Comments on: How To Buy a Bank Owned Foreclosure (aka REO) In 4 Easy Steps http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/ East Bay Real Estate | Foreclosures, REO & Investment Property Specialists Fri, 25 Jul 2008 05:44:58 +0000 http://wordpress.org/?v=2.5.1 By: Jessica Swesey http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-234 Jessica Swesey Thu, 17 Jan 2008 23:22:05 +0000 http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-234 Thanks Norman and Andy! Great blog guys! Thanks Norman and Andy! Great blog guys!

]]> By: Andy http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-232 Andy Wed, 16 Jan 2008 22:20:41 +0000 http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-232 Hi Jessica- When we do the REOs, we deal with a servicing company rather than the bank & it all depends on which particular company, but we've generally found them to be quite responsive and eager to get things moving along. Short sales on the other hand are absolute nightmares. Most buyers end up walking before the bank gets around to making a decision on the submitted packages. They are doable, but buyers need to be aware of the often lengthy timeline involved. Hi Jessica- When we do the REOs, we deal with a servicing company rather than the bank & it all depends on which particular company, but we’ve generally found them to be quite responsive and eager to get things moving along.

Short sales on the other hand are absolute nightmares. Most buyers end up walking before the bank gets around to making a decision on the submitted packages. They are doable, but buyers need to be aware of the often lengthy timeline involved.

]]> By: Norman http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-231 Norman Wed, 16 Jan 2008 22:18:47 +0000 http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-231 Hey Dick, Thanks for stopping by and the kind words. Hi Jessica, Banks holding REOs are pretty easy to deal with. Typically, the property is listed through an agent who may have an asset management company between them and the actual lender. In this case, you can make an offer through your agent or the listing agent and receive a response in a day or two. Short sales are entirely different and much more difficult. Banks require proof of hardship in order to consider allowing a short sale. This usually requires extensive document gathering from the distressed homeowner, followed by a lengthy 2-3 month review period from the bank with no guarantee that the short sale will be approved. This doesn't mean short sales aren't worth pursuing, just be prepared to wait for answers and create a system to deal with banks. I've heard a couple of rumors that banks are trying to streamline the short sale proccess but I doubt it will ever be as straight forward as bank owned forclosures. Hey Dick,

Thanks for stopping by and the kind words.

Hi Jessica,

Banks holding REOs are pretty easy to deal with. Typically, the property is listed through an agent who may have an asset management company between them and the actual lender. In this case, you can make an offer through your agent or the listing agent and receive a response in a day or two.

Short sales are entirely different and much more difficult. Banks require proof of hardship in order to consider allowing a short sale. This usually requires extensive document gathering from the distressed homeowner, followed by a lengthy 2-3 month review period from the bank with no guarantee that the short sale will be approved. This doesn’t mean short sales aren’t worth pursuing, just be prepared to wait for answers and create a system to deal with banks.

I’ve heard a couple of rumors that banks are trying to streamline the short sale proccess but I doubt it will ever be as straight forward as bank owned forclosures.

]]> By: Jessica Swesey http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-229 Jessica Swesey Wed, 16 Jan 2008 19:47:29 +0000 http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-229 What are the banks like to deal with on these REO deals? I ask because I've been hearing agents say they want desperately to work with banks and buyers on these deals but they have a lot of trouble getting through. I'm sure this must vary from bank to bank and region to region, but I wonder whether banks are more streamlined or are ramping up to make the process more streamlined? Just curious. What are the banks like to deal with on these REO deals? I ask because I’ve been hearing agents say they want desperately to work with banks and buyers on these deals but they have a lot of trouble getting through. I’m sure this must vary from bank to bank and region to region, but I wonder whether banks are more streamlined or are ramping up to make the process more streamlined? Just curious.

]]> By: Dick Weiss http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-223 Dick Weiss Wed, 16 Jan 2008 02:23:04 +0000 http://myeastbayagent.com/2008/01/15/how-to-buy-a-bank-owned-foreclosure-aka-reo-in-4-easy-steps/#comment-223 You comment about not always getting the deal was really right on. These days there will always be another deal. Reaching to make it happen is a sure way to disaster. Buying REO or buying pre-foreclosure makes no difference. A good deal is a deal on your terms period. Check out my free newsletter at http://www.whoisdickweiss.com and my foreclosure blog at http://www.shortclosures.com Thanks for the interesting points. Dick Weiss You comment about not always getting the deal was really right on. These days there will always be another deal. Reaching to make it happen is a sure way to disaster. Buying REO or buying pre-foreclosure makes no difference. A good deal is a deal on your terms period.

Check out my free newsletter at http://www.whoisdickweiss.com and my foreclosure blog at http://www.shortclosures.com
Thanks for the interesting points.

Dick Weiss

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