Looking for REO property or a foreclosure in Vacaville?


	Just as with any home purchase, your smartest move is to hire a professional real estate agent. Should you have questions about real estate in Vacaville, California, call me or send me an e-mail.

What's an REO?

"REO" or Real Estate Owned are houses which have completed the foreclosure process and are now possessed by the bank or mortgage company. This differs from real estate up for foreclosure auction. Roth & Miller Realty, Inc. has experience to share with foreclosures and bank owned properties in Vacaville, California

Roth & Miller Realty, Inc. has experience to share with foreclosures and bank owned properties in Vacaville, California

When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accrued during the foreclosure process. You must also be able to pay with cash in hand. Finally, you'll receive the property completely as is. That may consist of existing liens and even current denizens that need to be removed.

A bank-owned property, on the contrary, is a much neater and attractive transaction. The REO property did not find a buyer during foreclosure auction. Now the lender owns it. The bank will deal with the elimination of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing.

Note that REOs may be exempt from standard disclosure requirements. For example, in California, banks are not required to give a Transfer Disclosure Statement, a document that typically requires sellers to reveal any defects of which they are aware. By hiring Roth & Miller Realty, Inc., you can rest assured knowing all parties are fulfilling California state disclosure requirements.

Is REO property in Vacaville a bargain?

It's frequently assumed that any foreclosure must be a bargain and a chance for easy money. This often isn't true. You have to be cautious about buying a REO if your intent is to make money off of it. Even though the bank is often anxious to offload it promptly, they are also looking to get as much as they can for it.

Roth & Miller Realty, Inc. has experience to share with foreclosures and bank owned properties in Vacaville, California

When pondering what to pay for REO property, you need to look closely at 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 buying and selling foreclosures. However there are also many REOs that are not good buys and may not be money makers.

Prepared to make an offer?

Most banks have a department dedicated to REO that you'll work with when buying REO property from them. Normally 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 find out as much as you can about what they know about the condition of the property and what their process is for accepting offers. Since banks almost always sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer that gives you time to check for unseen damage and withdraw the offer if you find it. As with making any offer on real estate, your offer may be more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.

After you've submitted your offer, you can expect the bank to respond with a counter offer. From there it will be your choice whether to accept their counter, or offer a counter to the counter offer. Realize, you'll be contending with a process that generally involves a group of people at the bank, and they don't work evenings or weekends. It's quite common for there to be days or even weeks of negotiating back and forth. Roth & Miller Realty, Inc. is are used to working around the schedules of this type of seller and will do everything possible to ensure there are no unnecessary delays.