My last three sales have been Bank Owned and my Buyers have been extremely happy. Working with a Bank is different. They have long addendums. Banks don't want to sign a lot of forms, even the ones that are required and they use escrow companies that are not very connected to the Buyers and forthcoming with information. But the results can be exciting with buyers finding that house to make their home. Of course, finding REOs usually means all the appliances have been removed and sometimes light fixtures and switches have also been removed. But if the Buyers like the location and price, then a little fix up works for them. REOs are a great way to get a buyer into a property they may not have been able to afford otherwise. This is a great opportunity.
Hi,
We're seeing an increase in REOs and short sale listings in the Phoenix, AZ area. I've looked at a couple vacant short sale homes recently...surprisingly they looked more like foreclosured properties....as if the owners just left in the middle of the night. I agree that you need to prepare your clients to find home in disrepair and also full of personal belongings.
To Andrew, I'm glad that Countrywide is proactivley working with short sales and REOs. I haven't completed a REO or short sale transaction yet, but my office recently held a training on short sales. It was interesting to see that some lenders have a step by step process published for their short sale process. For those that didn't attend the seminar, it would be great if Countrywide and other lenders could post the Short Sale and REO process and forms on their websites.
Thank you, Andrew for your response. Unfortunately, when you represent the buyer, you don't have a choice. But I would love to start listing REOs and being more helpful to the buyer. I have attended seminars and find them very helpful. I wish all short sales and Foreclosures could go through Countrywide.
Thanks for all whom called me Inquiring about REO's , I 'd like to help all of you and for most i am helping we are moving right along...It feels good to hear the THANK YOU's after a buyer has received his product and everyone gets paid..Its a WIN WIN situation for everbody involved. This is an exciting business to be in right now...Please keep the calls comming in!!!!! Soon I will be assisting a seller with their REO's but selling in smaller blocks (2 or more) in Northern/Southern Cal......Products out there (most Satates) so call me ...Tom Montes (909)717-6131 Keep your eyes open for Tri-Mar Financial,Inc. located in Rancho Cucamonga,Ca.................... (we will soon be corpoarate in a very Large way !! We will be assisting home buyers in all facets of Real Estate. we will have the lowest rates available, easy qualifications, Refi's, Purchases, 100% financing, No loan Mod-we Refi @ a low fixed !! (on individual bases) commercial etc...:)
TRI-MAR FINANCIAL,INC
Rancho Cucamonga,Ca.
Tom Montes
(909)717-6131
Call for details.....
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