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foreclosures: 203K≠REO - Renovation Loans NOT Yet Ready - 03/08/10 10:48 PM
Almost all for sale REO (Real Estate Owned, Bank Owned) houses are run down. That’s why banks sell them cheap. The problem is that financed buyers can't buy houses with holes in the walls, broken windows, missing bathrooms, filthy carpets, etc. Or buyers don’t have the money for repairs.
That’s why the 203K is the perfect answer for the REO. The 203K loan is really two loans in one, a loan to buy the house, and a loan for repairs.
Qualifications for the 203K: 1) a) the buyer must qualify for the buying amount for the house AND b) renovating … (3 comments)
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foreclosures: To Buy an REO or Short Sale? - 10/14/09 11:29 PM
A couple of people have asked what's better to buy: houses that are foreclosures (REO, Real Estate Owned, Bank Owned) or short sales?
Well, first off, what is meant by better? Cheaper, easier, surer? Let's address all three.
Foreclosures are generally priced very low, because banks want them sold fast. Houses are usually vacant and in poor conditions. Almost always there is only one lender, the second lender having been wiped out. But as the market is showing, bank owned properties are selling for more than asking price with multiple offers. A house listed at $119,000 sold for $155,000, with 15 … (4 comments)
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foreclosures: Mold - Real Estate Deal Breaker - 08/28/09 08:20 AM
There is mold everywhere. Mold has always been here and always will be. Mold, mildew, yeasts are microscopic fungi. Like dust and pollen, mold float freely through the air, settling where there is moisture and warmth. Mold blackens the grout lines in showers, the sheetrock in walls and ceilings. Mold releases microscopic spores that cause allergic reactions, runny noses, sneezing, coughing, watery eyes, as well as irritating odors.
Mold in a house that is for sale can be a deal breaker. First, it's a hygiene issue, and second, it's a liability issue. Someone gets sick, they claim they were not … (9 comments)
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Ernest Villafranca, Realtor, Real Estate Oakland CA
Oakland,
CA
More about me…
Better Homes and Gardens Real Estate
Address: Attn: Ernest Villafranca, 3320 Grand Ave., Oakland, CA, 94610
Office Phone: (510) 834-2010
Cell Phone: (510) 418-9443
Email Me
Real Estate Agent covering Berkeley-Oakland-San Leandro, East Bay in Alameda county. Experienced in short sales, flips, investment properties, probate sales, and the Hispanic market.
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