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Banked Owned Homes

Banked Owned Homes

Due to the slow economy and crisis in the mortgage industry many Banks have been forced to foreclose on homes.  Once a bank takes possession of a Foreclosure it becomes an REO (Real Estate Owned) property.  The negotiating dynamic of a REO is different than that of a standard, or short sale.  As a member of REOMAC and as an REO agent hired to list and sell properties for banks like Residential Credit Solutions, Aurora Loan Services, and Hawthorne Credit Union I have a unique perspective on how to protect my buyers when working on a bank owned escrow.  Although these homes may be great bargains you must be careful to avoid the pitfalls of buying a foreclosure.    
Foreclosure page

The latest in the Foreclosure settlement-Will it impact Real Estate in Aliso Viejo?

by keithwatts March 19, 2012 Banked Owned Homes

Aliso Viejo Real Estate-The latest in the Foreclosure settlement is going to impact home sales everywhere soon.  We currently have very low inventory (Fewest homes for sale since 2005) but that is going to change as more and more foreclosures hit the Aliso Viejo Real Estate Market.

Aliso Viejo Real Estate-The latest in the Foreclosure settlement …

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Don’t you have an imagination?

by keithwatts June 22, 2011 Banked Owned Homes

I currently have, and have had a few Bank Owned Homes in Aliso Viejo.  All of my listings in Aliso Viejo seem to generate a lot of interest from buyers online however my Bank Owned Listings in Aliso Viejo always seem to disappoint the buyers due to their condition.  Most buyers in today’s marketplace are …

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Does this house have Termites?

by keithwatts June 15, 2011 Banked Owned Homes

Of course, if the house is made of wood.  The real question should be, “How bad is the termite problem”?   If you’re buying a house the next question will be, “Who is paying to get rid of them”? 

The first question can be answered by obtaining a professional termite report.   An inspector walks around the property …

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Bees in Aliso Viejo

by keithwatts June 15, 2011 Banked Owned Homes

In the seventies there was a terrible horror movie called “The Swarm” with Michael Cain.  If you haven’t seen it you’ve got to look it up.  Henry Fonda had a bit role and the entire premise was a swarm of Bees terrorizing the land.  I saw it when I was five and maybe its fate …

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What is an REO?

by May 31, 2011 Banked Owned Homes

The term comes from Real Estate Owned by banks.  An REO is simply a bank owned property.  Bank take backs vary from state to state depending on whether or not the region requires a “Judicial” or “Non-Judicial” foreclosure but in California the process occurs in the following ways:

Step 1-Payments are not made.

There are countless reasons why payments …

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