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About Buying Bank Owned Properties (REO)

So you’d like to buy a bank owned property?

You’ve watched the late-night infomercials and you’re ready to do the bank “a favor” and take a problem off their hands. Plus, you expect to make "a killing" in the process. Sounds great and it might just happen, but first you should take a look at some facts and get prepared.

REO vs. Foreclosure

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

REO Properties For Sale

The bank now owns the property and the Loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowner’s association dues. As a purchaser of an REO property, the buyer will receive a Title Insurance policy and the opportunity to investigate the property.

A bank owned property might not be a great bargain. Do your homework before making an offer. Make sure that the price you pay (if you’re successful) is comparable to other homes in the neighborhood. Consider the costs of renovation, including time to complete them. Don’t get caught up in a ‘bidding war’ and pay over market value. It’s an old myth that “foreclosures” are a bargain.

How Banks Sell REO's

Each bank/lender works a little differently, but they all have similar goals. They want to get the best price possible and have no interest in "dumping" real estate cheaply. Generally, banks have an entire department set up to manage their REO inventory.

Once you make an offer to purchase, banks generally present a "counter-offer." It may be at a higher price than you expect, but they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible. You should plan to counter the counter-offer.

Your offer or counter-offer will probably have to be reviewed and approved by several individuals and companies. Even once an offer is accepted, the bank may insert wording like “..subject to corporate approval with 5 days."

Property Condition

Banks always want to sell a property in "as is" condition. Most will provide a Section 1 pest certification, but not unless you include it in your offer and negotiate the point. They will allow you to get all the inspections you want (at your expense), but they may not agree to do any repairs.

Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct.

Even though you agreed to “as is," always give the bank another opportunity to make repairs or give you a credit after you’ve completed your inspections. Sometimes they’ll re-negotiate to save the transaction instead of putting the property back on the market, but don’t take it for granted.

Banks do not want to see a lot of proprietary disclosures; they are exempt from the California Seller’s Transfer Disclosure Statement (TDS-14). If there are real estate agents involved, either representing you or the bank, those agents are required to provide you their disclosure statements.

Most banks will not provide financing on their REOs but it doesn’t hurt to ask. Especially if the property has extensive damage and you are purchasing it "as is."

Making an Offer

Before making an offer, have your agent contact the the listing agent and ask the following:

Are there any inspection reports?
What work has the bank agreed to?
Is there a special "as is" form?
How long does it take the bank to accept an offer?
How does your agent deliver the offer?

Offers are usually FAXED to the bank. The listing agent needs your originals. There is no formal presentation. Keep in mind: nothing happens evenings and weekends (banks are closed)

Since there is no face-to-face presentation to the bank, provide the listing agent with a pre-qualification or better yet, a pre-approval letter and buyer biography. Make your offer easy to accept.

Hopefully these tips will manage your expectations. Remember that REO's sell at pretty close to full market value and are not the deals presented on late night television.

Visit REOPRO

Looking for a full service REO Disposition Service Center utilizing state-of the-art internet services coupled with extensive knowledge, background, experience and efficiency that only a hands on Executive REO team can offer? Our reputation and satisfied client base will provide the comfort and commitment level you will learn to expect. With thousands of properties being sold for major financial institutions, we can deliver your top net profits. We are structured to satisfy each client in their own unique program objectives and preferred method of operations for REO properties.

Our full service dedicated REO Disposition Service Center encompasses the entire process from preforeclosure to ensuring clear title is transferred to the new owners, enabling banks/financial institutions files to be balanced and closed out. A short list of key components:

Prevalue determination prior to foreclosure sale;
Status upon successful foreclosure; bank owned/lender owned and investor owned
Attorneys-evictions, occupants, cash-to-keys
Property preservation-rekeys, inspections, vendors, contractor bids, code violations, utilities, title issues, liens, rehabed
Accounting-Prepaid accountability with all vendors, code violations, utilities, title issues, liens and rehab; repay one easy check per month
Values-"AS-IS", repaired, quick sale, pros/cons of property vs. area vs. city
Marketing-Internet, digital artwork/subject, multiple MLS boards, network, open houses
Negotiations-Directly prequalified, multiple offers, counters, addendum's and disclosures
Closing-Successful closing rate and performance, handle problems and accurate disbursements

Central California is our backyard of expertise.

With several satellite offices overlapping coverage areas and in partnerships with seasoned REO brokers, you are ensured the ultimate exposure, control and maintenance to return the fastest, highest net return possible on your inventory.
.

We are a Corporation handling hundreds of properties as an outsourcing company

Experience

OAKTREE HOME & LOAN, Inc. has significant experience in managing REO property disposition. This operation is exclusively designed and operated to handle this type of inventory which has several elements, techniques and objectives different than typical property transfers.

Timeliness

The ability to perform the necessary procedures quickly with established procedures and unparallel depth of experience.

Accuracy - the adherence to policies and procedures. Systems and procedures are consistently applied in all areas of property management. OAKTREE HOME & LOAN, Inc. uses state-of-of the art computerized systems for tracking inventory status, managing inventory, expenses and monitoring vendor performance to contribute to the most effective administration for each client.

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JILL BERNI, and OAKTREE HOME & LOAN. will manage each client using specialized local capabilities and vendors in each market. The combination of local market expertise and fixed accountability of a centralized operation insures a complete preparation of a property for the market.

JILL BERNI. manages a variety of REO programs each tailored to the requirements of the individual client. Each client can be assured that OAKTREE HOME & LOAN, Inc. resources and experience in managing California state REO programs are uniquely positioned to meet client requirements.

JILL BERNI.is dedicating to assisting each client, regardless of size, with the effective implementation of a successful REO program. JILL BERNI.will be responsible for the administration of each client and will become thoroughly familiar with each clients objectives and preferred method of operations. JILL BERNI. will assist you with program development on an ongoing basis to ensure that your program operates at the most cost-effective level possible. The ongoing consulting role is one of the benefits of a client REO Account Executive structure and often brings program enhancements to the attention of the client.

Jill Berni REO Asset Manager for Bank-Owned Real Estate, El Dorado Hills

Post Foreclosure Evaluation

    * Obtain two (2) BPO's (1 from listing agent, 1 from independent source)
    * Review comparables on BPO's using Automated Evaluation System

Property Preservation

    * Property Secured
    * Interior property cleaned
    * Exterior property debris removed and yard maintained
    * Winterize as required
    * Insurance management and processing performed

Marketing Plan

    * Written recommendation of marketing strategy provided
    *

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SERVICE AREA

(NORTHERN CALIFORNIA)

EL DORADO COUNTY, PLACER COUNTY.

El Dorado County,

Garden Valley (95633),

Rescue (95672),

Shingle Springs / Cameron Park (95682),

Coloma (95613),

Placerville (95667,)

El Dorado Hills (95762),

Cool (95614),

Pilot Hill (95664),

El Dorado (95623),

Diamond Springs (95619),

Lotus (95651),

Placer County,

Penryn (95663),

Rocklin (95677),

Granite Bay (95746),

Roseville (95661),

Lincoln (95645)

Roseville (95747),

Lincoln (95648),

Roseville (95678),

Loomis (95650),

Newcastle (95658).

Sacramento County,

Carmichael (95608),

North Sacramento Natomas Del Paso Heights (95838),

Sacramento Elder Creek Fruitridge (95820),

Citrus Heights (95621),

North Sacramento Natomas Del Paso Heights (95833),

Sacramento Elder Creek Fruitridge (95824),

Sacramento Downtown Midtown (95816),

North Sacramento Natomas Del Paso Heights (95835),

Sacramento Florin & Vicinity (95829),

North Sacramento Natomas Del Paso Heights (95834),

North Sacramento Natomas Del Paso Heights (95836),

Sacramento Florin & Vicinity (95830),

East Sacramento & Vicinity (95817),

Orangevale (95662),

SACRAMENTO COUNTY

Sacramento Florin & Vicinity (95828),

East Sacramento & Vicinity (95819),

Ranch Cordova Gold River (95670),

Sacramento Foothill Farms (95842),

Elk Grove (95758),

Rancho Cordova (95742),

Sacramento Franklin Freeport Vicinity (95823),

Elk Grove (95757),

Rancho Murieta (95683),

Sacramento Franklin Freeport Vicinity (95832),

Elk Grove (95624),

Represa (95671),

Sacramento International Airport & Vicinity (95837),

Elverta (95626),

Rio Linda (95673),

Sacramento Land Park Curtis Park (95818),

Fair Oaks (95628),

North Highlands& Vicinity (95660),

Sacramento Rosemont College Greens Mayhew (95827),

Folsom & Vicinity (95630),

Sacramento Antelope (95843),

Sacramento Rosemont College Greens Mayhew (95826),

Galt (95632),

Sacramento Arden Arcade Creek Vicinity (95821),

Sacramento So Land Park Greenhaven (95831),

Herald (95638),

Sacramento Arden Arcade Creek Vicinity (95841),

Sacramento South Land Park Greenhaven (95822),

Sacramento Downtown Midtown (95814),

Sacramento Arden Arcade Creek Vicinity (95864),

Sacramento Arden-Arcade Creek Vicinity (95815),

Mather (95655),

Sacramento Arden Arcade Creek Vicinity (95825),

Wilton (95693).

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