REO Real Estate Everywhere in Oakland!
Posted Jan 8, 2008 @ 4:14 am, Viewed by 572 Visitors, Read 615 Times.The amount of Bank Owned properties on the Market in Oakland is crazy, and with more adjustable rate loans resetting soon there are sure to be even more of them. The positive side of REO property is that the banks usually price the homes well in order to sell them. On the other hand, the banks don't always get inspections done, so buyers have to go in blind and pay for their own inspections after they get into escrow.
It would be great if the banks would at least get pest or home inspections on their properties, that way us Realtors can help our clients determine the condition of the home before they consider submitting an offer. Then there is the issue of agents who are terrible about returning calls and emails. It seems that there are a handful of agents who deal exclusively with Bank Owned properties and almost all of them are hard to get a hold of, which also makes it harder on the other agents when we have questions.
Unfortunately many more homeowners will be losing their homesover the next year or two, and this means that REO's will continue to come on the market.
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Social Bookmarking6 Responses to “REO Real Estate Everywhere in Oakland!”
Scottsdale Homes
Hamid, is it common in your area for homeowners to supply home inspections for the buyer? In AZ it isn't, but I really appreciate when a seller has one done, gets some repairs made and furnishes the information for buyers to see. It definitely aids in a buyers decision to write an offer on a home.
It is common, especially in a buyers market. This is why I dont get why the Banks dont do them.
There is actually a great article in BusinessWeek this week which discusses REO properties and how some towns are actually going after the BANKS to make sure that the properties are properly maintained, inspected and more. Obviously when homes are being foreclosed upon there is a lot of fingerpointing about who is responsible for what however some DAs are really trying to make the banks accountable for maintaing the property during and after the foreclosure process.
Alaric
I own a triplex in Stockton that will pay for itself if I move out and rent my apartment...and that could be a good Idea since I drive a taxi in San Francisco. I've been angry for a long time that I couldn't afford to live in Oakland where I was born, or in The City where I work. It looks like I might have a chance soon the way things are going. If I had a victorian duplex near downtown I might make it to work more often, because the commute from Stockton twice a week is all I care to suffer with anymore...I dream of living in Oakland. My best dream is to manage that apartment buliding on Ivy Drive with an option to buy, but I'd settle for the old Sutter Hotel and turn it into a therapeutic residential community if someone could rig a deal...I could only come up with $10,000 down without going back to work full time. More realistically I might find that West Oakland duplex this summer...The probelm is finding the right realtor.
Alaric, I'm from Oakland too, so I can sympathize with you being homesick! I imagine the commute is horrible as well. There are some really good deals in West Oakland right now, a lot to choose from. 10k down might be enough depending on the purchase price, most lenders are requiring a minimum of 3% (and in some cases 5-10%) down right now. I would be happy to explore the options with you, the first step would be to get you in touch with a good mortgage professional. Hamid
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Hamid Grinage is a Realtor with the Grand Lake office of Prudential California Realty in Oakland. He is E-Certified, a graduate of Sonoma State University, and a member of the National, California and Oakland Association of Realtors.
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We have the same problem here in the metro Atlanta area. The foreclosures are way up and will continue to go up for some time.