As the lower priced real estate markets start to heat up again, bank owned properties are getting increased pressure from first time home buyers and investors. Opportunities are still available but buyers need to be more educated and savvy to get the best deals.Here are 3 tips to getting your offer accepted:1. Follow directions - Banks follow their own set of rules and often times those rules are a little more complicated than the standard real estate practices in your state. There are generally additional documents and addendums that … (5 comments)
reos: REO Urban Legends
- 11/14/09 01:31 AM
I found the post written by fellow Active Rainer, Israel Barden, and thought that I would share it with you all.
It seems like everybody has a story about a cousin or brother in law or long lost Uncle who offered half of the asking price on a foreclosure and got it. It has almost reached urban legend status in this market. I have bad news for people that believe this story. There are no giant alligators in the sewer. If you say Bloody Mary three times in front of a mirror, she will not appear. Even more terrifying, … (0 comments)
reos: Vancouver Washington Foreclosures For Sale
- 10/26/09 10:28 AM
Vancouver Washington Foreclosures For SaleOne of the side effects of all of the short sales listed in the area are the Vancouver Washington foreclosures for sale. When a home is foreclosed on the bank takes ownership of it and then lists it on the market for sale. The condition of these homes can vary from total tear downs to very nice move in ready homes.Vancouver Washington foreclosures for sale are generally listed at 10% to 12% below their market value. Why would the banks do this? The simple answer is that there is a large amount of cost to the bank … (1 comments)
reos: Bank Owned Homes For Sale In Vancouver Washington
- 10/08/09 07:45 AM
Bank Owned Homes For Sale In Vancouver WashingtonAs many of the short sale listings fall victim to foreclosure, there is an increasing number of bank owned homes for sale in Vancouver Washington. These homes have proven to be an excellent source of housing for the first time home buyers in the area.A few advantages to targeting bank owned homes for sale in Vancouver Washington are that they are generally 10 to 20% below market value, they are usually vacant and easy to see, banks are not afraid to negotiate offers where they will pay the buyer's closing costs, and once … (1 comments)
reos: "As Is" Sales Are Always "As Is!" Right?
- 06/01/09 07:14 AM
"As Is" Sales Are Always "As Is!" Right? I am currently working with a first time buyer. Having never been involved in a real estate transaction before, she is understandably nervous about the process. We found her a new home that a builder never managed to sell before going bankrupt. The home is now bank owned and (as is the case with most bank owned properties) is being sold "As Is."We scheduled the inspection and I explained to her that weren't looking for problems that we would ask to be repaired, but we were verifying that the home didn't have any … (13 comments)
reos: First Time Home Buyers - There Ain't No Nothing Left!
- 05/18/09 03:40 AM
First Time Home Buyers - There Ain't No Nothing Left!We picked up a new client this weekend who came to us out of sheer frustration. He had been searching for a new home in Vancouver Washington via the internet for the past several months. He had been finding homes here and there that peaked his interest. He said that in the past 2 weeks it seemed like the homes in his price range (up to $190,000) had just dried up. Laughing, he said in a fake hick twang, "There ain't no nothing left!"I assured him that we would find him something … (7 comments)
reos: Another First Time Home Buyer Taking Advantage Of The $8000 Tax Credit!
- 05/04/09 03:27 AM
Another First Time Home Buyer Taking Advantage Of The $8000 Tax Credit!Janice and Mark were the best! This was my first time buying a home and had no idea what I was doing. They took the time to explain every step and walked me through it with such ease. Thanks for making my first home buying experience a breeze. I will definitely recommend them to everyone. Thanks guys. DerrickFirst Time Home Buyer in Vancouver WashingtonDerrick came to us from a sign call for one of our short sale listings here in Vancouver Washington. Like much of the nation, the real estate … (3 comments)
reos: Are Bank Owned Homes Stalling Our Real Estate Market?
- 04/22/09 04:44 AM
Are Bank Owned Homes Stalling Our Real Estate Market?The natural progression of the real estate market is driven by something called the "Trickle Up" theory. Most home sellers transform into home buyers after their home sells. This is what causes the real estate market to move in waves starting with lower priced and rolling towards the higher priced ones. A couple sells their first home and then upgrades to a larger one. That purchase allows the seller of the larger one to move up to the next level and so on up the line. Thus "Trickle Up.".But what happens when the … (9 comments)
reos: Share Ideas and Business Will Follow!
- 04/13/09 01:16 PM
Share Ideas and Business Will Follow!I wrote a post the other day about Using Free Samples to Build Your Real Estate Business. Since writing that post, my mind has been in overdrive regarding the topic. I recently had two deals which were the direct result of sharing information with other realtors.The first started with a phone call from an out of state agent regarding a short sale listing that I had on the MLS. In our conversation I discovered that he had friends who were looking to buy a townhome in my area of Vancouver Washington. He was planning on helping … (8 comments)
reos: 9 1/2 Mistakes To Avoid When Buying Your First Home! Caution- Just One Of These Mistakes Could Cost You Thousands Of Dollars!
- 04/09/09 02:22 AM
9 1/2 Mistakes To Avoid When Buying Your First Home! Caution- Just One Of These Mistakes Could Cost You Thousands Of Dollars!1. Not knowing how much house you can afford. So many first time home buyers spend most of their time researching homes, comparing kitchen layouts, and measuring out the back yard. Unfortunately, they spend very little time researching their financing options. One of the first things that buyers should do is consult a qualified mortgage broker. Without knowing how much house you can finance, you waste a lot of time looking at homes that are out of your range and … (2 comments)
reos: How To Recession Proof Your Home Purchase
- 04/06/09 01:28 PM
How To Recession Proof Your Home PurchaseAlmost every day a buyer asks me if it is a good time to buy a new Vancouver Washington home. Everyone is concerned about making the right choice and they feel that timing the market is a big part of that. My answer never waivers:"It is always a good time to buy as long as you are buying for the right reasons. People who bought for the wrong reasons are a huge part of the reason for the recession that we are currently experiencing. Their only motive was profit and they bought homes that they … (2 comments)
reos: We Make Buying Your First Home Easy in Vancouver Washington.
- 04/03/09 03:33 AM
We Make Buying Your First Home Easy in Vancouver Washington. As an agent selling real estate here in Vancouver Washington, the biggest obstacle that I have to overcome with first time homebuyers is that they think that the process of buying their first home will be stressful and difficult. I have known that this was the primary obstacle since I first started in the business and I have put most of my effort into making the transaction as simple and pleasant as possible.Our first time homebuyer clients receive a free copy of Your First Home by Gary Keller. This fantastic … (1 comments)
reos: REO's - Everything you ever wanted to know. Part 2 - How to buy a REO home
- 03/19/09 03:44 AM
REO's - Everything you ever wanted to know. Part 2 - How to buy a REO home Purchasing a bank owned home is not unlike the purchase any other home from its owner. Find it, visit it, fall in love with it, have your agent write and submit an offer, and wait a few days until the bank gets around to either accepting your offer or sending a counter offer. Sounds simple, doesn't it?Well it is if you are working with an agent who is experienced in REO transactions. We can give you a list of current REO's in the Vancouver … (0 comments)
reos: All Title Companies Aren't The Same!
- 03/16/09 12:27 PM
Those of you who know me also know that I am not the kind of guy who likes to rant. I feel that we are all grown-ups and as such we just need to take care of our selves to be certain that we don't get taken advantage of or cheated. That philosophy has worked very well for me in the real estate business. Plain and simple, "if it ain't in the contract, then it ain't part of the deal!" (my first grade teacher just rolled over in her grave and my mother just felt a strange chill up her spine … (0 comments)
reos: REO's - Everything you ever wanted to know. Part 1 - What is a REO?
- 03/16/09 10:23 AM
About 2 1/2 years ago the buzz word in real estate was "Short Sales." These were homes where, based on the market, the owners were forced to sell their home for less money than they owed on the mortgage. Our real estate here in Vancouver Washington was late to fall in to this market but it came none the less. These homes were being sold for a variety of reasons often times including job loss, divorce, health issues, or other financial hardships. Short sale listings flooded the market seemingly over night and buyers started to jump into the market hoping to … (5 comments)
Mark and Janice Hall of Elite Realty NW lead a dedicated team of real estate agents in the Vancouver Washington area. Each one passionate about providing the highest quality customer service. Each is focused on getting you into the Vancouver Washington home of your dreams.
3 Simple Tips to Buying Bank Owned Homes - REO's
;)
;)
;)
