Making an offer on REO property or a foreclosure in GLENDALE? Making an offer on a bank-owned property is not something to be taken casually. What's an REO? "REO" is an abbreviation for Real Estate Owned. These are properties which have been through foreclosure that the bank or mortgage company currently holds. 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 amassed during the foreclosure process. The buyer must also be willing to pay with cash in hand. And on top of all that, you'll receive the property completely as is. That possibly may consist of standing liens and even current denizens that need to be expelled. A bank-owned property, by contrast, is a more tidy and attractive deal. The REO property was unable to find a buyer during foreclosure auction. The lender now owns it. The bank will see to the elimination of tax liens, evict occupants if needed and generally arrange for the issuance of a title insurance policy to the buyer at closing. Take notice that REOs may be exempt from normal disclosure requirements. For example, in Texas, it is optional for foreclosures to have a Property Disclosure Statement, a document that typically requires sellers to disclose any defects of which they are aware. By hiring Real Estate People Inc., you can rest assured knowing all parties are fulfilling California state disclosure requirements. Is REO property in GLENDALE a bargain? It is sometimes presumed that any foreclosure must be a steal and a possibility for guaranteed profit. This frequently isn't true. You have to be very careful about buying a REO if your intent is make a profit. Even though the bank is usually eager to offload it fast, they are also looking to get as much as they can for it. Look closely at the listing and sales prices of comparable properties in the neighborhood when considering the purchase of an REO. And factor in any repairs or remodeling 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 foreclosures. But there are also many REOs that are not good buys and may lose money. All set to make an offer? Most lenders have staff dedicated to REO that you'll work with while buying REO property from them. Commonly 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 find out as much as you can about what they know regarding the condition of the property and what their process is for taking offers. Since banks almost always 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 unknown damage and withdraw the offer if you find it. As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender. Once you've presented your offer, it's customary for the bank to respond with a counter offer. From there it will be your choice whether to accept their counter, or make another counter offer. Your transaction might be settled in one day, but that's rare. 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. Real Estate People Inc. is accustomed to these situations and will work to ensure there are no unnecessary delays.

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