QualityFirst Real Estate, one of the leading sellers of REO and short sale homes in Southern California, has revealed their top secrets of finding a bank owned home.
"You have to be very careful if you are looking to purchase a bank owned home - especially if you are planning on living it," says Bill de Ridder, President of QualityFirst Real Estate. "If you are planning on living in the home, don't get seduced by the great price - make sure the area is somewhere you and your family actually want to live."
Check the neighborhood and the schools. Drive around at various times and days of the week. A certain block might be peaceful and cozy during a weekday but on a weekend evening maybe party central. QualityFirst recommends that you look for homes that are smaller than what you really want. Take a look at homes that can possibly be added on to and remodeled. Many if not most bank owned homes are in some sort of disrepair.
By looking for a home that can be bought for less money than your budget, you can find more selection of homes to choose from. The damage to many of these homes may not be obvious. The former owners may have hidden or covered up the damage before the bank took possession. If possible, make sure you get a trained professional or a very experienced property inspector to look at the home before you make an offer.
The most important single thing a buyer can do to find a good bank owned home is to find an agent that works REOs. Most Agents that list and sell bank owned homes will have a current list of homes that are coming on the market or are on the market. However, an experienced Agent know the ins and outs of how much to offer the bank and how to make the buyers offer look better simply by knowing what terms the bank most likely will accept.
About QualityFirst
QualityFirst is a full service Real Estate Company specializing in REO properties. Quality First Real Estate provides a broad array of real estate services including representing sellers in listings, buyers on the purchase of properties, mortgage loans for purchase and refinance, home marketing for lenders and home managers, and property management. With decades of successful experience in the Southern California real estate industry, working with a wide range of individuals and companies, QualityFirst can provide ALL the services needed for those looking to sell or purchase REO homes and properties. Investors and buyers looking for great opportunities on a REO or short sale home can directly access the online listings of bank owned homes for sale at http://www.qualityfirstrealestate.com/bank_owned.php
QualityFirst Real Estate 2763 Camino Del Rio South #300 San Diego, CA 92108 619 667-3377 Office www.qualityfirstrealestate.com
