Bank Owned Homes are called REO. FREE No-Sign-up needed home Search
Since what is owed to the bank is often more than what the property is worth, the property may "revert" to the bank. It often becomes an REO, or "real estate owned" property. Most banks require an agent to assist with buying or selling these transactions.
A bank owned property may or may not be a great bargain so detailed property research and inspections are a good idea. If you would like to explore a property you have noticed for sale or see about getting it opened up to take a look inside, please contact Rhonda. Text or call: 619-303-6999 She is experienced with analysis and can provide information about a home status.
With REO property, commissions to agents are very often"pre-determined" by the seller contract in the MLS before you even come along. The average commission in California for REO property that is in the MLS is 2% to 3 % of the price to each seller's agent and buyer's agent. If you buy directly from the seller's agent , they often get to collect all commissions: average to 6%. (that is why buyer's usually want their own agent) Your buyer's agent can request the seller to pay closing costs. Sometimes sellers they do pay & sometimes they don't. Many people think they can avoid commissions by eliminating an agent. Unfortunately they often find out the hard way that this is not possible for the particular property they want. Often short sales, & foreclosed REO property sellers require agents to represent buyers. A buyer can end up wasting time and someone else could purchase the home right under their nose!
Rhonda Ciardetti is an agent of Century 21 Award: Link to Her Century 21 Award Site She can help you purchase a foreclosed Bank Owned Home, REO, or Short Sale.
You may be interested in attending a free one hour seminar:
“Selling or Buying" a home.
Your Seminar Invitation: Tues. Evening 6pm
Your hour seminar: 1) Renting to--> Buying to-->Selling Process 2) Topic of your choice(entered at registration) 3) Sell or Buy *Traditional, Pre-foreclosure Short Sale, Auction-Foreclosed, REO- Bank Owned) 4) Misconceptions 5) Money Concerns
Offer is from a licensed Realtor of a reputable company. It does not matter what area you live in San Diego County as this seminar is an orientation. It is fine to attend even if you are not ready to actually buy or sell at this time. Finding out information may be useful for long-term planning purposes. When the future arrives, this Realtor hopes you return for services!
