About the Author: John Occhi REO REALTOR®, successfully started an REO Team in Hemet, CA that quickly expanded to 3 agents and 2 admin members with over 50 REO properties under his direct control. He was able to keep approximately 20% of his assigned inventory in escrow at any given time and another 20% entering the pipeline with properties in the pre-marketing phase of the business. Today John has been sought out to assist one of the largest franchises in America to expand their REO operations into the Inland Empire.
CrestREO has REO sales closings (listings only) that total over $1 billion in asset value. Imagine how much volume 300+ Century 21 Crest REALTORS® have represented buyers to successfully close REO listings.
In order to provide the public with a no-pressure hassle free system for shopping and buying Hemet - San Jacinto REO properties, CrestREO is please to announce the release of the proprietary REO Home Buyer Protection Program.
This FREE Service is reserved exclusively for our VIP Buyer Clients, initially in the Hemet-San Jacinto CA market area.
When you enroll in the CrestREO REO Home Buyer Protection Program a Crest REO Home Buying Specialist will be assigned to help you...
- Find The Very Best Home Loan that You will Qualify For
- Find The Lowest Down Payment Available!
- Find The Lowest Interest Rate Available!
- Find The Lowest Monthly Payment Available!
Again, the services outlined here are all FREE and will never cost you a single dime!
The Banks Want You to Use CrestREO
To Help You Buy Your REO Home!
(The Most Important part of this entire Website)
Banks, Asset Managers and Lenders receive many offers on their REO homes for sale...even the ones that appear to sit on the market forever.
There are many offers that come in that are from low-ball bottom feeders that believe if they throw enough garbage offers against the wall, that some of it will stick...and occasionally, some of it does stick.
Banks, Asset Managers and Investors also receive offers to buy their REO assets from buyers that may otherwise be good offers from good buyers. Unfortunately for the buyers, in many cases agents today do not know how to best structure an offer to purchase an REO home. Most offers written by non-REO agents are prepared as if the offer as it is for buying a home from the original homeowner, just as if times were still good in the current Real Estate market - and we know that is not the case.
Truth be told, the best offers that the Banks, Asset Managers and Investors receive and approve will typically come from a REO agent. It does not matter whose listing it is, REO agents know what the Banks, Asset Managers and Investors are looking for to get offers accepted and get deals done.
Every REO contract will have a set of lender generated addendum's that will have their own particular terms - often negating important terms protecting the consumer in the standard forms that all California REALTORS® typically write their offers on.
As an example -
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Do you know how many days you will have to complete your due diligence? What rights do you have to inspect the REO?
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Do you know what will happen if your escrow date is delayed? What if it's not your fault?
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Do you know how much the Bank, Asset Manager or Investor will require for a good faith deposit? Under what terms and at what point does your good faith security deposit become a risk?
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Do you know what notices the bank, asset manager or investor has to provide? What disclosures will they provide regarding the property?
And, maybe most importantly...
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Do you know what will happen if there is a dispute???
These and many other issues that are not commonly considered in a traditional real estate transaction often blow up into problems that could have been avoided.
These variables are often unique to the REO theater causing situations with buyers who want to buy REO property. Unfortunately, the problem is usually only a problem because of agent inexperience. Buyers select an agent to represent them buy a REO home based on anything but REO experience. Most agents today do not have the same level of experience as a REO listing agent, such as John Occhi and other team members found at CrestREO.
When you let a CrestREO Home Buying Specialist help position you, you will achieve the most home for your money in the smoothest transaction possible, using proven consumer innovations and the latest technology that will go far beyond the resources or knowledge of the traditional agent in the field who is still looking to sell homes using traditional methods.
The REO Home Buyer Protection Program
Focuses on YOUR NEEDS!
Your CrestREO Home Buying Specialist will coordinate as the lead person of a selected team of professionals experienced in meeting the needs of the REO home buyer of today.
FIRST - The first step is to take you through the loan process - and not out looking at homes. So many agents and buyers just want to get out and look at a home - often leading to disappointment because they can't qualify for a loan in today's market that will allow them to buy the home they think they can afford.
A big factor to the problem we are having today revolves around lenders who were able to make loan programs work around buyers, just a short time ago. Today, however, the buyer either fits the mold of an available program or they don't and there just isn't getting around it.
Yes, it is tougher to get a loan today - but the loan you get as a qualified buyer will enable you to afford the monthly payments and not worry about losing the home yourself in a couple of years.
Your CrestREO Home Buying Specialist works closely with several direct lenders that fully understand the REO home buying process.
Once your Crest Home Buying Specialist understands the variables of your personal situation, they will be able to guide you to the lender who will most likely be able to help you achieve your goal.
Today, there are Federally Insured programs where the lender will allow the seller to contribute up to 3% for closing costs and another program that will piggy-back on the first allowing the seller to contribute another 3% for down-payment assistance. As a first time home buyer, there is currently a program that will finance 97% of the purchase price.
This means you can buy a home today for next to zero out of pocket.
By qualifying for a loan before you start writing offers, you will have the ability to write the offer as if you are a cash buyer - and there is nothing more that the lenders like when considering the numerous offers they receive.
The added benefit of pre-approval is that you will be able to close escrow much quicker, once an offer has been accepted by the bank, lender or investor that foreclosed on the property. Now, the pressure is on the seller delivering the title and not you delivering the money.
The pre-approval procedure is very simple. A pre-qualification can be initiated as soon as you complete a loan application and a credit report is pulled so the loan officer knows your credit score (FICO) and can identify any preliminary red flags. This is the extent most REALTORS® and lenders will take prior to an offer being written and escrow opened.
The next step the underwriter will take is to verify your personal information, such as your employment, bank accounts and other information you provided on your loan application. Once this is done, the underwriter, who has final approval authority on your loan, will calculate your borrowing power and issue an Approval Letter that is as powerful as a blank check, to buy the REO home of your dreams.
Based on the strong relationships and expertise of CrestREO, this process can generally be accomplished in about a week - giving you the power to shop as if you were a cash buyer.
The edge CrestREO provides our REO Buyers is unparalleled in today's market!
SECOND - Once armed with your Letter of Approval from a major Direct Lender you are now ready to sit down with your CrestREO Home Buying Specialist . In this initial meeting you will have the opportunity to have all of your questions and concerns addressed, discuss current market conditions as they relate to you and your unique goals and most importantly review all of the important details in finding your special REO home - at the best possible price.
One way of doing this is by playing the game of "Nines". This is where you make two separate lists - select 9 absolutely must have features...maybe the number of bedrooms, a pool, a cul-de-sac location or whatever is important to you needs.
The other list of 9 is what you do not want in a home - under any circumstances...could be an all electric kitchen, an exterior lot, or maybe you don't want a pool. You can also call this "Nine of This and None of That".
Once we know what you are looking for and we have built a custom CrestREO Home-Finding Checklist we will take this data and enter into both the Tempo MLS (SoCalMLS and SandiCor) and MRMLS which provide virtually 99+% MLS coverage of all of Southern California.
Each MLS will search it's database based on the complex algorithms we have developed to find the right home for you in the right neighborhood at the right price and provide you with a report to your email box every morning with every new listing that meets your needs as well as homes that have reduced their price and now fall into your price range.
Because this is computer generated, there will be homes that do not meet all of your requested criteria. You will have the opportunity to review all of the properties sent from each MLS. Depending on you and your priorities - we can set the results to be published once a day, once a week or even once a month - the choice is yours.
Review the listings we send and pick the ones you would like to see - then do a drive by so see if they still meet your expectations. When you find one you like, let us know and we will dig into information available to us as your REALTOR® for the property, providing you with our Proprietary CrestREO Market Report with up-to-date comps and other valuable information that will help assess the value and asking price. Only then, if you are still interested, we will arrange for a private showing.
Never Worry - You will never have to worry about pressure from us to buy any home - regardless of whose listing it is. We know that this may be the most important decision of your life and we don't want to make if for you - we want to help facilitate the decision making process.
Bottom line, the CrestREO
REO Home Buyer Protection Program
Puts YOU IN CONTROL!!!
As a VIP Buyer in the CrestREO REO Home Buyer Protection Program you will never again have to...
- Search the Papers and Internet for homes because they are now coming straight to you, before other buyers have a chance to even consider them.
- Waste your time going from house to house because some real estate agent picked them out for you - you will only be looking at homes you want to see that match your specific criteria on your own timeline.
- Feel Pressure to buy a home, since most real estate agents will pick out a group of homes and try and pressure you into making a decision to buy one. With CrestREO, there is never any pressure to buy a home that's not right for you.
- Worry about paying too much for a home. By being first to see a home we may have an offer written and accepted before the rest of the buyers even know the home is on the market. You should be able to avoid many multiple-offer situations... generating a lower price for you!
THIRD - The REO home shopping process may be fun or it may be grueling (or both) - but finding a good home is the easy part of real estate. Once you have determined which home is best for you and the one that you want, your CrestREO Home Buying Specialist will craft an offer and negotiate for you, taking advantage of our intimate knowledge of the market and insight what each bank, asset manager or investor will and will not accept.
We will review all of the criteria necessary for a good offer and how best to position you so that your offer is accepted.. It is important that you think through every aspect of what you are offering - so we will take our time and do it right.
We will communicate with the lenders REO Agent to present the offer in the best possible light. It's amazing how many offers are submitted by just faxing the documents to the listing agents without any communication or coordination. Needless to say, very few of those offers ever get accepted.
Negotiation is the process of give and take - although many times we are able to successfully present an offer that meets the criteria of the lender, there are other times when we have to go round after round of offer and counter-offer. We know what we are doing at CrestREO and will negotiate the best possible purchase price for you, or advise you to let a home go if it is going to be too expensive and then we will start all over again - without every charging you a single penny for all of these services!!!
Then, once the offer has been negotiated and accepted the toughest part is still ahead - closing escrow. However, with the surprises that lenders often throw into the process eliminated with your Underwriter Approval, the process will be much smoother than many other escrows where the buyer is still scrambling for documents to prove their credit worthiness. Our skilled transaction coordinators will manage all of the paperwork necessary to ensure a smooth on-time closing of your escrow so you can take possession and move into your REO home, as planned.
Your Secret Advantage - Our Specialized Knowledge
Perhaps one of the biggest advantages that an REO agent has in the current market place is our very specialized knowledge. Not only are we experts in the process of buying and selling bank owned REO homes but we are experts in the actual market, as well - making sure you never pay too much for a REO home..
You see, being an REO Agent has a unique responsibility to the Banks, Asset Managers and Investors who actually own these properties. REO Agents are the eyes and ears of our selling clients and we have a huge responsibility for providing up-to-date market analysis information for every property we are trusted to dispose of. There are a series of special reports known as BPO's and MSR's that are completed on every assigned REO listing.
A BPO, or Broker Price Opinion, is a comprehensive in-depth analysis of the market and how it relates to a particular property. These are typically completed when the property is in the pre-marketing stage of the listing process and then repeated every 90 days. A MSR, or Monthly Status Report is a snapshot of market activity for the past 30 days hat allows the Banks, Asset Managers and Investors to watch the variations of the market, as it relates to each individual REO property. These reports not only provide our clients with the data so they can keep their finger on the pulse; arming them with valuable insight to use to consider accepting or rejecting offers and even to justify price reductions in the MLS - they equip the agents with an in-depth study of the current market conditions as well.
The advantage in working with the CrestREO Team is unparalleled market knowledge of local conditions which will help you get the very best price for your REO home purchase.
To find out more about the The CrestREO REO Home Buyer Protection Program please visit our website, www.BuyaCAReo.Com
Blessings to all who read this,
John Occhi, REALTOR®
Century 21 Crest - CrestREO
CrestREO.Com
Hemet - San Jacinto Valley
951-927-9473
Author of "What You Need to Know...About Foreclosure and How You Can Stop It!" - If you are a Hemet or San Jacinto Homeowner.
This blog and the contents written here is the intellectual property of John Occhi, Hemet California REALTOR®. The views and opinions expressed are just that - views and opinions of John Occhi and those who comment. Please note that I am not an attorney or a tax professional and any time I discuss either topic, I suggest you consult with the proper professional for relevant assistance.
This blog is part of the ActiveRain Real Estate Network, which is a social network highlighting the best of Web 2.0. Information is provided with the intent of educating and assisting home owners, home sellers, home buyers and real estate investors with information the can be used to make better real estate decisions.
I am proud to be a full time REALTOR® with Century 21 Crest and the CrestREO Division who is proud to be a contributing member of the ActiveRain community.
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