About Burlingame's Burlingame Gardens

Buying a foreclosure or REO (Real Estate Owned) property before it is available on the local multiple listings services is not easy insofar that the banks want to obtain the highest and best price for their REO properties.

After the bank recovers the property through a foreclosure process, they hire local real estate agents to market and sell their property. Usually the banks want to market the property listing 8 to 10 days before they start entertaining offers.

The banks want to make sure their properties have been properly marketed and thereby listed on the city's local MLS so it can be exposed to potential buyers and investors in the area. They expect to recover as much revenue as possible in order to mitigate their losses. So, buying an REO property from the bank after it has been foreclosed is not that simple.

After property has been repossessed from the borrower through a foreclosure, the banks do not retail the property to an individual or investor, rather they hire local agents to sell their REO properties. However, one thing they will do is sell property in bulk. In this case, they package 10 to 20 properties and sell them to investors or nonprofit organizations.