Hello, I'd like to know how to buy a house in REO? thank you for information.

Asked by Danielle, 93449 Sun Jul 14, 2013

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12
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Jul 14, 2013
BEST ANSWER
Danielle, pretty much the same way you'd buy a regular sale. Get pre-approved by linking up with a Loan Officer. Then, you'd be able to shop with the Realtor of your choice. They can show you all REO properties available within your budget.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote
Katherine Jo…, Agent, Rancho Cucamonga, CA
Sun Jul 14, 2013
Hello Danielle there are sellers in various stages or foreclosure at this time. However there are not a lot of bank owned homes on the market. Please contact me at let's marrow down what your needs are and at that time I can explain the process for you . No strings attached.

Thank you
1 vote
Susan Bo'ur, Agent, Manhattan Beach, CA
Sun Jul 14, 2013
Good morning Danielle,
I agree with Kathleen..working with an experienced local agent is very important.
I'd be happy to assist.
Susan Bo'ur Realtor
(310)600-4240
Susan@SusanBour.com
Have a great day!
1 vote
Kathleen Bec…, Agent, Santa Monica, CA
Sun Jul 14, 2013
Hi Danielle:

Better yet, work with a realtor. Most REO homes that are available are listed with a Real Estate Agent and are on the MLS (Multiple Listing Service).

However, you must work quickly and have your financing and down payment ready to go. Most of these properties go for over asking price with multiple offers. Everyone is looking for a deal right now.

It's best to work with an agent who has experience in the REO field and who knows the in's and out's of the business.

Good luck!

All the best,

Kat
1 vote
Robert Chome…, , San Diego, CA
Wed Jul 17, 2013
All REO's will show up on the MLS so any buyers agent can help you. REO's are dwindling fast, there are not many left. 2008-2011 REO's were much more plentiful. The market is moving back to a equity sellers market as short sales and foreclosures are dropping.
0 votes
carlos parra…, Other Pro, Monrovia, CA
Sun Jul 14, 2013
Hire a local agent. They can help you. What you want is the best deal you can get. That may or may not be an REO property.
0 votes
Douglas Perez…, Home Buyer, Los Angeles, CA
Sun Jul 14, 2013
In Los angeles, I can help you find that property. Is this for flip or hold investment?
Web Reference:  http://www.DouglasPerez.pw
0 votes
Michael Cheng, Agent, San Jose, CA
Sun Jul 14, 2013
Actually, most REO properties are not on the market. They're sold directly to those who know the bank's asset managers. Obviously, there isn't a directory of asset managers to call.

Buying REO properties listed on the MLS is quite tough in this market. You're very likely having to pay full market price against very capable competitors.

As others have suggested, you should at least work with a Realtor. Ideally, you should select a real estate broker who has direct access to REO deals before they hit the market. That's the best way to get a consistent discount.
Web Reference:  http://www.archershomes.com
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Jul 14, 2013
Danielle, pretty much the same way you'd buy a regular sale. Get pre-approved by linking up with a Loan Officer. Then, you'd be able to shop with the Realtor of your choice. They can show you all REO properties available within your budget.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes
kevin luc, Agent, baldwin park, CA
Sun Jul 14, 2013
I have access to 23 Calif counties and 147 million property records
0 votes
Emily Knell, Agent, Huntington Beach, CA
Sun Jul 14, 2013
Hello Danielle,

It looks like you don't have a Realtor. One that has the answers to your types of questions which is why you keep coming on Trulia again & again asking about how to get an REO or other distressed property.

You don't need to do that anymore, I can help you with whatever you need to know about REO's (on or off market), owners in default (on & off market) for single family or land. I know the processes of each VERY WELL.

Although home prices have risen, there are still available bank owned properties & owners in some stage of default who are still underwater & their lenders will never modify their loan no matter what some agency on the radio is telling them about principal reductions.

What Michael is talking about, is not going to work for you either, the bank's asset manager iF they even take your call, isn't just going to say "oh here's a list, pick the home you want", they're going to tell you (if you get them on the phone) to wait until it comes on the market after they assign an REO agent to the file, which can be anywhere from 30 days to over a year down the road.

Shoot me an email if you'd like to discuss this further, I don't look back on this same Trulia thread for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
100% Short Sale Success Rate
0 votes
Michael Cheng, Agent, San Jose, CA
Sun Jul 14, 2013
It's pretty simple actually, if you have the cash ready to go. You would just need to contact the bank's REO asset manager to buy whatever is available on their books. Or, you can work with a broker who represents REO deals and see what deals are possible. In both cases, you'd put the cash into escrow and close within a couple of weeks.

Currently, I represent REO deals throughout California and most of the time, my investor buyers are getting significant discounts.
Web Reference:  http://www.archershomes.com
0 votes
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