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| OUR REO LISTINGS @ A GLANCE Week of Monday, February 29, 2010 |
| *697 Matchwood Place Azusa / $157,900 / Condo * 1131 W Badillo Street, Unit C Covina / $199,800 / In Escrow * 9734 Jeffrey Court Fontana / In Escrow * 758 W Olive Avenue Monrovia / In Escrow * 15128 Nubia Street Baldwin Park / In Escrow * 616 Armstead Street Glendora / $2521,800 / SOLD 2350 Broderick Avenue Duarte / $299,800 / SOLD * 1441 Cypress Street San Dimas / Town Home / SOLD * 12825 Hensel Street Baldwin Park / SFR / SOLD * 12828 Ramona Boulevard, Unit 122 Baldwin Park / Condo / SOLD * 4521 Breese Avenue Baldwin Park / SFR / IN ESCROW * 14236 Masline Street Baldwin Park / SFR / SOLD * 14206 Macdevitt Street Baldwin Park / SFR / SOLD * 1458 3rd Street Duarte / Condo / SOLD * 2039 Felberg Avenue Duarte / SFR / SOLD * 1143 Oakengate Drive San Dimas / SFR / SOLD * 3618 Barnes Avenue, Unit 6 Baldwin Park / Town House / SOLD * 1008 Portola Drive Duarte / Condo / SOLD |
| For more information about viewing or qualifying for Bank Owned Homes contact our offices today at 626.358.1858 / Monrovia or 626.963.7621 Glendora. New attractive homes are listed every week so we encourage you to visit www.C21AB.net for your Bank Owned needs. |
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Realogy Company. Each Century 21 Office Is Independently Owned And Operated. All rights reserved. Information appearing on this site has been produced by or obtained primarily from Century 21 Real Estate LLC and its representatives and from Century 21 franchisees. Century 21 Real Estate LLC is
not responsible for the accuracy or completeness of the broker information, sales associate information, listing information or other information provided by our franchises appearing on or through this site. Such information has been provided by independent third parties who are solely responsible for such
content. Certain conditions and restrictions apply to System promotions. Monrovia, Monrovia Real Estate, Glendora, Glendora Real Estate, CENTURY 21 Commercial, Tom Adams, Joe Garcia, Karen Taylor-Straley, Monrovia City Council, Hugo Torres, Rich Faeh, Arcadia Association of Realtors,
AAR, Citrus Valley Association of Realtors, Duarte, Duarte Real Estate, Arcadia, Arcadia Real Estate, San Marino, Sal Marino Real Estate, LeadRouter, CGRN, Donna Baker, Dixon Podley
Realogy Company. Each Century 21 Office Is Independently Owned And Operated. All rights reserved. Information appearing on this site has been produced by or obtained primarily from Century 21 Real Estate LLC and its representatives and from Century 21 franchisees. Century 21 Real Estate LLC is
not responsible for the accuracy or completeness of the broker information, sales associate information, listing information or other information provided by our franchises appearing on or through this site. Such information has been provided by independent third parties who are solely responsible for such
content. Certain conditions and restrictions apply to System promotions. Monrovia, Monrovia Real Estate, Glendora, Glendora Real Estate, CENTURY 21 Commercial, Tom Adams, Joe Garcia, Karen Taylor-Straley, Monrovia City Council, Hugo Torres, Rich Faeh, Arcadia Association of Realtors,
AAR, Citrus Valley Association of Realtors, Duarte, Duarte Real Estate, Arcadia, Arcadia Real Estate, San Marino, Sal Marino Real Estate, LeadRouter, CGRN, Donna Baker, Dixon Podley
Buying Bank-Owned Properties.
With so much recent interest on bank-owned properties (REOs), the team at CENTURY 21 Adams & Barnes thought we take a moment to give
some background and education on the opportunities and points-to-ponder with this growing sector in real estate.
What’s an REO?
REO stands for “Real Estate Owned”. These are properties that have gone through foreclosure and are now owned by the bank or mortgage
company. This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at
least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with
cash in hand. And on top of all that, you’ll receive the property 100% “as is”. That could include existing liens and even current occupants that
need to be evicted. A REO, by contrast, is a much “cleaner” and attractive transaction. The REO property did not find a buyer during foreclosure
auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance
of a title insurance policy to the buyer at closing. Do be aware that REO’s may be exempt from normal disclosure requirements. In California,
for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any
defects they are aware of.
Is It A Bargain?
It’s commonly assumed that any REO must be a bargain and an opportunity to buy a home "cheaply" or to make some "easy money". This
simply isn't true. You have to be very careful about buying an REO and ensure that you have a qualified and well-trained REALTOR who can
guide your through the process. While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much
as they can for it. When considering the value of a REO, your REALTOR and you must look closely at comparable sales in the neighborhood
and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The opportunity to
purchase a great home at a great price is out there. Our REALTORS are trained to see these opportunities and guide you through all the
appropriate steps.
Ready To Make An Offer?
Most banks have a REO department that your REALTOR and you will work with in buying a REO property from them. Typically the REO
department will use a listing agent to get their REO properties listed on the local MLS. Before making the offer, your CENTURY 21 Adams &
Barnes REALTOR will want to contact either the listing agent or REO department at the bank and find out as much as you can about what they
know about the condition of the property and what their process is for receiving offers. Since banks almost always sell REO properties “as is”,
you’ll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the
offer if you find it. As with making any offer on real estate, you’ll make your offer more attractive if you can include documentation of your ability
to pay, such as a pre-approval letter from a lender. After you’ve made your offer, you can expect the bank to make a counter offer. Then it will be
up to you to decide whether to accept their counter, or offer a counter to the counter offer. Realize, you’ll be dealing with a process that probably
involves multiple people at the bank, and they don’t work evenings or weekends. It’s not unusual for the process of offers and counter offers to
take days or even weeks. Therefore, our REALTORS are training to communicate with you every step of the way so that you know what's
happening, when its happening.
With so much recent interest on bank-owned properties (REOs), the team at CENTURY 21 Adams & Barnes thought we take a moment to give
some background and education on the opportunities and points-to-ponder with this growing sector in real estate.
What’s an REO?
REO stands for “Real Estate Owned”. These are properties that have gone through foreclosure and are now owned by the bank or mortgage
company. This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at
least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with
cash in hand. And on top of all that, you’ll receive the property 100% “as is”. That could include existing liens and even current occupants that
need to be evicted. A REO, by contrast, is a much “cleaner” and attractive transaction. The REO property did not find a buyer during foreclosure
auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance
of a title insurance policy to the buyer at closing. Do be aware that REO’s may be exempt from normal disclosure requirements. In California,
for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any
defects they are aware of.
Is It A Bargain?
It’s commonly assumed that any REO must be a bargain and an opportunity to buy a home "cheaply" or to make some "easy money". This
simply isn't true. You have to be very careful about buying an REO and ensure that you have a qualified and well-trained REALTOR who can
guide your through the process. While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much
as they can for it. When considering the value of a REO, your REALTOR and you must look closely at comparable sales in the neighborhood
and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The opportunity to
purchase a great home at a great price is out there. Our REALTORS are trained to see these opportunities and guide you through all the
appropriate steps.
Ready To Make An Offer?
Most banks have a REO department that your REALTOR and you will work with in buying a REO property from them. Typically the REO
department will use a listing agent to get their REO properties listed on the local MLS. Before making the offer, your CENTURY 21 Adams &
Barnes REALTOR will want to contact either the listing agent or REO department at the bank and find out as much as you can about what they
know about the condition of the property and what their process is for receiving offers. Since banks almost always sell REO properties “as is”,
you’ll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the
offer if you find it. As with making any offer on real estate, you’ll make your offer more attractive if you can include documentation of your ability
to pay, such as a pre-approval letter from a lender. After you’ve made your offer, you can expect the bank to make a counter offer. Then it will be
up to you to decide whether to accept their counter, or offer a counter to the counter offer. Realize, you’ll be dealing with a process that probably
involves multiple people at the bank, and they don’t work evenings or weekends. It’s not unusual for the process of offers and counter offers to
take days or even weeks. Therefore, our REALTORS are training to communicate with you every step of the way so that you know what's
happening, when its happening.
| Get Pre-Approved Today Click Below |
| OVERVIEW OF SAN GABRIEL VALLEY REO INVENTORY (Updated Monday February 29, 2010) |
According information gathered from the regional Multiple Listing Service the approximate number of marked Bank Owned Homes (REO)
available for sale today are as follows:
available for sale today are as follows:
| Arcadia |
| Covina |
| Monrovia |
| Baldwin Park |
| Glendora |
| Azusa |
| Duarte |
| 6 |
| 6 |
| 9 |
| 13 |
| 13 |
| 8 |
| 3 |
| To learn about housing opportunities in REOs, Short Sales or more contact our offices today. |
| Even in the best markets, the best homes go quickly. Contact us @ 626.358.1858 or simply fill out the form below. We'll contact you right away. |