Creating A Successful Mindset When Buying Anaheim Hills REO’s

You have decided to benefit from the Anaheim Hills buyers market and are planning to buy Anaheim Hills REO’s (foreclosures that are now bank owned). Now, let’s create the successful mindset that will put you one step closer to that home.

Purchasing an REO is a different process than traditional purchases and short sales. Banks are in the business to make money with money, they have stockholders and other investors to report to and increasing their bottom line is their objective. As a result, they are concerned with netting the highest amount for each sale, relatively quickly and within their predetermined guidelines.

Go into the transaction with realistic expectations and plan well, to create a best-case scenario. A process to consider is the escrow period. Although, in the purchase contract, an escrow period was agreed upon, there may be complications and delays in meeting the agreed closing date. If the bank does not meet the date then you have the opportunity to issue a Notice To Perform and then have the option of cancelling the contract. However, if the buyer does not meet the close date, the bank may charge a daily fee in the hundreds of dollars if that was a provision in the Bank Addendums. Unfair…definitely!

Can I negotiate on price and repairs during the escrow period? Anaheim Hills real estate is always negotiable, but negotiating during escrow will put you at a disadvantage. It is best to negotiate price, terms and repairs at the beginning. Complete your inspections prior to submitting your offer, so that you may factor in repair costs into your offer. Be fully aware of the condition and terms of the property prior to submitting an offer. The details may not be disclosed later or you may arrive at a situation that you would not have accepted had you known the details earlier.

Is the offer going to be cared for efficiently and accurately? Maybe, but expect otherwise. There are situations where banks “wholesale” their escrows to a company. Due to the high workload, the process may be delayed as well as increase the chance for errors. Be very attentive of the escrow process and the tasks that need to be completed, in order to complete the transaction by the ncessary date.

Evaluate and review everything. Expect that the transaction will travel through valleys but with planning and precise execution, it will lead to the purchase of a lifetime.

Find the right financing for your first home, next home, newly built house or condo, contact  me today to determine the best loan that will be of most benefit to you!

“PUSHING THE STANDARD”

Luis Gallardo Anaheim Hills Favorite REALTOR
TARBELL, REALTORS
( 888 ) 477-4610 – Office
( 714 ) 702-0713 – Direct
Luis@LuisGallardo.net – Email
www.TourOCHomes.com