a bit more involve. I recommend for you to get a realtor. 1. To see the inside of the property. 2. see what loan type is best for it,some may not be fha approved because it may need work to be done in them. 3. Disclosures are more detail and the bank decides which offer to go with 4. it takes time for them to respond back to the offer. I hope this helps you. Let me know if I can assist you.
0 votes
Dorene Slavi…, Agent, Torrance, CA
Tue Mar 31, 2009
Ronnie you need to retain a good buyer agent to help you. All mysteries will be solved once you have a professional on your side!
Web Reference:  http://www.doreneslavitz.com
0 votes
Voices Member, , Benton County, OR
Fri Mar 27, 2009
The Answer to your question Ronnie seems to be "Email me-Call me" Since it seems there is no way to help you beyond solicitation you'll need to call or email one of these agents.......
0 votes
., , Los Angeles, CA
Fri Mar 27, 2009
These bank REO or Asset are often held for settlement of over-collateralization and other policies in a default. Those include secondary earned enhancements such as lender servicer premiums due from recovery bonuses. There will not be a sale where proceeds are due.

If so then no one will sell these homes. Not even the best Realtor so what’s up here?

I see REO Motions to Vacate, Motions to Vacate by parties who have had default judgments entered against them. If granted the default judgment in a foreclosure it can be vacated and the matter will be reset for a trial.
Motions for a New Trial in a wrongful foreclosure can be judicial now and up t two years to jury trial. .
Claims in this market can be made under and certain circumstances. The assets are also at times suffering from impaired or disturbed collateral subject to a notice of pendency that is clouding title.

Some are phantom properties that are not even assets of the banks. You call yourself a salesman! (Glen Geary Glen Ross)

This is no way to make a living. The non agency, private label derivatives and sub prime debacle lives on! Anaheim Marriott Suites from 1:00 to 3:00 should be interesting!
Sub prime and REO issues / should be good with a guest panel
of speakers. . . Ask them!
0 votes
Alexandra Pa…, Agent, Montebello, CA
Fri Mar 27, 2009
Hi Ronnie,

You need to speak to a strong agent to guide you through the process of buying a home. There is a large inventory of REO properties and NOW is the time to buy. If you have any questions in regards through the process of buying a home, give me a call or shoot me an email.

Alexandra Parra
(323) 482-0705
0 votes
Grant Linsco…, Agent, Los Angeles, CA
Fri Mar 27, 2009
Hi Ronnie,

I've closed a significant amount of foreclosure deals and understand the benefits and pitfalls. You're best served to work with an agent with experience in this process. Happy investing and I'm available for any of your questions.

Best Regards,

Grant Linscott
Keller Williams Realty
323.333.6222 cell
0 votes
Michael Rema…, Agent, Los Angeles, CA
Fri Mar 27, 2009
Hi Ronnie:
Your best option is to find a realtor that you like and trust. They can help find foreclosures for you and also assist you in your research in making sure that you provide a fair offer and do the proper investigations so that you are protected. If you have any questions, or need help, please feel free to email me at mjremacle@kw.com or to call me on my cell at 310-902-1564. Thanks and good luck.

Michael Remacle
Bank Owned Buyer's Specialist
Keller Williams Realty
Web Reference:  http://LaHomeConnection.com
0 votes
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