Buying REO property or a foreclosure in San Anselmo?


	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 address any questions you have regarding 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 differs from a property up for foreclosure auction. TAM REALTY has experience to share with foreclosures and bank owned properties in San Anselmo, California

TAM REALTY has experience to share with foreclosures and bank owned properties in San Anselmo, California

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be able to pay with cash in hand. And on top of all that, you'll get the property totally as is. That possibly will include existing liens and even current denizens that may require removal.

A bank-owned property, conversely, is a more tidy and attractive proposition. The REO property was unable to find a buyer during foreclosure auction. The bank now owns it. The bank will handle the elimination of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing.

Note that REOs may be exempt from typical disclosure requirements. For example, in Nevada, it is optional for foreclosures to have a Property Disclosure Statement, a document that typically requires sellers to make known any defects they are knowledgeable of. By hiring TAM REALTY, you can rest assured knowing all parties are fulfilling California state disclosure requirements.

Am I guaranteed a good deal when investing in a bank owned property in San Anselmo?

It is commonly assumed that any foreclosure must be a good deal and an opportunity for easy money. This frequently isn't true. You have to be very careful about buying a REO if your intent is to make money off of it. Even though the bank is often anxious to sell it soon, they are also looking to get as much as they can for it.

TAM REALTY has experience to share with foreclosures and bank owned properties in San Anselmo, California

Look closely at the listing and sales prices of competing properties in the neighborhood when considering the purchase of an REO. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. It is possible to find REOs with money-making potential, 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 lenders have a department dedicated to REO that you'll work with in buying REO property from them. Normally the REO department will use a listing agent to get their REO properties listed on the local MLS.

Prior to making your offer, you'll want to contact either the listing agent or REO department at the bank and discover as much as you can about what they know about the condition of the property and what their process is for accepting offers. Since banks typically sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer that gives you time to check for unseen damage and retract the offer if you find it. As with making any offer on real estate, your offer may be more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.

After you've made your offer, it's customary for the bank to respond with a counter offer. Then it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer. Be aware, you'll be contending with a process that usually involves a group of people at the bank, and they don't work evenings or weekends. It's quite common for the process of offers and counter offers to take days or even weeks. TAM REALTY is are used to working around the schedules of this type of seller and will do everything possible to ensure there are no undue delays.