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Making an offer on REO property or a foreclosure in Scottsdale?
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Purchasing a bank-owned property is not something to be taken lightly.
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What's an REO?
"REO" stands for Real Estate Owned. These are homes which have gone through foreclosure that the bank or mortgage company currently owns. This is different than a property up for foreclosure auction.
When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees amassed during the foreclosure process. The buyer must also be able to pay with cash in hand. Finally, you'll get the property completely as is. That might consist of current liens and even current denizens that need to be evicted.
A bank-owned property, on the other hand, is a more tidy and attractive proposition. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The lender will see to the removal of tax liens, evict occupants if needed and generally arrange for the issuance of a title insurance policy to the buyer at closing.
Take notice that REOs may be exempt from standard disclosure requirements.
For example, in Texas, it is optional for foreclosures to have a Property Disclosure Statement,
a document that usually requires sellers to tell you about any defects they are informed of.
By hiring W J Bradley Mortgage Capital LLC, you can rest assured knowing all parties are fulfilling Arizona state disclosure requirements.
Are REO properties a bargain in Maricopa County?
It is occasionally thought that any REO must be a good buy and a chance for easy money. This often isn't true. You have to be very careful about buying a repossession if your intent is to make money off of it. Even though the bank is usually eager to offload it fast, they are also looking to get as much as they can for it.
When pondering what to pay for REO property, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale.
There are bargains with potential to make money, and many people do very well buying and selling foreclosures. But there are also many REOs that are not good buys and may lose money.
All set to make an offer?
Most banks have staff dedicated to REO that you'll work with while buying REO property from them. To get their properties advertised on the local MLS, the lender will usually hire a listing agent.
Before making your offer, you'll want to contact either the listing agent or REO department at the bank and find out as much as you can about their knowledge about the condition of the property and what their process is for accepting offers. Since banks usually sell REO properties "as is", it may be in your best interest to include an inspection contingency in your offer that gives you time to check for hidden damage and withdraw the offer if you find it.
As with making any offer on real estate, your offer may be more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.
After you've made your offer, it's customary for the bank to counter offer. From there it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer.
Understand, you'll be dealing with a process that probably involves a group of people at the bank, and they don't work evenings or weekends. It's not unusual for there to be days or even weeks of negotiating back and forth.
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"You can leave me a Loan" ®
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For Our Freedom!!!!!
We must always remember and honor those who have shown their lives served a higher purpose and that their calling was to put country first.
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Show your gratitude to a veteran who lost a comrade in arms or to the spouse or child of a fallen hero.
If Americans will once again be
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God will Bless America, AGAIN!
"KLCSLOANTEAM and Korene Clopine-Seaman is a mortgage team that invests itself with their client's and referral partners business. They are just not providing mortgage information, education and services, they have built relationships in our business and invested in providing services that helps us deliver our core mission to provide the services that meets our client's needs in line with our company culture and values"
W. J. Bradley Mortgage Capital Corp. is a direct mortgage lender with lending authorization for Conventional, HUD, FHA, VA, USDA, and Jumbo real estate loans lending with offices in various locations focusing on providing to the people in the communities we serve throughout the United States mostly in the Southwest. We are available to help borrowers achieve the dream of home ownership and assist them as they take advantage of today’s real estate investment opportunities and mortgage rates.
The KLCSLoanTeam and the support staff are highly trained in all of the various loan products currently available. We are well prepared to answer any questions you may have about buying a home or to assist you with analyzing your current home loan. Simply put, we are here to help you make informed right-fit mortgage decisions.
The customer experience is our number one priority. Communication is a very important part of our business model and our unique loan process, and our investment in technology reflects just that. We have mastered the ability to effectively communicate with all parties involved on each and every transaction keeping everyone up-to-date from the first phone call through funding. Our goal is to use all of our resources to make your transaction as smooth and efficient as possible.
With the experience, resources and exceptional service standards, you will see why we deliver…simply better home loans as we are working to serve our customers, clients, and referral partners. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states.
W J Bradley Mortgage Capital LLC
NMLS# 3233
9237 East Via de Ventura, Suite 100
Scottsdale, AZ 85258
Office Phone:(480) 362-2324
Fax: (623) 218-1807
AZ License # BK-0903998;
Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002;
FHA Approved
NMLS consumer access: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/3233.
*Korene L. Clopine-Seaman is working with and as the Team Manager of KLCSLoanTeam. She is licensed to originate mortgages in Arizona and California:
AZ LO-0916745
CA: DOC-218520
© 2012 W.J. Bradley Mortgage Capital, LLC. 6465 Greenwood Plaza Blvd, Suite 500, Centennial, CO 80111 Phone #303-825-5670. NMLS ID 3233. Trade/service marks are the property of W.J. Bradley Mortgage Capital, LLC. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states. WJB is not acting on behalf of or at the direction of HUD/FHA or the federal government.
AZ License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; To check the license status of your CO Mortgage Broker, visit www.dora.state.co.us/real-estate/index.htm; Florida Mortgage Lender Servicer license #MLD738; ID Mortgage Broker License No. MBL-7766; IL Residential Mortgage Licensee – License #MB.6760738, 6465 Greenwood Plaza Blvd., Suite 500, Centennial, CO 80111; MN Residential Mortgage Originator License No. MN-MO-3233; NV Mortgage Banker License No. 2061; NV Mortgage Broker License No. 504; NM Mortgage Loan Company and Loan Broker Act Reg. No. 01856; OK Mortgage Broker – License No. MB001365; OR Mortgage Lender License No. ML-776; TX Mortgage Banker Reg. No. 74182; UT Mortgage Lender Company License No. 5495659-NMLC; Utah Consumer Credit Notification and Utah Residential First Mortgage Notification regulated by the Utah Department of Financial Institutions; Vermont Lender License #6341; WA Consumer Loan License No. CL-3233; Wisconsin Mortgage Banker License No. 699991. NMLS consumer access: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/3233.
This is not a commitment to lend. Restrictions apply. All website Trade/service marks not related specifically to W.J.Bradley Mortgage Capital Corp are the sole and separate property of KLCSLoanTeam and Korene L. Clopine-Seaman. Korene L. Clopine-Seaman is employed by W.J.Bradley Mortgage Capital Corp as a mortgage originator. All KLCSLoanTeam © 2012 rights reserved.
Korene L. Clopine-Seaman is not acting on behalf of or at the direction of HUD/FHA or the federal government.© 2012 NMLS ID 218520.
W J Bradley Mortgage Capital LLC Attn: Korene Clopine-Seaman NMLS#218520 9237 East Via de Ventura, Suite 100 Scottsdale, AZ 85258
Cell: Fax: Copyright © 2012 W J Bradley Mortgage Capital LLC
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