Purchasing REO property or a foreclosure in Ukiah? Savvy consumers will turn to a seasoned pro when considering the purchase of a foreclosed property. For more information, just contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate foreclosures. What's an REO? "REO" or Real Estate Owned are properties which have completed the foreclosure process and are now held by the bank or mortgage company. This is unlike a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accrued during the foreclosure process. The buyer must also be ready to pay with cash in hand. Finally, you'll accept the property 100% as is. That could consist of current liens and even current tenants that need to be removed. A bank-owned property, by contrast, is a more tidy and attractive option. The REO property was unable to find a buyer during foreclosure auction. Now the bank owns it. The bank will see to the elimination of tax liens, evict occupants if needed and generally plan for the issuance of a title insurance policy to the buyer at closing. Do be aware that REOs may be exempt from standard disclosure requirements. For example, in North Carolina, it is optional for foreclosures to have a Property Disclosure Statement, a document that ordinarily requires sellers to reveal any defects they are aware of. By hiring Mike Gott - Realty World Selzer Realty Inc, you can rest assured knowing all parties are fulfilling California state disclosure requirements. Are REO properties a bargain in Mendocino County? It is sometimes presumed that any foreclosure must be a steal and a possibility for easy money. This often isn't true. You have to be prudent about buying a repossession if your intent is to make money off of it. Even though the bank is typically eager to sell it fast, they are also looking to minimize any losses. Look carefully at the listing and sales prices of similar homes in the neighborhood when making an offer on an REO. And factor in any repairs or remodeling necessary to prepare the house for resale or moving in. There are bargains with potential to make money, and many people do very well buying and selling foreclosures. But there are also many REOs that are not good buys and may not be money makers. Prepared to make an offer? Most banks have staff dedicated to REO that you'll work with when buying REO property from them. To get their properties advertised on the local MLS, the lender will frequently contract with a listing agent. Prior to making your offer, you'll want to contact either the listing agent or REO department at the bank and learn as much as you can about what they know about the condition of the property and what their process is for taking offers. Since banks almost always sell REO properties "as is", it may be in your best interest to include an inspection contingency in your offer that gives you time to check for unknown damage and retract the offer if you find it. If, as a buyer, you can provide documentation showing your ability to secure financing, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This goes for any real estate offer.) Once you've submitted your offer, it's customary for the bank to counter offer. Then it will be up to you to decide whether to accept their counter, or make another counter offer. Your transaction could be final in a single day, but that's usually not the case. Since offers and counter offers usually allow a day or more for the other party to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer.

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My specialty is to bring buyers and sellers together. If you are looking for information on Mendocino COUNTY real estate, Ukiah real estate, Hopland real estate, Redwood Valley real estate, Potter Vallery Real Estate, Willits real estate, Yorkville real estate, Boonville real estate, Northern Sonoma County real estate, Healdsburg real estate, Windsor real estate, Cloverdale real estate, homes for sale and land for sale in the general area YOU HAVE COME TO THE RIGHT PLACE AND CONTACTED THE RIGHT REALTOR!!

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