bank owned: Beware of Hidden Fees
- 07/14/08 10:59 AM
I know its been a while since I last blogged. I have been swamped with bank owned properties (REOs) and bringing sales to fruition. Over the last few weeks I have found that there are certain fees that buyers may not be aware of when purchasing REO properties compared to short and fair market sales. The first is an overinflated escrow fee. The escrow fee for a home that is $200,000 is generally around 250-300 dollars, but if it is an REO than the fee increases to $850.00 minimum just for being with an REO. The next is region specific. If … (3 comments)
bank owned: The difference between Bank Owned and Short Sale Listings
- 03/13/08 08:18 AM
Living in the Central Valley of California, and working primarily in Modesto, the majority of the homes that are for sale are either foreclosures or short sales. Every one in real estate understands what a short sale is, but many consumers are confusing bank owned homes with short sales. A bank owned home is one that the bank has taken back from the owner. It has generally gone through the entire foreclosure process or has been given back to the bank through a deed-in-lieu of foreclosure (where the owner gives back the title to stop a foreclosure). The bank usually will have a short … (1 comments)
I know its been a while since I last blogged. I have been swamped with bank owned properties (REOs) and bringing sales to fruition. Over the last few weeks I have found that there are certain fees that buyers may not be aware of when purchasing REO properties compared to short and fair market sales. 
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