Wednesday, March 12, 2008

REO Foreclosure Step by Step

We are investing in REO properties around Southern California and would like to share the process with everyone.

There are 3 phases to a foreclosure process:
1 - Pre-foreclosure: This is usually after the NOD (Notice of Default) has been filed. A typical sale for pre-foreclosure would be a short sale.
2 - Trustee sale: This is the process where the property is auctioned off at the county court house or at the property itself. This process is an auction format so you will need to have financing ready prior to bidding.
3 - REO or Real Estate Owned: This is when the property did not sell at the Trustee sale and the deed has been trasnferred back to the Bank.

For our investments, due to availability and numerous data available, we chose to concentrate on REO properties. We have found REO properties to be a good value compared to short sales due to willingness of the lender to take a loss.

For our research, we are scouring the MLS listing in the target neighborhoods. Once we find a few that are of interest, we have our Agent show us in and to make an offer. Of course there are other ways of finding REO properties, but we have an excellent agent and wanted to utilize his resources.

At this time, we have offers on 2 properties. We will wait to see if they are accepted.

Once an offer is accepted, we will go into detail on our exit strategy for the property. REMEMBER: Always know your exit strategy before going into any investment. This is a crucial step which will save your behind.

During the real estate boom that just passed, real estate investors did not think too highly of exit strategy because there was influx of buyers willing to purchase any property at any price. However, in the current market we are in, exit strategy is crucial and should be a deciding factor on whether you purchase a property or move onto the next one.

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