REO Properties, Oakhurst

[CAAPPRAISER]

I am the broker/owner of REO Properties in Oakhurst, CA. We specialize in marketing and selling forclosed properties. There is a lot of recent talk in the media about foreclosures and a whole lot of misunderstanding about buying foreclosed homes. Much of the misunderstanding is how the property is valued and what is a good offer.
I'm new here. Has anyone posted on this subject before? If not, would anyone mind if I said something about this subject?
Thank you.
Foreclosure. Foreclosures. Foreclosed. REO.

[Summer]

I, for one, would very much welcome your comments.

[Mysteefied]

I would like to hear what you have to say as well.

[CAAPPRAISER]

I promise I'll discuss valuations on foreclosed properties. I've been extremely busy with work and gathering items for the crab feed tonight at the Community Center. Hope to see you all there!

[CAAPPRAISER]

Finally, 5 free minutes!
When a bank sends me a foreclosed property to list, they ask me to do an inspection and provide them a BPO (Broker Price Opinion). I find homes in as close to the same condition, size, location, age, square footage, etc., as possible to the subject home. More coming soon. really.

[only1alphafemale]

I would very much like to hear what you have to say, and also the straight scoop regarding the adds you hear on TV that claim they picked a home up for only a very small percentage of what it was valued at? How does this work? Or the ones that claim they bought a foreclosed home for only $10,000 etc.?

[Celticsoul]

I'm curious too. I would like to know if a prospective buyer on a foreclosed property has access to all conditions, restrictions, title, etc., etc. BEFORE they make an offer. I will go so far as to assume that in many cases, it is possible that there can be liens on real estate which originate from unpaid debts and result in the filing of Abstracts of Judgment against the real estate. I would also like to know what other unique fees may involved in buying a foreclosed home.

[Coyote]

yes, i have seen those ads as well. coming from homelessness off and on from 01 to 05 the thought of owning a home has seemed so far fetched. however i have occasionally stopped and looked at those advertisements and wondered. i too would like to hear what you have to say.

[EdBailey]

www.OakhurstRealEstate.info/news.html Scroll down to "Some Quick Look-Ups"

[oakhurstleaf]

I'm interested in REO/Bank-owned properties in Oakhurst. You guys have anything?

I've been sitting on the sidelines for a long time...and don't plan to purchase until the market stabilizes and prices make more sense which could be a while. But if there's a good deal on a great REO/Bank-owned house...I'm interested in what's out there. There are a lot of homes in default or pre-foreclosure, so more should be coming. I can wait.

[EdBailey]

I'm interested in REO/Bank-owned properties in Oakhurst. You guys have anything?

I've been sitting on the sidelines for a long time...and don't plan to purchase until the market stabilizes and prices make more sense which could be a while. But if there's a good deal on a great REO/Bank-owned house...I'm interested in what's out there. There are a lot of homes in default or pre-foreclosure, so more should be coming. I can wait.


We have 21 homes on the market in REO (Lender owned), Forclosures, Probate Sales, and Short Sales. Go to www.OakhurstRealEstate.info/news.html and scroll down to "Distress Sales."

[oakhurstleaf]

Thanks for your help.

I'm interested in homes in Oakhurst opposed to Coarsgold/YLP which is where most of the foresclosures are. So far, the one's I see listed don't appeal to me...but I'm sure there will be more on the scene soon.

Question regarding bank-owned properties...are banks usually more quick to lower their listing price in shorter order than normal sellers? In other words, if the house sits for a length of time with no offers, the banks will start lowering the price? How soon? Don't they want to dump them?

I notice that many bank-owned homes are usually listed about 5-10% less than market value, however some are oddly priced high (hopeful to pay off their loss?). Like that one on Pamela Place for $339,000..I've seen better houses asking less! In this market...well, pricing it right is everything and it still might not be enough.

[EdBailey]

Thanks for your help.

I'm interested in homes in Oakhurst opposed to Coarsgold/YLP which is where most of the foresclosures are. So far, the one's I see listed don't appeal to me...but I'm sure there will be more on the scene soon.

Question regarding bank-owned properties...are banks usually more quick to lower their listing price in shorter order than normal sellers? In other words, if the house sits for a length of time with no offers, the banks will start lowering the price? How soon? Don't they want to dump them?

I notice that many bank-owned homes are usually listed about 5-10% less than market value, however some are oddly priced high (hopeful to pay off their loss?). Like that one on Pamela Place for $339,000..I've seen better houses asking less! In this market...well, pricing it right is everything and it still might not be enough.

You have it pretty well sized up, Oakhurstleaf. Banks don't want to be in the Real Estate Business. They want to be in the money business. Typically they get an appraisal or two, then price it for a quick sale. Here is an interesting statistic: Of the 52 homes closed in April, or now in escrow, 19 were distress sales. That is, they were Bank Owned, in Forclosure, Short Sales, or Probate sales.

Keep watching, the right one will come along. Would you like me to notify you when new ones come on the market

[Coyote]

Hi Ed.
do you deal with any of these homes over the county line in the mariposa?

[EdBailey]

Yes, I serve Mariposa County too.