Fortunately, there are people who are focused on helping you through the process of buying bank-owned properties. These are agents who specialize in the ins and outs of REO properties.

When investing in REO properties, look for agents who will:

Explain to you how the foreclosure process works in your area in layman’s terms.

Different states have different laws regarding foreclosure sales. When dealing with REO homes, the best agents will know the basic laws and have contacts in real estate law who are readily available to answer any questions and address any nuances that may arise. Because the process is so different from a standard real estate transaction, not every real estate agent can get access to REO properties to sell them. Agents experienced with bank-owned properties can get their hands on lists of REO homes for sale (or that will soon be for sale) that other real estate agents can’t get.

Arm you with the tools you need to find the best REO properties to suit your needs.

Agents who specialize in bank-owned homes also have access to online REO listings, bidding platforms, and other real estate services to help you find the most listings and the best deals in REO homes. You can see photos and get other detailed information about REO homes for sale without having to drive to each and every property. There are also applications for handheld devices, as well as tools and processes that technology savvy agents will use to provide you with information on REO properties as quickly as possible.

Help you get as much information as possible about the condition of the REO home for sale.

An official inspection might seem like an obvious “must-do,” but quite often, banks will try to sell an REO home as-is and won’t allow an inspection. A good agent will work to negotiate on this point, or at the very least, allow you to bring an inspector with you during a visit to the home before you sign any paperwork. An inspection is critical when purchasing a property that has been foreclosed on, because the previous homeowners (or renters) may not have had the money or the inclination to keep the home in good condition. If the home is occupied upon foreclosure by the previous homeowners, tenants, or squatters, an inspection may not be in the cards.

Provide information about the history of the REO property for sale, as well as the neighborhood in which the REO property is located.

When it comes to REO investments, the best agents will provide information about the percentage of other homes in the neighborhood that have been foreclosed on or are in pre-foreclosure; data about when homes have sold and for how much; the condition of homes in the area, etc. This may involve reaching out to neighbors and asking questions, and is especially important if you’re unable to obtain an inspection. A good agent will also find out if there are any outstanding taxes, HOA dues (when applicable), or other liens on the property.

Educate you on national and local laws regarding current occupants of the foreclosure property.

One of the challenges of purchasing an REO home is that there’s no guarantee the home will be vacant when you come into ownership of it. Renters who weren’t informed by the previous owner that the house was under foreclosure in time to find a new residence may still live there. Or, a homeless person may be using the property as a shelter, even if the electricity and water is shut off. Whatever the case may be, you’ll want to know your legal rights, as well as the current renters rights, in your area. Keep in mind that they may be different from state to state, and a good ‘agent will understand the laws related to the foreclosure sales process or have a relationship with someone who does.

Assist you during the process of submitting an offer on an REO home.

The paperwork and processes involved in making on offer on an REO property are very different than your standard real estate offer. There are rules and stipulations that can be confusing to most homebuyers and many agents, but that agents who specialize in REO homes know like the backs of their hands. Whether you bid on an REO property online or through some other means, it’s important to find an agent that can make sure you do everything by the book so that your offer is considered (and not thrown out because you unknowingly missed a step or left out some required information).

Of course, no one can eliminate the possibility of hiccups in a real estate deal completely, or in any deal for that matter, but an agent experienced in foreclosure properties will educate you on all the details of the process. That way, you know what to expect and can feel confident in your decision to invest in a particular REO property (or not).

Pay your bills on time. The longer your history of paying your bills on time, the better your score.
Keep balances on your revolving credit (credit cards) below 50% of your available credit.
Pay down as much revolving debt as possible.
Don’t apply for new credit cards, and don’t bother to cancel unused cards; either of these actions may actually lower your score.
Don’t increase your debt; for example, if you are shopping for a property, do not decide to buy a new car at the same time.
There is a significant amount of documentation required when you apply for a loan. This checklist should help you to collect some of the items you will need to accurately fill out your loan application. To save time and frustration during the loan process, start gathering the documentation listed below as soon as possible.

Residence History:

Your addresses for the last two years, and length of time at each address
If you currently rent, your landlord’s name and address for the last twelve-month period
Employment History:

The names and addresses for each of your employers over the last two-year period
The dates you worked at each place of employment
A letter explaining any gaps in your employment in the last two years
Original pay stubs for the last thirty days
Last two years’ W-2 and/or 1099 forms
Last two years’ tax returns
If self employed, year to date profit and loss statement and current balance sheet
Transcript of diploma if you were a student in the last two years
If retired, a retirement, social security or disability-award letter and a copy of your most recent check
For All Savings, Checking Or Investment Accounts:

The names and addresses of each financial institution and account numbers
The current balance or value
Three months’ bank statements on all accounts
If applicable, three months’ statements for IRA’s, Keoghs, 401K’s or profit sharing
Personal Property That You Own:

The net cash value of your life insurance
The make, year and value of your automobile
The value of your furniture or other personal property
Real Estate That You Own:

The property address(es); The estimated market value, outstanding loan balance and the amount of your monthly payment
If applicable, the amount of your monthly rental income
For All Outstanding Loans And Credit Cards:

Coupon Book or most recent statement for every account you have open
There are literally hundreds of loan programs available specific to the type of property you intend to buy, from fixed rate loans to adjustable, interest only, and balloon payments. Then there is commercial lending; loans specific to apartment buildings or retail space. I could go on and on; plus, rates and loan programs change daily. That is why finding the right lender is extremely important to your investing success. A lender who knows your needs and financial situation will be able to find the best loan products to get you into the property you want.

E-waste accepted includes: Computers, monitors, printers, network equipment, cables, telephones, televisions, microwaves, video games, cell phones, radios, stereos, VCRs, and electronic toys. 

They do not accept: Business waste, ammunition, explosives, radioactive material, biological waste or tires. Bulky Items: furniture, refrigerators, washing machines/dryers, conventional ovens, paper, computer software. 

S.A.F.E Centers for hazardous waste 

San Pedro: Gaffey Street

1400 N. Gaffey St. San Pedro, CA 90731 

Hours of operation:

Saturdays, and Sundays

9:00 a.m. to 3:00 p.m. 

Los Angeles: Los Angeles-Glendale Treatment Plant

4600 Colorado Blvd. Los Angeles, CA 90039 

Hours of operation:

Saturdays and Sundays

9:00 a.m. to 3:00 p.m.

Los Angeles: Washington Boulevard

2649 E. Washington Boulevard Los Angeles, CA 90021

Hours of operation:

Saturdays and Sundays

9:00 a.m. to 3:00 p.m.

In Orange County- Rainbow Disposal in Huntington Beach is an option.

Hours: 9:00 A.M. to 3:00 P.M.
Tuesday through Saturday (except rainy days).

In order to improve our service to the public, we ask participants to complete a short survey form at the event. To expedite the process, please print and take the completed form with you to the collection event. You may print the survey forms in English or Spanish.
 Events are from 9:00 a.m. to 3:00 p.m. (unless otherwise noted). There is a transportation limit of 15 gallons or 125 pounds of hazardous waste per trip.  Rain or shine, collection events will be held as scheduled. ]]> http://reosity.com/lakewood_real_estate_blog/2010/03/long-beach-hhwe-waste-collection-event/feed/ 0 http://reosity.com/lakewood_real_estate_blog/2010/03/buyers-who-wait-may-lose-a-lot/ http://reosity.com/lakewood_real_estate_blog/2010/03/buyers-who-wait-may-lose-a-lot/#comments Sat, 06 Mar 2010 00:43:47 +0000 Jim http://reosity.com/lakewood_real_estate_blog/?p=36  
Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

Source: Money Magazine, Beth Braverman (03/02/2010)

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