Bank Owned Properties Status As of March 6, 2012
"Bank Owned", "REOs"and "Foreclosures" are all synonymus, they are the name given to properties that have completed the foreclosure process and are now in the ownership of a bank who is selling it on the general market. They general sell at a discount to the similar houses that are traditional sales.
The largest supplier of bank owned homes is FannieMae, followed by FreddieMac and Bank of America, because of their aquisition of Countrywide.
Bank Owned Properties are not to be confused however with "Short Sale" where the homeowner still owns the house, but is selling it for less than they owe the bank for their mortgage and therefore needs their mortgage holder's approval before selling the home. As a result the buyer is negotiating twice instead of just once and therefore prolonging the time it takes to buy the house.
PRELISTINGS
The Prelisting Stage is where we are waiting for the banks to do any repairs, paperwork, and their own due deligence before the homes are listed on the market for the general public to buy it. Foreclosure listings in this status can only be shown by a Herlinda & Associates agent.
5153 Lenox Drive, San Diego, CA 92114
6244-6246 Wunderlin Avenue, San Diego, CA 92114
8104 Roy Street, Lemon Grove, CA 91945
725 Brookstone Road, #101, Chula Vista, CA 91913
10305 San Carlos Court, Spring Valley, CA 91978
820 Camino Del Sol, Chula Vista, CA 91910
8960 Ildica Street, Spring Valley, CA 91977
FORCLOSURES CURRENTLY ON THE MARKET
Foreclosures, also know as REOs and Bank Owned Properties are properties that have already gone through the foreclosure process and are now ready to take offers. Response times vary due to specific circumstances, but generally first responce is 72 hours. The overall times is substantially less and usually more along the lines of a traditional sale. Escrow periods can last from 2 weeks to 45 days.
Single Family Homes & Condos
1920 Larkspur Dr91901
"Bank Owned", "REOs"and "Foreclosures" are all synonymus, they are the name given to properties that have completed the foreclosure process and are now in the ownership of a bank who is selling it on the general market. They general sell at a discount to the similar houses that are traditional sales.
The largest supplier of bank owned homes is FannieMae, followed by FreddieMac and Bank of America, because of their aquisition of Countrywide.
Bank Owned Properties are not to be confused however with "Short Sale" where the homeowner still owns the house, but is selling it for less than they owe the bank for their mortgage and therefore needs their mortgage holder's approval before selling the home. As a result the buyer is negotiating twice instead of just once and therefore prolonging the time it takes to buy the house.
PRELISTINGS
The Prelisting Stage is where we are waiting for the banks to do any repairs, paperwork, and their own due deligence before the homes are listed on the market for the general public to buy it. Foreclosure listings in this status can only be shown by a Herlinda & Associates agent.
5153 Lenox Drive, San Diego, CA 92114
6244-6246 Wunderlin Avenue, San Diego, CA 92114
8104 Roy Street, Lemon Grove, CA 91945
725 Brookstone Road, #101, Chula Vista, CA 91913
10305 San Carlos Court, Spring Valley, CA 91978
820 Camino Del Sol, Chula Vista, CA 91910
8960 Ildica Street, Spring Valley, CA 91977
FORCLOSURES CURRENTLY ON THE MARKET
Foreclosures, also know as REOs and Bank Owned Properties are properties that have already gone through the foreclosure process and are now ready to take offers. Response times vary due to specific circumstances, but generally first responce is 72 hours. The overall times is substantially less and usually more along the lines of a traditional sale. Escrow periods can last from 2 weeks to 45 days.
Single Family Homes & Condos
1920 Larkspur Dr91901
Multi-Unit Foreclosures
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