Re: REO in CA

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Posted by damien on August 27, 2003 at 09:56:50:

In Reply to: REO in CA posted by AB on August 26, 2003 at 19:26:49:

: I recently tried to purchase a home through a Short Sale and was unsuccessful. Unknown to me, two days after my bid was rejected the house went up for auction by the 2nd mortagage and no one bid so they got the house. They proceeded to reinstate the 1st loan so now they own the house.
: My questions are: Through your experiances will the bank now be willing to deal with me and possibly sell the home for slightly less than fair markt value and possibly fore go having the real estate involved (would save about 6%)and having to do any repairs. Or at this point will they just want to fix it up and sell it themselves even though their net return may not be much more than I am offering?
: Additionally, I am having trouble locating the bank that now owns the house the county public records indicate JWI Investment Corp, but I cannot find them anywhere??
: Any help is appreciated.

AB,

Typicaly with an REO the bank will deal on the property but only during the first day or so. After that time the bank assigns the house to a local broker in the area who will list the property for sale at fair market value.

Allot of people will say that purchasing an REO property is a great deal, but once its listed the bank want market value so there is no major deal.

However, I would still try to contact the bank. The county tax collectors office will have the new owner of record. In some cases if the bank is smaller, they may not have listed the property and you might get a great deal for the house. Rule of thumb, it never hurt to try.

Good Luck
Damien

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: : I recently tried to purchase a home through a Short Sale and was unsuccessful. Unknown to me, two days after my bid was rejected the house went up for auction by the 2nd mortagage and no one bid so they got the house. They proceeded to reinstate the 1st loan so now they own the house. 


: : My questions are: Through your experiances will the bank now be willing to deal with me and possibly sell the home for slightly less than fair markt value and possibly fore go having the real estate involved (would save about 6%)and having to do any repairs. Or at this point will they just want to fix it up and sell it themselves even though their net return may not be much more than I am offering?


: : Additionally, I am having trouble locating the bank that now owns the house the county public records indicate JWI Investment Corp, but I cannot find them anywhere??


: : Any help is appreciated.





: AB,





: Typicaly with an REO the bank will deal on the property but only during the first day or so. After that time the bank assigns the house to a local broker in the area who will list the property for sale at fair market value. 





: Allot of people will say that purchasing an REO property is a great deal, but once its listed the bank want market value so there is no major deal. 





: However, I would still try to contact the bank. The county tax collectors office will have the new owner of record. In some cases if the bank is smaller, they may not have listed the property and you might get a great deal for the house. Rule of thumb, it never hurt to try. 





: Good Luck


: Damien








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