Tuesday, March 10, 2009

REOs are not that bad! Really!

I just closed an REO, which is a property that has gone through the foreclosure process and is now owned by the bank. It was much easier than I expected. The house (pictured) at 1101 N. Catalina in Burbank, was owed by Wells Fargo. It listed for $500,000 and my buyers, knowing that there were other offers, came in at $501,000 -- just as the bank accepted another offer. During that escrow, we kept checking back with the listing agent re the status. Sure enough, it fell out of escrow at the last minute and the bank accepted our offer. Escrow was a little bit slow to open. The seller/bank agreed to credit my buyers $2,000 towards repairs and had already done all pest work. Great!-- we were not expecting that. There was a last-minute glitch regarding the home warranty company, but we still closed escrow right at 30 days. Of course, it helped to have very heads-up, proactive buyers and a great lender (thanks, Dana).

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