El Cajon REO Listings Excellent Buying Opportunity by Whissel Realty

El Cajon REO Listings Excellent Buying Opportunity by Whissel Realty

The number of home foreclosures in California is at an all-time high.  When a bank is forced to foreclose on a home, they often end up taking the home back at the foreclosure sale and becoming the new owner.  These homes are referred to as bank owned foreclosures or REOs.  REO is an acronym for Real Estate Owned (by a bank).  Owning a foreclosed home can be very costly and time consuming for the bank.  They typically want to sell these homes as quickly as possible to get them off of their balance sheet.  As a result, they are often priced below market value.  This has created a great buying opportunity for home buyers and investors looking to purchase these REO listings.

On March 21st, 2008 Whissel Realty closed escrow on a lovely 3 bedroom, 2 bathroom home of approximately 1,500 square feet in El Cajon, CA.  This home was originally listed for $287,500.  The expert negotiators at Whissel Realty worked diligently for their client and were able to secure the property for $240,000.  Comparable homes in the neighborhood have recently sold between $320,000 and $405,000 with the average comparable home selling for $363,750.  This means that the Buyer purchased this home $123,750 (34%) below market value.

If you are a buyer or investor looking to purchase REO homes at below market values, please visit our website and utilize our FREE custom search feature designed to help you locate REO listings in San Diego County.  We currently have over 1,300 REO homes search-able on our website.