We are your source for Inside information about buying bank owned homes:
There is no mystery to the California REO - Bank and Government owned homes market. There is no one with a secret “in” or “system” that you need to buy. Choosing the right REO agent (Both listing and sales) and developing a good relationship with them is your best way to buying the best homes at the best price. They will be able to provide access to REO real estate in California as they come available and provide advance notice of properties soon to be made available.
Banks are forbidden from selling their homes on the market themselves so, ultimately a broker
will be involved. Want to go direct to the source? An experienced California REO agent can provide all of the “inside information” you will ever need.
Finding the Right REO agent. Inspect what you expect!
The very best deals are long gone before most even know they are available. The properties
that remain are left for everyone else to sift through. How do you get access to the best
properties? Finding an experienced REO agent is your first step to your success.
Finding the right agent to represent you may be the most difficult part of the process. Keeping a good agent is even harder. Good agents, that ARE truly familiar with the REO market, will
typically have a long list of clients looking for a particular property types. The very best
homes, at the very best prices go to, wouldn't’t you guess, their very best clients. It takes a huge investment of their time to scour through all of the properties entering the market and these agents, and their clients, will need to make immediate, educated decisions or…. you may end up last in a long list of offers. The early bird gets the worm! If your agent has called you about multiple properties and you have not responded immediately or are indecisive, you may just end up on the bottom of their list of clients to call.
An experienced REO agent WILL ask you more questions than you ask them so, be prepared.
Having a pre-approval through a direct lender or, proof of available cash will be on the top of the list. Other factors they will consider is whether the home will be your own residence, a rental or even a “flip”.
If a potential buyer’s agent does not interview you before taking you on as a client, you may want to stop and ask why. Even if you are their only client, they need to know what to be looking for. The time to ask questions of your motivation and goals is not during the process. A well qualified REO agent should know this.
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Last Updated ( Wednesday, 14 July 2010 )
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