Local REO Listings

I just uploaded the current local REO listings covering the following cities:

• CASTRO VALLEY
• CONCORD
• DUBLIN
• LAFAYETTE
• MARTINEZ
• MORAGA
• ORINDA
• PACHECO
• PLEASANT HILL
• RODEO
• SAN RAMON
• WALNUT CREEK

The cheapest was 1133  Meadow Lane in Concord at $110,000

The most expensive?

Almost 1.3 million at 3709  Stonehenge Way in San Ramon.

There's a wide variety of bargain housing out there.

Here's the complete list:    West Contra Costa County REO List

Eduardo Ledesma

Every Friday, Eduardo Ledesma searches the local MLS systems of Alameda, Solano, and Contra Costa for distressed investor properties.

Every Friday I get an email listing of all the properties Eduardo has found. It's a link to every property that he has determined fits my particular search requirements. He has put them all on one single page. Understand this, Eduardo doesn't just send his email to anyone. He sends the list to me because I am in his group.

Eduardo doesn't stop there. Eduardo also leads a small weekly group on a tour of selected Bank Owned Properties. You can't come. You have to be invited to go on this tour. Eduardo is what is called an REO Expert. He specializes in Short Sale and Bank Owned opportunities.

You see, Eduardo doesn't work like most Agents. He has a very defined and specific way of doing business. Eduardo will only take on clients who are ready and serious.

I bring this up because I just received a call from a reader who wanted me to forward the "Eduardo List". There's something wrong with that. This person doesn't know Eduardo. He doesn't know them.

Technology has enable the free flow of information all across the web. While the flow might be free, the work it takes to put it together isn't. The list Eduardo puts together takes up his valuable time. He's very willing to give his time to the right people.

One of the very first jobs I had was at The Sizzler back in 1977. I remember my first boss, Pat Malan. Pat had a saying he was fond of. It has stuck with me to this day.

"Don't take kindness for a weakness". Not that the caller was trying to personally take advantage of Eduardo. This is more of a case of the caller assuming that all information, especially on the internet is free.

In the end, I have introduced the the caller to Eduardo. They'll meet and Eduardo will develop a better understanding of what it is she is looking for. Instead of her receiving an overwhelming amount of useless information - she'll now get only the highly detailed and targeted content she needs.

If you would like to discuss your ideas with Eduardo - give me a call, I'd like to introduce you to him!

Mike Mueller (925) 288-9977

Technorati Tags: foreclosure investing, bank owned properties, short sales

Clouds

"Partly Cloudy", said my local weather person. Partly Cloudy is good thing if you are laying back after a picnic with your sweetheart on a summer day.

Any sentence with the cloud word in it is the last thing you want your real estate professional to utter, especially from your escrow / title person. A clouded title can easily kill a deal.

What's a Cloud?

Generally, a cloud on a title is due to someone owing someone something. Generally, that someone either didn't know about the debt, wouldn't pay the debt, or simply couldn't pay the money. Generally that cloud can be removed by a simple quit claim deed. That's the end of the generalizations.

Why is this important?

When the stock market has a correction to the downside we see the professional traders looking to buy bargains. The same holds true for real estate. There are some great bargains out there. The pro's are already looking and buying real estate. As we continue, the amateurs are going to be tempted to look for that bargain.

Obviously, those bargains can be found in various distress sales. Those distress sales come in three different flavors and have three very different levels of cloud risks associated with them.

1. Buying a Foreclosure or home that is has a Notice of Default filed against it.
2. Buying a Short Sale
3. Buying a REO or Bank Owned Property.

Buying a Foreclosure

This seller has been running behind for a long time now. There's a reason they are in default - they couldn't pay. If they couldn't pay the mortgage, they probably owe other people too. Some of those people have the ability to put a lien on their home. There's a cloud. This lien could be just a little light and fluffy cloud or it could be a thundercloud. Garbage liens - usually light and fluffy. Tax Liens or Mechanics Liens have the ability to seriously hamper a deal.

When you are buying a Foreclosure you are buying from the homeowner. Chances are they are not represented by a real estate professional (can't afford it). Are they going to initiate the title search prior to your contract? Not a chance. in a foreclosure purchase, the cloud is usually discovered after the contract. You can see how that just doesn't work, right?

Buying a Short Sale

This seller usually has a real estate professional guiding the way. They have brought the lender in on the deal. Usually they have had a title company complete a title search and discovered any liens that might be on that title. When you purchase a Short Sale, both parties will usually have a clearer picture of the deal. No surprises. That doesn't mean there won't be clouds. But those clouds will be known and can be dealt with prior to the contract. This is a big difference.

Buying a Bank Owned Property (REO)

The seller is the Lender. The property has been through the grinder. It may have started as a Short Sale. It didn't sell and so the owners fell behind to the point where it became a NOD. Once again, no sale. Finally the Trustee Auction came and due to the lack of equity it didn't sell and was turned over to the Lender.

Here's the bright and sunny on this picture. Chances are all clouds, all liens, all liabilities attached to this home were taken care of as it as it passed from the homeowner to the lender. Buying a REO? You'll probably have a clear day when it comes to title.

Wise Words

If you are looking for deal, no matter which flavor of distress you like, do yourself two favors.

1. Always use true real estate professionals who are familiar with the type of deal you are considering. As my friend Brian Brady says, "If you thought dealing with a professional was expensive, wait until you find out how much dealing with an amateur costs!"
2. Always buy the best title policy you can buy. This is not a place to try and save a few bucks. You did know that there were different levels of policies available, didn't you?

Now, just because the REO has the least chance of having a clouded title this doesn't mean you should look only at REOs. The title issue is just one piece of the puzzle. Each version has it's own specific Pro's and Cons. That REO also has the highest chance of being the most abused of the three as well. But that's an article for another day.

Technorati Tags: REO, Short Sale, Foreclosure Investing, Clouds on Title

Bank Owned Properties

Or what is commonly called REOs.  That stands for Real Estate Owned. 

The other day I gave you the link to Countrywide REO listings. 

Now here's a couple other banks.

One caveat that bears repeating; The Listing Agent has a fiduciary responsibility to the Seller in all real estate transactions.  

What this means in plain english is that they are going to do the best for the Seller  - not you, the Buyer.  You should be represented by a professional real estate agent who is very familiar in the process of buying a REO.  The Buyers Agent has a fiduciary responsibility to you, that's a good thing!

 

• Bank Of America (not many listings)
• CitiMortgage Properties for Sale
• Chase-owned Property Search
• Coldwell Banker - REO properties
• Downey Savings Foreclosures
• HSBC - Real Estate Owned List
• Indymac Bank Foreclosures
• Ocwen - Residential Properties
• Regions Bank
• Wells Fargo - Premier Asset Services
• Wilshire Credit Corporation

   

Technorati Tags: Buying REO, REO LIstings

Got REO?

Thinking about buying an REO in the near future?

Here's a link to Countrywide's REO pages. Each one is listed with a licensed real estate professional*.

*  Remember the fiduciary responsibility of the Listing Agent is to the Seller (Countrywide) - Use your own agent!

 

The cheapest in all of California is... 

This is where Alex used to live...

58 TRILLIUM PL,
ALISO VIEJO, CA 92656

Listed at just $467 but you can bet that's a typo.  I went looking for the property and found only this comment in a Disney Fan site for Hannah Montana (Miley Cyrus): 

Dear Miley from Alex

Hannah Montana (Miley Cyrus) Ilove your songsand I cant wait untill you make another.Please mail me am autograph haha just kidding! But if you have time please mail me one my address is 58 Trillium Place my zip is 92656 Aliso Viejo,CA im 9 years old and I love You Peace! Your pic is a big hit!

I'm thinking Alex deserves the autographed pic, she's already been through some tough times.  Of course, she's now 11 years old and certainly doesn't live there any more.

Second is a SFR in LAKE ELSINORE, CA for $34,900.00.  That sounds a little more reasonable.

What's the most expensive listing in Countrywide's REO storefront you ask?

877 ISLAND AVENUE UNIT 1102,
SAN DIEGO, CA 92101

That better be the penthouse at $1,754,900.00!

Update: That's not a typo, I checked.  Here's the listing.  It's a penthouse alright.  And I hope you like baseball.

This is your view...

  

Click on the map to check out the Hood

I would think that if I was paying 1.7 for a 2 bed/2.5 bath, 2914 sq.ft Penthouse, I'd have that scoreboard lowered as well.

Play Ball!

Here's some local REO listings to feed on.

Countrywide REO Properties in Contra Costa

City	Address	Type	Contact Name	Contact Phone#	List Price
ANTIOCH	1116 BOND COURT, ANTIOCH, CA 94509	SFR	JIM MANN	925-7790700	$324,900.00
ANTIOCH	1214 SYCAMORE DRIVE #4, ANTIOCH, CA 94509	Condo	CECILY TIPPERY	925-6347820	$149,900.00
ANTIOCH	1305 MARIE AVENUE, ANTIOCH, CA 94509	SFR	C. DAVID BROWN	925-9431414	$304,900.00
ANTIOCH	1316 WEST 7TH STREET, ANTIOCH, CA 94509	SFR	JOHN CASE	925-3087045	$219,900.00
ANTIOCH	1872 MOUNT CONNESS WAY, ANTIOCH, CA 94531	SFR	ELIZABETH "LIZ" MAHONEY	925-3314100	$497,900.00
ANTIOCH	1909 WOODLAND DRIVE, ANTIOCH, CA 94509	SFR	ELIZABETH "LIZ" MAHONEY	925-3314100	$314,900.00
ANTIOCH	1915 BADGER PASS WAY, ANTIOCH, CA 94531	SFR	ELIZABETH "LIZ" MAHONEY	925-3314100	$502,900.00
ANTIOCH	1965 HULL MOUNTAIN C, ANTIOCH, CA 94531	SFR	CECILY TIPPERY	925-6347820	$634,900.00
ANTIOCH	2045 CRATER PEAK WAY, ANTIOCH, CA 94531	SFR	CECILY TIPPERY	925-6347820	$389,900.00
ANTIOCH	2080 GOLDPINE WAY, ANTIOCH, CA 94509	PUD	CATHERINE MARPLES	925-6348040	$589,000.00
ANTIOCH	2121 DENNIS DRIVE, ANTIOCH, CA 94509	SFR	C. DAVID BROWN	925-9431414	$274,900.00
ANTIOCH	2427 CARPINTERIA DRIVE, ANTIOCH, CA 94531	SFR	CECILY TIPPERY	925-6347820	$469,900.00
ANTIOCH	2460 SEQUOIA DR, ANTIOCH, CA 94509	SFR	C. DAVID BROWN	925-9431414	$337,900.00
ANTIOCH	2480 SILVERIA WAY, ANTIOCH, CA 94531	SFR	CECILY TIPPERY	925-6347820	$582,900.00
ANTIOCH	2524 HOOFTRAIL WAY, ANTIOCH, CA 94531	SFR	DAVE KELLEY	925-2289985	$429,900.00
ANTIOCH	2709 STANLEY COURT, ANTIOCH, CA 94531	SFR	CECILY TIPPERY	925-6347820	$679,900.00
ANTIOCH	2756 CAPISTRANO STREET, ANTIOCH, CA 94509	SFR	JIM MANN	925-7790700	$269,900.00
ANTIOCH	2918 MORRO CT, ANTIOCH, CA 94531	SFR	CECILY TIPPERY	925-6347820	$343,900.00
ANTIOCH	3015 N. FRANCISCO WY, ANTIOCH, CA 94509	SFR	CECILY TIPPERY	925-6347820	$359,900.00
ANTIOCH	3209 ISLEWOOD COURT, ANTIOCH, CA 94531	SFR	DON MCDONALD	707-4224411	$299,900.00
ANTIOCH	3321 G ST, ANTIOCH, CA 94509	SFR	C. DAVID BROWN	925-9431414	$347,900.00
ANTIOCH	3901 WELCH WAY, ANTIOCH, CA 94531	SFR	ELIZABETH "LIZ" MAHONEY	925-3314100	$432,900.00
ANTIOCH	3940 FOLSOM DRIVE, ANTIOCH, CA 94531	SFR	ELIZABETH "LIZ" MAHONEY	925-3314100	$439,900.00
ANTIOCH	4127 MOUNT ISABEL ROAD, ANTIOCH, CA 94531	SFR	CECILY TIPPERY	925-6347820	$449,900.00
ANTIOCH	4208 MERCED CIRCLE, ANTIOCH, CA 94531	SFR	FRANK BATCHA	707-7496315	$432,900.00
ANTIOCH	421 WEST 10TH STREET, ANTIOCH, CA 94509	SFR	C. DAVID BROWN	925-9431414	$349,900.00
ANTIOCH	4454 BUCKEYE WAY, ANTIOCH, CA 94531	SFR	ELIZABETH "LIZ" MAHONEY	925-3314100	$614,900.00
ANTIOCH	4831 KNOLLCREST DR, ANTIOCH, CA 94531	SFR	ELIZABETH "LIZ" MAHONEY	925-3314100	$423,900.00
ANTIOCH	49 BRYAN AVENUE, ANTIOCH, CA 94509	SFR	JIM MANN	925-7790700	$249,900.00
ANTIOCH	5009 CRESTPARK CIR, ANTIOCH, CA 94531	SFR	CECILY TIPPERY	925-6347820	$367,900.00
ANTIOCH	5016 WAGON WHEEL WAY, ANTIOCH, CA 94531	SFR	DAVE KELLEY	925-2289985	$386,900.00
ANTIOCH	5054 CRESTPARK CIRCLE, ANTIOCH, CA 94531	SFR	CECILY TIPPERY	925-6347820	$393,900.00
ANTIOCH	5101 COMANCHE COURT, ANTIOCH, CA 94531	SFR	GINA FORONDA	510-7993579	$432,900.00
CONCORD	1471 DEL RIO CIRCLE UNIT C, CONCORD, CA 94518	Condo	JIM MANN	925-7790700	$244,900.00
CONCORD	1747 LEMONWOOD DRIVE, CONCORD, CA 94519	SFR	JIM MANN	925-7790700	$484,900.00
CONCORD	1806 LANDANA DRIVE, CONCORD, CA 94519	SFR	FRANK BATCHA	707-7496315	$443,900.00
CONCORD	2200 LAGUNA CR G,, CONCORD, CA 94520	Condo	FRANK BATCHA	707-7496315	$199,900.00
CONCORD	2877 LA SALLE AVENUE, CONCORD, CA 94520	SFR	C. DAVID BROWN	925-9431414	$324,900.00
CONCORD	2900 HILLTOP ROAD, CONCORD, CA 94520	SFR	ELSA LEWIS	918-2176424	$369,900.00
CONCORD	3030 TOSCA WAY, CONCORD, CA 94520	SFR	MICHELE MANZONE	510-6628545	$342,900.00
CONCORD	5442 E ROUNDTREE CT, CONCORD, CA 94521	SFR	JIM MANN	925-7790700	$246,900.00
Concord	108 SUMMERWOOD PLACE, Concord, CA 94518	Condo	ELIZABETH "LIZ" MAHONEY	925-3314100	$438,900.00
PITTSBURG	1094 CHESAPEAKE DRIVE, PITTSBURG, CA 94565	PUD	GINA FORONDA	510-7993579	$435,900.00
PITTSBURG	1333 MAPLE STREET, PITTSBURG, CA 94565	SFR	JIM MANN	925-7790700	$289,900.00
PITTSBURG	134 PEPPERMILL LN, PITTSBURG, CA 94565	PUD	GINA FORONDA	510-7993579	$209,900.00
PITTSBURG	1918 PLYMOUTH DRIVE, PITTSBURG, CA 94565	PUD	JIM MANN	925-7790700	$329,900.00
PITTSBURG	2 BROOKTRAIL CT, PITTSBURG, CA 94565	SFR	DAVE KELLEY	925-2289985	$594,900.00
PITTSBURG	2203 JACQUELINE DR, PITTSBURG, CA 94565	SFR	CECILY TIPPERY	925-6347820	$369,900.00
PITTSBURG	348 E 3RD ST, PITTSBURG, CA 94565	SFR	GINA FORONDA	510-7993579	$389,900.00
PITTSBURG	52 BELL DR, PITTSBURG, CA 94565	SFR	CECILY TIPPERY	925-6347820	$334,900.00
PITTSBURG	827 CARPINO AVENUE, PITTSBURG, CA 94565	SFR	MICHELE MANZONE	510-6628545	$309,900.00
PITTSBURG	973 PROMENADE DRIVE, PITTSBURG, CA 94565	SFR	FRED EVERETT	707-7458800	$558,900.00
Pittsburgh	1075 Muir Creek Dr, Pittsburgh, CA 94565	SFR	DON MCDONALD	707-4224411	$518,900.00
PITTSBURGH	304 SADDLEHORN DRIVE, PITTSBURGH, CA 94565	SFR	GINA FORONDA	510-7993579	$859,900.00

 

  

Technorati Tags: Buying REO, Countrywide REO

Risks and Rewards

In searching the internet for relevant Investment information I came across another well written article and much to my surprise it was written by a local bay area investment real estate agent, John Nazareno.

Here's is the post John wrote. You can also read it as he wrote it here.

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There are many different things to invest in these days. One investment route which individuals take is with regard to foreclosures. Foreclosures occur when the current homeowner of a property fails to pay their monthly mortgage and the property is repossessed by the lender. There are various risks and rewards which go along with investments of this type and some of these will be discussed below.

Advantages and Disadvantages to Buying Pre-Foreclosure Properties

One type of property sale which relates to foreclosures is the pre-foreclosure sale. A pre-foreclosure sale occurs when the lender allows the homeowner with past due mortgage payments to sell the home on their own and pay back the lender what they can from the sale of the home. The lender often agrees to this so that they do not have to get involved w