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Featured Topic: REO

Real estate investors are able to buy lender owned REO homes in Southern California for fifty cents on the dollar or better and rent them out for a positive cash flow.

Before making an offer on a REO, have your agent contact the the listing agent and ask the following questions: (1) Are there any inspection reports, (2) What work has the bank agreed to, (3) Is there a special "as is" form, (4) How long does it take the bank to accept an offer, and (5) How does your agent deliver the offer?

Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.

Many investors choose to use property managements and home warranties on their REO rental homes to minimize their time commitment.

The majority of recent closed sales in Southern California are REO wholesale purchases.

Even professional appraisers are struggling with determining property values as the REO inventory levels are skewing the current sales data.

When buying REOs from a lender the investor must submit their offers on standard realtor forms. The banks do not like to see custom investor looking contracts.

Most successful trustee sale buyers are very experienced and have advanced research techniques. Many investors find the REO market to be a much safer environment.

REO investors must visually inspect houses for the structural integrity of major components such as the foundation, roof, walls, plumbing and electrical. The bank will not take responsibility for the investors mistakes.

Many REO investors seeking cash flow buy and fix a property based on overly optimistic market rent and incur long holding times before reducing the rent low enough to attract a qualified tenant.

Home Path Renovation Mortgage Financing is special financing on Fannie Mae homes an offers low down payment and flexible mortgage terms, fixed-rate or adjustable-rate.

Some REO listing agents are so busy that they hire assistants to field calls. Many do not give out their private cell phone number, which can make communication difficult. Many prefer to use email.

The bank does not want to sit on its inventory. Since it did not receive its minimum bid from an investor or home buyer during the foreclosure sale at the courthouse, the bank is likely to price that REO home for less, just to get rid of it.

A cash REO buyer does not need 30 or 45 days to close if the buyer is not obtaining a loan. Once the home inspection and other contingencies have been satisfied or released, closing can take place in as little as 3 to 7 days, providing the buyer is willing to sign a lead-based paint waiver.

There is lots of good REO home available for sale. But buying a bank-owned home in foreclosure is not so easy as it involves risk, hence before you decide on buying a REO Home be sure to do some in-depth research.

Many REO investors are doing their work by desktop, that is, on the computer and never really get out into the field. This is a sure way to make mistakes that will hurt later.

In some communities code enforcement is looking to thin the herd of run down section 8 rentals by imposing heavy fines on their landlord owners. This is something to consider when looking into buying an REO homes as rentals.

REO tip..although it may seem basic, be sure your subject property has a cooling an heating system. These can get removed at times and if overlooked could cost you thousands. Look for a furnace in the garage or in a closet in the house and a AC or swamp unit on the roof or on the property grounds close to the house.

An REO is a property that has been foreclosed on and has reverted back to the ownership of the bank or lender.

The bank wants to sell the property for cash to invest in other ways. A bank will be looking for a quick sale, and as such may offer benefits and incentives to the prospective buyers. Savings of 20% to 30% off the fair market value are absolutely possible, making an REO purchase the best way to buy a property for the first time home buyer or property investor.