REO / Bank Owned Homes
Bargain Priced Homes Are Available
Throughout Contra Costa & Alameda County
With As Little As 3.5% Down Payment
The Booming Market In Foreclosures
As a result of the dramatic downturn in the real estate market, much of which as a result of sub-prime lending practices and adjustable rate mortgages re-setting, many homeowners have found themselves unable to meet their monthly loan payments. As a result, after a protracted procedure, unless the homeowner manages to dispose of the home by means of a "Short Sale", the lender forecloses on the home and takes over possession. The lender then takes title to the home and sells it as a REO (which stands for "Real Estate Owned") property.
How Bank Owned Properties Are Sold
Having re-possessed the home, sometimes the bank will have it brought back to an "acceptable" condition where necessary, with maybe some paint or carpet, certainly little more - and they will then list it for sale. Sometimes they do nothing more than clear out anything left behind before listing it for sale. In any event, the bank's main objective is to sell the home as quickly as they can and recover as much of their investment as possible in the process. They do not want homes to sit on the market for long and these homes are some of the best buys in real estate today.
But constructing and presenting an offer on a bank owned home requires a different approach to that used when writing an offer on a home listed for sale by a traditional seller. You need to remember that banks have no emotional attachment to the home and they don't care who buys it. It is all about the bottom line!
You also need to know that the actual process of buying sch a home, after your offer has been accepted, is very different to a normal transaction. Most of the banks do not abide by the generally accepted standards of practice that we use in California and unless you are working with an agent experienced in REO purchases, you can find yourself facing significant problems.
I have access to all of the Bank Owned / REOs on the market in Contra Costa and Alameda County and I am experienced in representing buyers in REO purchases. If you want to buy such a property, I can help you find one.
Just complete the form below and I will show you what is involved in buying a bank-owned home. It is not quite so straightforward as a regular purchase but I have a lot of experience in this area. When you are ready to move forward, I will show you those homes that could be of interest toyou and I'll guide you through every step of the process.
Please note that you will need to be pre-approved for financing before you can submit an offer for either a home being sold as a Short Sale or a Bank Owned Home. I can introduce you to a lender who can help you with this.
If you have any questions or comments, please feel free to call me on (925) 997-1585 or email me at bernard@bernardgibbons.com.
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