CALL CHRISTY RUECKERT AT 805.377.4746 TO VIEW ALL REO PROPERTIES!

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. The bank now owns the property and the mortgage loan no longer exists.

Each bank/lender works a little differently, but they all have similar goals. They want to get the best price possible and sell quickly.  Generally, banks have an entire department set up to manage their REO inventory.

Banks usually sell a property in "as is" condition.  They will allow you to inspect the home (at your expense), but they may not agree to do any repairs.

Banks 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.

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 or EMAILED to the bank by the listing agent.  Keep in mind: nothing happens evenings and weekends (banks are closed).  Provide a clean offer with a pre-approval letter and buyer biography. Make your offer easy to accept. 

CALL CHRISTY RUECKERT AT 805.377.4746 TO VIEW ALL REO PROPERTIES!