Lupe Soto, Burbank Realtor, REO Agent for Buyers, Bank Owned Specialist serving Burbank & all nearby areas of San Fernando Valley, Santa Clarita Valley & Antelope Valley in Los Angeles County, San Bernardino County, Riverside County. (Se Habla Espanol, Bilingual Realtor)

"I will be happy to show you below listings or any listing in the MLS Multiple listing,
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BURBANK NEW CONDOS NEW TOWNHOUSES NEW HOMES FOR SALE
visit my website www.HomesWithLupe.com

 

BURBANK NEIGHBORHOODS:

Burbank North Estates, Burbank Hills Estates & Hallston & Highridge Estates, Burbank Starlight Hills, Burbank Magnolia Park & The Chandler Bikeway, Burbank East, Burbank West, Burbank Homes by school area

EASY SEARCH BY ZIP CODE IN BURBANK:  91504, 91505, 91506
Just enter your price range and click "search"
These are homes with attractive value

CONTACT LUPE FOR A SHOWING (818)968-3718

 

 

 

HOW TO BUY BANK OWNED PROPERTIES

Banks own real estate properties because they have acquired the homes through foreclosure. Homes on a bank's books are called REO's, which is an acronym for "real estate owned." Realize that when banks receive property deeds to homes through foreclosure, it's because no one showed up on the courthouse steps to bid the minimum amount of the existing mortgage(s).

On the surface, it might not sound as though foreclosures are profitable, especially if the bank wants to sell its inventory on the open market for the amount that was once owed to the bank by the previous mortgagor. However, here are at least two reasons why an REO can be profitable to you:

 

• If two loans were secured to the property (which is common these days), the second lender sometimes does not foreclose.
  
• If the second lender does not make up the back payments to the first lender and commence its own foreclosure proceedings, the second lender gets wiped out in the foreclosure. Many second mortgages comprise 20% or more of original market value.
  

The bank does not want to sit on its inventory. Since it did not receive its minimum bid from an investor or home buyer during the foreclosure sale at the courthouse, the bank is likely to price that REO home for less, just to get rid of it.

Unless you have direct experience negotiating with banks, you may receive better representation by hiring your own buyer's agent. Before you select an agent choose several and interview the real estate agent to find a good fit.

Reasons why do you need an agent on your side not the Listing Agent or Seller's Agent: 

• Buyer's agent have a fiduciary responsibility to protect your interests.
• Buyer's agents do not represent the seller.
• Buyer's agents are generally paid by the seller.
• Buyer's agents may ask you to sign a buyer's broker agreement, which will lay out the agent's duties to you and specify who pays the commission.
• Hire a buyer's agent who has experience working with REOs.

Lupe Soto, is available to help you find your dream home in Burbank near the elementary, middle school or high school of your choice in Burbank,

After you have selected your Exclusive Buyers Agent, you will need to be prepared with the following steps in order to be ready to make an offer on a bank owned property:

Before your Exclusive Buyers Agent can negotitate an offer for a bank owned property or REO's property your loan must be PRE-APPROVED not pre-qualified, In order to get to this process you may need to provide your Exclusive Buyers Agent or Mortgage Broker the following documentation:  

• Your fico score & full credit report with (3) fico scores: Experian, Tranunion & Equifax
• Verification of downpayment and funds needed to close: For owner occupied & first time buyer you wil need at least 5% downpayment for a conventional loan.  If you already owned a property and would iike to buy one as an investment property you will need at least 10% downpayment.  A reality situation for negotiating bank owned properties is that Banks may not consider your offer for negotiation if your donwpayment is less than 10% unless the property has been in the market more than 30 days.
• Provide acceptable income documentation:  tax returns for 2006 and 2007 and current paystubs showing YTD earnings for 2008

If you own a property and would like to buy another one, you will need to document sufficient income to qualify for a second mortgage loan.  A lease agreement of your current residence will be required by your new lender to qualify.

For investment properties, the interest rate and the closing costs may be higher comparing to first time buyer loans, ask your Mortgage Broker.

Lupe Soto is an Exclusive Buyer's Agent and Experienced Loan Consultant who is highly qualified to negotiate the best price and terms of your offer and is familiar with loan financing and will help you select the best loan program at the lowest interest rate and lowest closing costs needed based on your fico score and income documentation. 

FHA LOANS, EASY TO QUALIFY, EASY TO AFFORD

CONTACT LUPE, click here

REO & bank owned properties in Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills.

La Crescenta, La Canada, Montrose, Los Feliz, Atwater, Ecko Park, Eagle Rock

Hollywood, West Hollywood, Hollywood Hills.