| | |
Why Bankers Realty Exclusive is your number one choice for Asset Liquidation of REO property.
• Whether you are selling or buying property in California speak to one our local area experts.
• Bankers has 600 real estate agents and Brokers with 7 offices servicing Los Angeles, Orange, Riverside and San Bernardino, CA
• $10,000,000 insurance binder covering all REO listings and Sales.
• E&O Insurance coverage on every completed transaction.
• RERM insurance coverage on every real estate closing.
• Licensed and Bonded Contractor's covering every rehabilitation. 35 years of Contracting experience fully insured and bonded for every job.
Several of America’s largest lenders today have our Bankers Realty Exclusive agents represent them as listing agents to liquidate their assets. Countrywide, Ocwen, Real Trans, Wachovia just to name a few.
Listing and Selling Services offered to Bank owned REO clients!
• CMA, BPO (valuation types) with cost to cure analysis.
• 24-36 hours turn around times.
• Locks changed, lock box is place on the property in 24 hours of assignment.
• Once property is assigned Our contractors walk the property for costs to cure and bidding process begins for rehab and prep for resell. 48-96 hours turn times.
Work begins:
Paint prep, landscape, trash-out, paint estimates, handyman –in, carpet installed (if needed), Final punch list, Pain Touch, Final Clean, Walk thru, listing, lockbox, MLS, Sign and Flyers, Broker Open, Open house to property is sold.
Note:
1. All bids submitted to bank for approval.
2. Once bank approves costs maintenance-rehab crew is assigned and work begins, followed by periodic on site inspections to rehab completion.
3. Property is listed in Multi-county MLS boards, Realtor.com and 100’s of website real estate search engines.
What Buyers can expect from Bankers when buying one of our bank REO listings
• Every property is fully inspected prepped and cleaned for purchase.
• Value is price and current local market conditions.
• Properties are sold in their present condition without any implied warrantees and or coverage.
• Buyers will be recommended to have licensed contractor to complete and provide written report of properties current condition prior to close. See below for greater clarification of what REO's mean to you.
Why Bank owned property?
There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject. Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know “the secret formula”. The fact is that there are no secrets, and to make money does require effort.
What’s an REO?
REO stands for “Real Estate Owned”. These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as 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 accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. And on top of all that, you’ll receive the property 100% “as is”. That could include existing liens and even current occupants that need to be evicted. A REO, by contrast, is a much “cleaner” and attractive transaction. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REO’s may be exempt from normal disclosure requirements. In California, for example, banks are exempt from giving a Transfer Disclosure Statement, in Ohio - banks are exempt from giving a Property Disclosure, both are documents that normally require sellers to tell you about any defects they are aware of.
Can an REO be a bargain?
It’s commonly assumed that any REO must be a bargain and an opportunity for easy money. This simply isn’t true. You have to be very careful about buying a REO if your intent is to make money off of it. While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. But there are REO’s that are not good buys and not likely to turn a profit.
Ready to make an offer?
Most banks have a REO department that you’ll work with in buying a REO property from them. Typically the REO department will use a listing agent( Like Bankers Realty Exclusive) to get their REO properties listed on the local MLS. Before making your offer, you’ll want to contact the listing agent and find out as much as you can about what they know about the condition of the property and what their process is for receiving 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 hidden damage and terminate the offer if you find it. As with making any offer on real estate, you’ll make your offer more attractive if you include documentation of your ability to pay, such as a pre-approval letter from a lender and have an earnest money check. Some banks won't even look at offers without those items. After you’ve made your offer, you can expect the bank to make 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. Realize, you’ll be dealing with a process that probably involves multiple people at the bank, and they don’t work evenings or weekends. It’s not unusual for the process of offers and counter offers to take at least 4-5 days or even weeks.
Can I use Bankers Realty Exclusive with my REO purchase?
Yes, in fact all Bankers Realty Exclusive listings can be purchased from Bankers using one of our in-house real estate agents. Call today to be pre-qualified by one our lenders and receive a list of our REO for sale.M/white | |
| |
