Making an offer on REO property or a foreclosure in Granada Hills?


	Just as with any home purchase, your wisest move is to hire a professional real estate agent. For more information, just contact me through my site or e-mail me. I'm happy to answer questions you have regarding real estate foreclosures.

What is an REO?

"REO" stands for Real Estate Owned. These are homes which have been foreclosed upon and are now possessed by the bank or mortgage company. This is different than a property up for foreclosure auction. AragonEstates.com has experience to share with foreclosures and bank owned properties in Granada Hills, California

AragonEstates.com has experience to share with foreclosures and bank owned properties in Granada Hills, California

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accrued during the foreclosure process. The buyer must also be ready to pay with cash in hand. To top everything off, you'll accept the property totally as is. That possibly may include standing liens and even current occupants that need to be expelled.

A bank-owned property, on the other hand, is a much neater and attractive transaction. The REO property didn't find a buyer during foreclosure auction. The bank now owns it. The bank will attend to the removal of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing.

Note that REOs may be exempt from standard disclosure requirements. For instance, in California, banks are not required to give a Transfer Disclosure Statement, a document that typically requires sellers to tell you about any defects of which they are aware. By hiring AragonEstates.com, you can rest assured knowing all parties are fulfilling California state disclosure requirements.

Is REO property in Granada Hills a bargain?

It's frequently believed that any REO must be a good deal and an opportunity for easy money. This simply isn't true. You have to be prudent about buying a repossession if your intent is to make money off of it. Even though the bank is usually anxious to sell it soon, they are also motivated to minimize any losses.

AragonEstates.com has experience to share with foreclosures and bank owned properties in Granada Hills, California

Look carefully at the listing and sales prices of comparable homes in the neighborhood when considering the purchase of an REO. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. It is possible to find REOs with money-making potential, and many people do very well buying and selling foreclosures. Still there are also many REOs that are not good buys and may not be money makers.

Time to make an offer?

Most lenders have staff dedicated to REO that you'll work with in buying REO property from them. Commonly the REO department will use a listing agent to get their REO properties listed on the local MLS.

Before making your offer, you'll want to contact either the listing agent or REO department at the bank and find out as much as you can about their knowledge regarding the condition of the property and what their process is for getting offers. Since banks almost always sell REO properties "as is", it may be in your best interest to include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it. If, as a buyer, you can provide documentation proving your ability to pay, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This is generally true for any real estate offer.)

After you've presented your offer, you can expect the bank to make a counter offer. At this point it will be your choice whether to accept their counter, or make another counter offer. Be aware, you'll be dealing with a process that usually involves a group of people at the bank, and they don't work evenings or weekends. It's typical for there to be days or even weeks of going back and forth.

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