WAM its gone!......REOs are not hanging around long

Buyers, if you see a REO / Bank Owned Property  FOR SALE --it might be wise to check it out, do your inspections and make your offer before the sign changes to SOLD. 

These properties are not going to sit on the market a long time as they once were doing.  The market is so low that the properties are starting to move.  Or who knows the bank might take it to the auction and WAM... its gone.

Although you may think it is listed a little high to call it a deal, they usually are a deal.  Maybe not a steal, but a deal.  Typically, the bank will order BPOs from 3 different agents.  From those evaluations the bank will make a decision on the list price.  The bank seems to be pricing the properties somewhere close to $10K of what the BPOs come in at. Once the listing agent get the listing price, they will or should get going with the advertisements: MLS, online listing sites, and especially Craigslist. 

The listing agent should keep a watchful eye on the numbers of showings, should hold open house and get the listing out there so that everyone possible knows about the property being available.

Some have been known to wait for price reductions and who knows maybe the banks know this and they hold back on reducing...

• typically the bank will treat a request for a reduction within the first 30 days with no more than a 3% price reduction; 30-90 days they may reduce again staying within the 3% to 8% range and if the property last 90-120 days they may go down 10% or a little larger.  But that's if the property last that long.

So if you are looking at a property... better stop looking and make your offer now!  Count on the bank to counter back, but don't give up - counter back - just be reasonable in your offer and counters.  Don't assume you will get that much more of a deal by holding out.  These properties are already reduced much lower than what it would have cost to purchase it during a short sale.

A REMINDER:  REO/Bank Owned Property is sold AS IS.  Not matter how much negotiating, the target of the bank is to sell the property as is.  It never hurts to ask, but always keep in mind that the seller/bank is looking at the bottom line and that is - AS IS, Where is.

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Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

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