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Featured Topic: REO

It is common for a few veteran and experienced agents to control a majority of REO listings in an area.

REO offers are usually FAXED to the bank because the listing agent needs your originals and there is no formal presentation so keep in mind nothing happens evenings and weekends because banks are closed.

Investors who are not clear on their exit financing are much slower to decide on their offer numbers and get beat out by more experienced buyers.

There are multiple sources of funding currently available to investors purchasing REO's in Southern California.

REO listing agents are judged by the banks on their ability to find worthy buyers that can close escrow without hassles. A failed escrow is a negative mark on their record.

Even professional appraisers are struggling with determining property values as the REO inventory levels are skewing the current sales data.

When buying REOs from a lender the investor must submit their offers on standard realtor forms. The banks do not like to see custom investor looking contracts.

A short sale is a purchase made from the bank at less than the full owed amount. Many investors get discouraged with this process as it can take many months for the bank to accept or not get accepted at all.

An REO investor must take care to properly evaluate the condition of a listing and compare that with the standard of the active, pending and sold comparable homes in the area.

When calculating monthly cash flow be sure to include tax, insurance, management, municipal fees and vacancy costs.

HomePath Mortgage Financing is available on Fannie Mae homes and is available to both owner occupiers and investors.

If you are looking to purchase an REO and are unsure what your credit report is like, you may want to begin by getting a free credit report that you can view immediately online.

REO listing agents make money by either selling a lot of REOs or operating as a dual agent. Under dual agency, the REO listing agent will earn both the listing commission and the buyer's agent's commission.

REO Homes, because they’re sold in “as-is” condition, can often be a great, affordable opportunity for the fixer-upper.

There is lots of good REO home available for sale. But buying a bank-owned home in foreclosure is not so easy as it involves risk, hence before you decide on buying a REO Home be sure to do some in-depth research.

The competition and short time on the market before and REO goes pending has many REO buyers feeling discouraged. But many of these escrows will not close and the REO house will be back on the market.

In some communities code enforcement is looking to thin the herd of run down section 8 rentals by imposing heavy fines on their landlord owners. This is something to consider when looking into buying an REO homes as rentals.

Many investors believe that the current drop in Southern California REOs mean that the market has bottomed.

An REO property allows you to gain access to the property for an inspection. Lenders have a responsibility to their shareholders and they lose money on non-producing assets.

REOs are a safer method of buying a home than foreclosures and short sales, but you might be paying more than you bargained for and be faced with repairs and replacements. To avoid paying more than you intended, carefully research the area and home prices, as well as possible repair costs to find out if a REO home is right for you.