Hi. For the areas you are looking in there are a few REO's. They tend to be condos, not single family homes. There have been a few single family homes in these areas as well but the price point on these are definitely higher due location. For example there was recently a bank owned property on Trestle Glen and on Holman. The one on Trestle Glen appeared to have some issues with microbial growth in the basement and basically was sheetrocked with no finishes. This one was reduced to $679,500 and went pending pretty quickly. The one on Holman was on the market 7 days listed at $500,000.
With bank owned properties, each transaction can be a little different depending on the lending organization that is selling the home. In addition the disclosures provided to you the buyer are limited becuase these banks did not live in these properties.
What type of financing are you planning on using? This will also impact the type of REOs that you can purchase. FHA financing as well as the City of Oakland programs have specific guidelines regarding the condition of the home at the time of purchase. As you might suspect many of the bank owned properites are in various states of deferred maintenance, so keeping in mind that there may need to be repairs is an important factor when setting your budget.
I have experience with on the listing side as well as the purchase side of these types of transactions and can help answer any of your questions.
If you would like to discuss further or would like a list of bank owned properties in the areas you are talking about you can email me at Lisa@LisaCartolano.com