Foreclosure Opportunities and Buying Bank Owned Properties

Foreclosure OpportunitiesWhere do most investors turn to when they seek bank owned properties and foreclosure opportunities? Sure, they take a look at free foreclosure listings or may even pay for sources of foreclosure listings in their target area. While these sources may lead to productive and profitable deals, they also require extensive research and knowledge of the market in order for an investor to tap into these foreclosure opportunities.

What other options do investors have? Well, in today’s market, more and more realtors are marketing short sales in their local MLS. While these do represent pre-foreclosure opportunities, I also think that this can be risky for the investor because many real estate agents are pretty new to short sale transactions, therefore they may just be learning the complexities of the short sale, and consequently there is the chance that the agent in charge of the transaction may not be familiar with the process of getting the short sale offer accepted and closing in a timely manner. Additionally you still have the emotional aspect of the sale and seller, a natural by-product of that can complicate deals in some cases.

A significant, but often overlooked option available to investors, are bank owned properties. This umbrella includes REO properties and HUD homes. It all ties in with the REO process, and the phase of foreclosure that follows the auction, where a lender must then sell the foreclosures in their inventory. These foreclosure opportunities are typically listed and managed by a local real estate broker and placed in the MLS for sale on the open market.

Many investors shy away from bank owned foreclosures and REO homes because they feel they have less negotiating power or simply lack the capital to make aggressive offers and play along with the rules that REO lenders stipulate. However there are indeed foreclosure opportunities to be found within the realm of REO properties. The offer process in many ways is less complicated, as there is little to no emotion on the part of the seller (the REO lender), and deals can be completed much more quickly.

There are plenty of bank owned properties, ripe with deals that are there for the picking. As rigid as REO properties or HUD homes may seem, the REO process is a very straight forward and generally uncomplicated. Working with an experienced real estate agent who is familiar with the REO transaction will help the investor buying bank owned properties.

Don’t limit your scope on real estate investments, learn from my experience on foreclosure opportunities and bank owned properties in Mammoth Lakes and the nearby communities in Inyo and Mono Counties. Contact Deanna Lantieri at the Re/Max of Mammoth REO Department for a free consultation to discuss real estate investment and foreclosure opportunities in the Eastern Sierra.

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About Deanna

Deanna is an experienced "LOCAL" REO Listing Agent providing foreclosure services in primarily the resort areas of Mammoth Lakes, Crowley Lake, June Lake, Bishop, and Big Pine, CA. Successfully closing over $40 million in REO Real Estate transactions and sales since 2005, Deanna provides professional and prompt REO Real Estate services. Click here to view my Featured Properties.

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