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oakland realtor: 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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oakland realtor: It's Tough Buying REOs - 07/23/09 08:39 AM
There's a lot of bank-owned, Real Estate Owned (REO) property on the market right now - most of the inventory is REO with short sales following second. The REOs are generating multiple offers; however, getting an offer accepted is challenging with acquiring the loan adding to the challenge. I have buyers, and I'm having a hard time buying!
Many REOs are requiring buyers to get pre-approved with their lender, which never goes over well with the buyers. Buyers say it's steering and illegal, and it may be, so some buyers cross out listings with this requirement. REOs just want to double … (0 comments)
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oakland realtor: Probate Sales Procedures - 09/13/08 05:51 PM
Not all probate listings involve deceased parties. Sometimes the owner is physically or mentally sick and unable to care for himself much less the property. This is called conservatorshipr or sometimes probate conservatorship.
If the probate sale is indepedent administrator GREAT...it's a regular sale.
If it's with court confirmation...more complicated...more players, more time involved.
10% of the purchase offer is required in a cashier's check. In some cases when there are no offers, the court may make an exception and go with less.
"Delivered to you herewith is a certified cashier's check in the sum of $_____________________, being a minimum of ten percent (10%) of the … (1 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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