pre foreclosure: Top 5 Myths of Bank Owned Properties (REO's)
- 10/21/08 05:13 AM
Top 5 Myths of Bank Owned Properties (REO's) The bank is very motivated to sell these properties. Usually they are not that motivated, typically leaving the properties on the marked for several months at a high listing price. Bank owned properties are cheaper than regular properties. The bank owned properties are usually cheaper because the condition is worse. I can easily buy a bank owned property with a low money down loan. Not really in this market. Banks are usually not willing to accept any offer unless there is a down payment of 20%. I need to talk to my local … (11 comments)
pre foreclosure: How do short sale negotiators usually get paid and how much???
- 09/30/08 07:32 PM
I am working with a short sale negotiator on a purchase transaction and they are charging a 25% referral fee for the entire commission. It doesn't seem right to me. Isn't the short sale negotiator working for the seller only? Wow, experience does have it's price. On the positive side, the negotiator already had approval from both lenders. The first and second are with different lenders. Looks like he has been working on this transaction for several months. I'm not doubting that it is a well deserved referral fee, just curious about other peoples experiences. Your feedback is greatly appreciated. … (3 comments)
pre foreclosure: Buyer's are coming into the market now--San Fernando Valley, CA
- 08/27/08 07:06 AM
Multiple Offers on Bank Owned and Foreclosures It seems like the people who were on the sidelines are now coming out and buying. A recent foreclosure was listed at $230K a little below market value and received 18 offers within a week. The accepted price, however, was $290K. This goes to show how this strategy of pricing low works well for generating activity and ultimately a higher price for the seller. For the buyers, it seems like those who continue to wait and expect a further worsening of the housing market may be left behind. The fact that multiple offers are … (4 comments)
pre foreclosure: Pre foreclosure Sales Tips (Los Angeles, CA)
- 03/17/08 02:47 PM
Short Sales or Pre Foreclosure Sales A pre foreclosure is when the lender agrees to accept something less than the full amount of the payoff to avert foreclosure. Most lenders have discovered that it is cheaper to have a short sale or other activity rather than letting the property come back as an asset. This is especially true when the loan amount is much greater than the value of the property. Keep in mind that when the property becomes REO (real estate owned), the lender now is responsible for the gardening, utilities, taxes, insurance, etc. For this reason, lenders are … (0 comments)
Top 5 Myths of Bank Owned Properties (REO's)
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