Rivermark Homes & Real Estate » Bank Owned

Foreclosed and Bank Owned in Rivermark

vbrasil — Wed, 19 May 2010 23:25:20 +0000

It’s happening less and less, but they are still out there. Of course I’m referring to distressed homes, short sales or bank owned properties.

Rivermark currently has one bank owned home on the market. Its a 2 bedroom Park Plan 2 and its listed at $575K. On paper it seems like a great deal, but the home is situated on Lick Mill and needs some work, not a whole lot but it definitely isn’t showing its full potential.

This home has been listed for some time, but no takers yet. Which prompts me to ask, why? Bank owned homes are supposed to be deals and as a buyer you should expect to get a great price on one of these properties. The reality is that even if the home is bank owned if it is situated in a great neighborhood where demand is high, it will likely not sell as low as you think.

A home like the one I’m referring to in Rivermark is a great example. This home if sold on the market through a regular seller and not be a short sale, would likely sell in the low to mid $500K range. Perhaps a seller would do the small level of cosmetic repairs and stage the home to appeal to more buyers and get a better price. That’s really the only difference. Bank owned or REO homes, although they typically will not show as well as their regular sale counterparts, the sale price will probably just reflect the poor showing and the work that the new owner will have to do to get the home to move in condition.

So how do you spot a deal on a bank owned home? Well you have to make sure the work that would be involved in repairing isn’t that much. In this case the home has some nice updates like the hardwood floors, granite tile countertops, upgraded kitchen and bathroom tile, and upgraded carpet. The work that would need to be completed would be interior painting $2500 and new appliances $3000 – $5000. Once those are in this home would show like a model.

In this case the buyer will have to have good timing to get this property at a good price. The asset manager is asking more than what the market is considering fair and will eventually have to lower his price. Quite a number of asset managers do this reluctantly and do not negotiate the price down too far from list. There have been some occasions where the asset manager have taken low ball offers without countering when the market had been sitting on the market for some time, or the contract cancelled due to some problem relating to the property. Getting a good deal on one of these REO’s you will have to sit tight until the asset manager drops the price to a comfortable level that you are interested in or just happen to catch them on the right day with a offer.Similar Posts:

Bank Owned or REO Townhome in Rivermark

vbrasil — Thu, 05 Nov 2009 01:07:23 +0000

4464 HEADEN WAY, SANTA CLARA – RIVERMARK

Bank Owned Rivermark Townhome

Type: Townhouse
Status: Active
List Date: 11/03/09
Price: $633,900
Last Modification Date: 11/03/09
Location: 4464 HEADEN WY, Santa Clara, CA 95054 (map)
Bedrooms: 3
Bathrooms: 2.5
Approx. Sq. Ft.: 1716
Approx. Lot Size: 1,306.sf
Approx age: 6
MLS#: 80952017

This is the latest REO or bankowned property for sale in Rivermark, Santa Clara. There are a number of these Park town homes currently in default and will likely end up as more bank owned listings. The difference now is that they are likely to be snatched up by the increased buyer activity that has been mounting in past weeks. I don’t expect this town home to make it a full week on the market with out multiple offers.

For those of you shopping for bank owned homes and expecting deals, understand that Bank Owned or REO properties sell at market prices. That isn’t to say that because of their state or poor showing condition they are likely to sell lower than a conventional sale, I still feel Bank Owned homes and still a good deal. If you have all cash now they are especially good as many lenders are taking lower priced all cash offers over higher financed offers.Similar Posts:

Rivermark Notice of Defaults, Notice of Trustee Sale and Bank Owned

vbrasil — Sat, 22 Aug 2009 22:45:04 +0000

Currently in Rivermark there are 17 homes in some form of distress, either owners in default, trustee sales that have been scheduled and properties that have already been foreclosed and are currently bank owned. Out of the seventeen distressed properties, 2 are single family homes and 15 are town homes.

Some of the distressed homes are already short sales pending sale, some are bank owned homes that are listed or pending sale. Leaving about 11 homes that are in some form of distress that may come up for sale.

Conversations with my buyers about foreclosure moratoriums and pent up foreclosures that will hit the market in the coming months just are not the case in Rivermark. As you can see there are only 11 homes left that may eventually come to sale. Keep in mind some of these home owners my successfully modify their mortgages, in a rare occasion they may become current on their mortgage, or eventually opt for a short sale and avoid foreclosure.

If you have any questions about the Rivermark development please call me and I will be happy to assist you.

Foreclosure Lingo:

Notice of Default: Letter sent to party as reminder loan has not been paid; may include a grace period and penalties for failing to cure the default. May lead eventually to a Notice of Trustee Sale.

Notice of Trustee Sale: Non-judicial action in which trustee may auction and sell property secured by a deed of trust subsequent to default in terms and conditions of loan.May lead eventually to a Trustee’s Deed.

Trustee’s Deed: Type of deed issued to buyer at foreclosure by trustee. In this case it is the primary lien holder generally the first primary bank or lender.
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