What is a bank owned or REO

home?

A bank owned property generally means the buyer no longer made their mortgage payments and the bank had to foreclose on the property. The bank is not in the real estate sales business and does not want to keep the property. Buyers can often take advantage of this and find deals if they have a system in place. I have a system that works! An REO means "Real Estate Owned" and is the same thing as bank owned...I do not list bank owned homes. When dealing with REO's, I only represent BUYERS! I work in Sacramento, El Dorado and Placer counties, which include, Arden Manor, Arden Park, Arden Arcade, Garden of the Gods, Carmichael, Rancho Cordova, Pocket area, Greenhaven, Elk Grove, Cameron Park, Roseville and all the way up to Pollock Pines...Basically, all Sacramento, El Dorado and Placer Counties!

Things to consider regarding buying REO's

or Bank Owned homes:

1. It is very important to have an approval for a loan in place before writing an offer. Most banks won't even look at your offer without that. If it is an all cash offer, then they will need proof of funds.

2. Often the selling bank will want you to be pre-approved through their bank. Butf you are working with a lender already, you should have an agreement that should you write an offer, you may request your lender to forward your approval information to the bank for you. I can help you arrange all of this ahead of time! You can usually stick with your lender but the selling bank may want to see your approval information.

3. I can get you into the new REO listings fast and set up a system with you so an offer can be written fast. I work with an online signature company so offers can be written and signed directly from your home on the Internet if need be! If it is a good deal, it is not uncommon for that listing to have several offers and many paying cash within hours of the listing!

4. Once you have an accepted offer, getting a home inspection is a must because there are no sellers available to give you disclosures on what they know about the house.

The differences between short sales and

bank owned

A home that is listed as a short sale is on the path to forclosure, more than likely. The owner is generally not making payments but is attempting to sell the house for less than they owe. A real estate agent would negotiate with the bank(s) to try and get this approved (I specialize in this). There is a motivation for the seller: If the bank agrees to a short sale, the seller's credit may not be hurt as bad as it would if they forcosed. There is a modivation for the bank short selling as well: Sometimes they can make more money for their investors rather than going through foreclosure.

A foreclosure is what happens if a short sale does not close or if the owners don't even try to short sale but, instead, walk away from the mortgage. The bank has to sell it and that is an REO or bank owned property!

How I can help

I have a system with my buyers to keep them informeed, daily, about bank owned homes that are available. The system also includes my method of getting my buyers into the house fast to see it and then a method to get the offer submitted as fast as possible while protecting my client's interest. There is much to know about bank owned homes. Please give me a call today so I can give you more information.

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