The Average Persons Guide to Bank Owned Homes in Contra Costa County

By
Real Estate Broker/Owner with PRO Real Estate Service, Inc.

By:  Ted Fowler PRO Real Estate Services Pleasant Hill, CA

Date 11/4/2009

As a licensed real estate broker I have all of the latest tools to track, locate, and site inspect Bank Owned homes, or as most people call them REO's.  As a daily plan I try to visit 5-7 Bank Owned homes each and every day.  I try to focus on a specific price range, $300,000 or less, and location, Contra Costa County.  What do you do if you are not a real estate broker with all of the latest tools and you want to take advantage of this opportunity?  Like most opportunists you drive around looking for empty houses with a sign in the front yard and then call the agent on the sign.  Two words "Too Late".  By the time the listing agent has a sign in the yard he or she already has multiple offers and is getting ready to make their presentation to the selling bank.  This is because the true "opportunists" have had their eye on that specific house for months.  Technology has changed since the last real estate crash that most of us can remember.

STEP 1:  Find a Real Estate Agent who is focused on this specific market segment and get ready to go to work.             PRO Real Estate Services Ted Fowler

STEP 2:  Plan for a ride along with that agent.  Spend a full day with that agent looking at everything in your desired area.  Don't be bashful the right agent spends all day driving around trying to find the gems and could probably use some company.  Who knows you may get a free lunch out of it as well, not to mention an eye opening glance at what happened to our property values.

Step 3:  Be ready to make a decision.  In this price range a new listing stays active for around 3 days before it is pending and off the market.  If you will be financing this purchase make sure you are pre-approved.  If you are paying cash be ready to prove you have the cash.

 Step 4:  Don't give up!  Your first several offers may not get accepted.  Imagine a silent bidding situation.

If you are ready for a drive along contact me Ted Fowler and I will get you scheduled as soon as possible.

If you are not ready yet for a drive along then feel free to begin a Bank Owned/REO Search at my website.

I know I didn't answer all of your questions right here, but I hope that this gives you a good idea on where to start:)

Ted Fowler is a licensed broker with the CA Dept. of Real Estate #01125217, he can be reached at 925-324-6029 or ted@prorealestateservices.net

Comments (3)

Jean Kelly
,GRI, Kiser Realty - The La Cita Group - Titusville, FL

Ted:  Do you have a long string of buyers lined up?  I love the concept, but I sell in a VERY small town - Titusville Florida where we still do have Foreclosures.  How do you mine out the upcoming properties?  Public Records?

Thanks,

Jean

Nov 04, 2009 07:59 AM
Letitia Stevenson
BHHS Fox & Roach | www.DelawareValleyRE.com - Greenville, DE
Listing Agent DE/PA/MD, Digital Marketer & Coach

Ted, Welcome to Active Rain! Active Rain is a great place to share your knowledge, expertise and thoughts, as well as network and learn so much from the vast pool of talent already onboard.

Welcome Aboard and Much Success!

Dec 08, 2009 01:07 AM
Jean Kelly
,GRI, Kiser Realty - The La Cita Group - Titusville, FL

Ted:

Do you use Title Companies in California?

If so, do you have your favorite Title Agent do a pencil search for leins and judgements first?

How do you handle due diligence with cash buyers

Dec 08, 2009 06:02 AM