FAQ's
A: I have worked for Taylor Place Real Estate and Triad Properties since 2006 and they specialize in foreclosure properties. Triad has sold over 3,000 REO properties in San Diego County and I can advise you on how to best write up your offer so it will get accepted in this competitive REO market.
A: REO stands for real estate owned. A REO is a foreclosure which is also known as bank owned. The list price has been approved by the bank and it generally closes within 30 days of acceptance. A short sale is usually owner occupied and the owner is attempting to negotiate with the bank to sell the property at a price less than what they owe on the property. The list price on a short sale is a suggestion and the bank has not agreed to sell the property for the list price. Short sales generally take 3 months or more for an approval and only about 16% of these properties sell before they go into foreclosure.
A: There are several differences. One main difference is that the property is sold AS IS. In most cases, even after the property inspection, the bank will not complete any repairs and will not give a repair credit unless it is part of the original accepted contract. Second, since the bank never occupied the property the disclosures are not filled out completely as they have no information about any current issues in the home. A good property inspector is a must on REO homes. Finally, the only keys that come with the property are usually those to the front door. The previous owner usually takes the garage door openor, mail keys, and common area keys so you will need to arrange with the post office and homeowners office (and usually pay a fee) for a duplicate set of keys.
A: Foreclosures are almost always priced lower than homes listed on the traditional real estate market. Unlike short sales where the price has not been approved by the bank, foreclosures are ready to be sold at the list price and sometimes below list price. Also, many older homes represent good fixer upper opportunities to earn some sweat equity.
A: No, many homes only need cosmetic repairs such as paint and carpet. However each home is different and while some may be move in ready others need renovations before they are habitable.
A: Interest rates are currently very low and there is no guarantee that they will go any lower. Although home prices have decreased over the last few years, Forbes.com recently named San Diego as one of the top housing markets in the US. Please see the Forbes article under useful links.
A: Because listings directly from the MLS have the most current information and the information is correct and reflected in real time. If a property is placed in pending you will see it reflect on your link which is active for 30 days. Some websites providers only update once a week or even once a month.
A: Please see the mortgage calculator and click through the link to get an estimate.
A: Contact me either by phone or e-mail and we will get started right away.