What is REO?

REO stands for "Real Estate Owned". In simple terms: Bank Owned Property. Property that has been foreclosed on and was not sold at auction, typically will get listed with a Real Estate agent who specializes in selling & marketing REO (Bank Owned Property).  The property is marketed via traditional methods and the sale is similiar to buying any other house you see on the market with some differences:

• REO is sold "as-is, where-is" most of the time.
• Typically there are no "I need to sell my house first" contingencies allowed.
• Some banks do not allow changes to the P&S (Sales Contract)
• To submit an offer, buyer must have Full Pre-Approval Letter
• Usually there is a Minimum Deposit amount
• Bank may charge you a per-diem if you don't close when you say you will.
• Most REO's are Fixer-uppers or needs some type of cosmetics.

If your interest in REO, you've come to the right place. J Rost Realty has LISTING Realtors that are approved with banks  specializing in REO property.  So while, some real estate agents may be able to tell you 1 or 2 properties that are REO in their market... We know where ALL of them are in California! Better yet, if your on my mailing list, or contact me to let me know what your looking for, we may be able to give you a heads up on an upcoming property that is going to be listed... Before anyone else knows!!

Typically it takes 3-4 weeks for us to prepare an REO for marketing. The bank asks for an opinion of value from a Real Estate agent, sends in an appraiser, gets someone to clear out any trash that may have been left behind, gets an estimate of repairs, etc. During this time, I typically give my buyers & investors a heads up WELL BEFORE the property is ever listed.

This give you first dibs on the property. Your appointment is scheduled in advance & you get in the same DAY it gets listed, before anyone else even knows it (including other agents!) This means by the time other agents are "getting ready" to call their buyers to see if they are interested, you would have already seen the property and potentially submitted an offer! 

What about Foreclosures?

Do you think you might want to just visit the foreclosure auction and try your luck there? No Problem! If you need assistance and want us to accompany you to a particular foreclosure auction, let us know. We will pre-register you as our buyer with the Auctioneer and will accompany you to the auction.  If you have any questions before, during or after we will be happy to assist you!. Please note that most foreclosure auctions BEGIN with the Balance of the mortgage + any liens, penalties, interest, late fees, attorney fees, auction fees, etc.  Should you wait until it becomes REO? That's for you to decide. J Rost Realty will help you research prior to the auction. This is your chance to gather all the data you need to make an informed decision on whether you should bid AND How much you should bid.

Please contact me if you have any questions about buying a home in Fairhaven or elsewhere in California.