REO Real Estate Owned Property - Short Sale SF East Bay Homes works with client's who would like to save money by purchasing homes that are either owned by lenders (REO Property) or are about to be foreclosed and requires the lender to approve a sale price that is less than what is owed to the lender (Short Sale) REO Bank Owned Property Bank owned homes are refered to as REO (real estate owned). The reality is that banks do not normally market or sell the homes that they own. They turn these homes over to real estate asset management companies. REO's by far offer the buyers the best pricing for homes. Multiple lenders are sitting on hundreds of homes. Some of these homes have been on the market for 100 days or more because the banks have been reluctant to lower asking prices. The banks now have determined that for them to move homes they will have to get much more aggresive and lower their pricing expectations. We can find the REO homes and we know how to convince the banks to take lower offers. We just put a buyer into a home for $533K when the appraisal was presented the home appraised for $620K and a home right down the street recently sold for $630 Since the bank already has gone through the process of foreclosure and actually ownes the property, they have full control and authority to sell the home. They also have the option of agreeing to requests to make repairs to homes, which is not an option when you purchase a home at a foreclosure sale. When you purchase a home that is owned by the lender you have the benefit of almost all the same options available when purchasing from a regular home owner. SHORT SALES: Buying a home that is considered a short sale or listed as a short sale can be very frustrating. The home is still owned by the seller, but the bank must agree to accept less money than they are owed. This creats a process that can take a very long time to resolve. I have been involved with offers that virtually never get a response from the lender. A lot a lenders cannot decide if it's better to accept less than they are owed or foreclose on the property, so they basically do nothing and eventually allow the home to go through the foreclosure process. Guess what - the home then becomes an REO. TAKE ADVANTEGE OF SHORT SALES & REO's, It's impossible to explain the whole process here. If you are really interested in purchasing a home for less money, then you should contact me for more details. Keep in mind that I also rebate 20% of my commission when you purchase any home from me, including reo or short sale. If you're serious about saving money and finding a great home for your family contact Dave Lawrence at 510-797-5984. You can also research all homes for sale in the east bay by sellecting "Search All Homes MLS on the navagation list to the left of this screen. FORCLOSURE: Forclosuures can be tricky. When you purchase a forclosure you must have cash available for the deposit and you need cash or solid approved financing to complete the purchase. Normally, you do not have any guarantees as to the condition of the home and you may not even receive clear title or ownership. Real estate agents do not represent buyers in the actual purchase of foreclosed homes. If you choose to follow this path do your homework.