Posts tagged as:

bank-REO

Real Estate Tips

What Does Buying a Home “As is” Really Mean??

by Winston Westbrook | November 21, 2009
Thumbnail image for What Does Buying a Home “As is” Really Mean??

The family down the street is selling their home. If you didn’t attend the PTA meeting or go to the church with the family chances are you don’t know this seller. Unfortunately in today’s market we do know the seller. We can bet that the seller of that house is one of the following:

Bank of [...]

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Real Estate News

A Good Agent Can Spare Buyers Interested in REO Homes Extra Hassles and Gain a Loyal Client in the Process!

by Christina Inman | October 12, 2009

In an article in the Tuesday, October 6, edition of the San Francisco Chronicle entitled “Layer of credit checks surprises home buyers,” a woman named Kimberly Hayes explains that when she and her husband decided to bid on a bank-owned property, they were shocked to discover that the only way the bank would allow them to do it is if they could do their own credit check beforehand.

“This unnecessary credit pulling can potentially lower my credit score and widens the exposure of my sensitive financial information,” the article quotes her as saying. “I’m concerned about another set of eyes looking at my private information in a time of so much identity theft.”

And, apparently, they are not the first potential buyers to find themselves in this situation. Though not all lenders have this policy when it comes to their REOs, (Wells Fargo, JPMorgan Chase and OneWest Bank are all quoted as saying they do not require their own credit checks of potential bidders) it appears that some of the banks who do also insist that the bidder apply for a mortgage with them.

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Real Estate Wholesaling

How to Close REO Wholesale Deals (Part 2 of 5): Using Quitclaim Deeds

by Stephani Davis | September 17, 2009

This article is part 2 in a 5 part series where I will explain the various methods available for closing REO wholesale deals and getting around the bank’s “No Assignment” clause.

Using the Quitclaim Deed Method to Wholesale Real Estate

Last week, I explained the mechanics of using a simultaneous closing, and this week I will discuss using the Quitclaim Deed Method to get your REO wholesale deals to the closing table.

When using the Quitclaim Deed Method, you will be adding your end buyer onto the purchase contract that you have with the bank, and then giving them a quit claim deed after closing in exchange for your wholesale fee.

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Real Estate Investing

Five Ways to Make Your REO Offers Irresistible to the Bank

by Stephani Davis | August 13, 2009

It’s no secret that there are some great deals available on the mls right now in the form of REOs and short sales. I’ve been wholesaling REOs off of the mls for the last two years, and have learned a thing or two about what the banks are looking for in an offer.

Whether you are trying to get the bank to give you a substantial discount off of list price, or you want to snag a great deal that just hit the mls, implementing the following five strategies will greatly increase your chances of getting an accepted offer.

1) Make Cash Offers

When I first started going after REO properties, I was submitting a pre-qualification letter from a hard money lender with my offers, and using a financing contingency.

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Foreclosures

Benefits of Buying a Bank Owned Property (REO)

by Troy Schuricht | April 3, 2008

REO stands for real estate owned. This term is used when referring to a home that has gone through the foreclosure process, failed to find a buyer at the auction, and is now owned by the bank.
One of the benefits of buying a bank-owned REO property is that investors can purchase the home free [...]

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Foreclosures

Foreclosure Options Abound for Distressed Homeowners and Investors

by Joshua M. Marks, Esq. | December 10, 2007

For thousands of homeowners across the country saddled with adjustable-rate mortgages, 2008 promises to be a financially challenging year as interest rates begin re-setting thereby drastically increasing monthly mortgage payments.
It is this problematic course of events in the residential market that has seen the number of foreclosures skyrocket over the past several months, with even [...]

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Commentary

Foreclosures Matter! How Foreclosures have affected homeowners, investors and the economy

by Joshua Dorkin | November 28, 2007

I was reading a post by one of my favorite real estate bloggers, Pat Kitano, about how bloggers seem to be ignoring the foreclosure business, and I was a bit surprised. It seems that many of the other blogs out there have decided to play down the problem or feel that there isn’t a [...]

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Foreclosures

Making Offers on REO – Real Estate Owned – Foreclosure Properties

by Joshua Dorkin | July 14, 2007

A new member to our real estate forums recently inquired about putting offers in on REO (Real Estate Owned) Properties. The property he was looking at was listed with an agent for 388,000. Upon doing some research, he found that the home had a 83,000 balance on the original mortgage. In making an [...]

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