Welcome to the REO Information Center

Reality     False 

Fact         ~The banks pay our fee, it costs you nothing

                 to receive our professional guidance and

                 representation and we work only for you.

Myth #2  I will get a “better deal” by going  through

                 the listing agent of an REO  property.

Reality    The listing agent’s client is the bank. Their

                 obligation is to negotiate the best deal and

                 price for the bank, not you.

Fact         ~As buyer’s agents we work exclusively for

                 our buyers, representing their best interests at

                 all times.

Myth #3  Information about REO properties is only

                 available through a paid subscription to a

                 foreclosure website or REO listing agent.

Reality    REO properties are listed in the Multiple Listing

                Service.  (MLS)

Fact         ~We have access to all properties listed in the

                MLS and can provide you with information on

                any property free of charge.

Myth #4  I need cash to purchase an REO property.

Reality    Financing is available on most REO

                 properties, depending upon condition. 

Fact         ~We can assist our clients with obtaining

                 financing. We can also negotiate closing cost

                 credits on your behalf.

Myth #5  You never know what you’re getting when

                 you purchase an REO property.

Reality    All REO purchases are contingent

                 upon your approval of inspections.

Fact         ~We assist our buyers with the entire

                 inspection process to assure you are

                 comfortable and well-informed about your

                 home purchase.

Myth #6  All REO properties are damaged and being

                 sold  in poor condition.

Reality    Many of the homes are in great shape and some

                 have been completely rehabbed by the bank

                 prior to going on the market.  And yes, there are 

                 some value-priced fixer uppers out there too!

Fact         ~As your buyer’s agent, we will screen for the exact

                 condition of property that suits your needs.

Myth #7  REO properties may have liens, taxes,

                 assessments and past judgments that the

                 new owner will be responsible for.

Reality     The banks are responsible for clearing all debts

                 on their properties.

Fact         ~The title company and escrow process assures

                 you clear title to the property at the time escrow

                 closes and you take possession.

Myth #8  REO’s are always well-priced and the banks

                 are giving them away!

Reality     The banks have a worksheet and bottom line

                 number they have in mind.

Fact          ~We provide our buyers a current market analysis

                  to calculate a fair market price and then negotiate with

                  the listing agent to get you the very best terms and price.

Myth #9   REO’s or Short Sales are the only good deals

                 in the current market.

Reality     There are many motivated sellers in this market

                 who realize they must be competitive to sell

                  their homes.

Fact          ~Due to individual needs and situations, an REO

                 or short sale is not always the appropriate home

                  to pursue.   We assess our buyer’s needs and

                  tailor their home search to situations that will

                  result in a successful purchase.

Myth #10  Only low priced homes are available

                   through the REO market.

Reality       REO properties are available in all price ranges

                   and neighborhoods.

Fact           ~The foreclosure situation has hit homeowners

                   across the board.  You can purchase a home

                   for under $100,000 or over a million dollars.

                   It’s a great time to be a move-up buyer!