Looking for REO property or a foreclosure in Chino?


	Just as with any property purchase, your smartest move is to hire a professional real estate agent. For more information, you can contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate foreclosures.

What's an REO?

"REO" is Real Estate Owned. These are houses which have gone through foreclosure and are currently possessed by the bank or mortgage company. This is not the same as real estate up for foreclosure auction. Bankers Capital Realty & Investments has experience to share with foreclosures and bank owned properties in Chino, California

Bankers Capital Realty & Investments has experience to share with foreclosures and bank owned properties in Chino, California

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. The buyer must also be ready to pay with cash in hand. To top everything off, you'll accept the property entirely as is. That possibly could consist of prevailing liens and even current denizens that may require removal.

A bank-owned property, conversely, is a much neater and attractive proposition. The REO property did not find a buyer during foreclosure auction. The lender now owns it. The bank will attend to the removal of tax liens, evict occupants if needed and generally arrange for the issuance of a title insurance policy to the buyer at closing.

Take notice that REOs may be exempt from typical disclosure requirements. For example, in California, banks are not required to give a Transfer Disclosure Statement, a document that ordinarily requires sellers to tell you about any defects of which they are informed. By hiring Bankers Capital Realty & Investments, you can rest assured knowing all parties are fulfilling California state disclosure requirements.

Is REO property in Chino a bargain?

It is frequently assumed that any REO must be a steal and a possibility for easy money. This isn't necessarily true. You have to be very careful about buying a repossession if your intent is to make money off of it. While it's true that the bank is typically eager to offload it promptly, they are also motivated to minimize any losses.

Bankers Capital Realty & Investments has experience to share with foreclosures and bank owned properties in Chino, California

When considering the value of a foreclosure, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. It is possible to find REOs with money-making potential, and many people do very well flipping foreclosures. But there are also many REOs that are not good buys and may not be money makers.

All set to make an offer?

Most lenders have a department dedicated to REO that you'll work with while buying REO property from them. Usually the REO department will use a listing agent to get their REO properties listed on the local MLS.

Prior to making your offer, you'll want to contact either the listing agent or REO department at the bank and discover as much as you can about what they know regarding the condition of the property and what their process is for getting offers. Since banks almost always sell REO properties "as is", you may want to include an inspection contingency in your offer that gives you time to check for hidden damage and withdraw the offer if you find it. If, as a buyer, you can provide documentation proving your ability to secure financing, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This is generally true for any real estate offer.)

After you've presented your offer, you can expect the bank to make a counter offer. At this point it will be your decision whether to accept their counter, or submit another counter offer. Your transaction could be final in a single day, but that's rare. Since offers and counter offers usually allow a day or more for the other party to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer.