skip to main
|
skip to sidebar
RepoFinder.com
Click Here to Visit
RepoFinder.com.
RepoFinder.com -
FREE List of Bank & Credit Union Repo Sales - Cars, Boats, ATV's, Trucks, RV's, Motorcycles, Airplanes, REO Real Estate, Auctions, and More.
Showing posts with label
NJ boat auction
.
Show all posts
Showing posts with label
NJ boat auction
.
Show all posts
Thursday, March 7, 2013
Buying Bank Owned Properties (REO) - http://www.realestateabc.com/homeguide/reo.htm
Buying Bank Owned Properties (REO)
by
Walt Harvey
Walt and Arla Harvey are Realtors in Honolulu,
Hawaii
.
So you’d like to buy a bank owned property?
You’ve watched the late-night infomercials and you’re ready to do the bank “a favor” and take a problem off their hands. Plus, you expect to make "a killing" in the process. Sounds great and it might just happen, but first you should take a look at some facts and get prepared.
REO vs. Foreclosure
An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough
equity
in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.
Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the
foreclosure process
. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.
Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.
REO Properties For Sale
The bank now owns the property and the mortgage loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowner’s association dues. As a purchaser of an REO property, the buyer will receive a title
insurance
policy and the opportunity to investigate the property.
A bank owned property might not be a great bargain. Do your homework before making an offer. Make sure that the price you pay (if you’re successful) is comparable to other homes in the neighborhood. Consider the costs of renovation, including time to complete them. Don’t get caught up in a ‘bidding war’ and pay over market value. It’s an old myth that “foreclosures” are a bargain.
How Banks Sell REO's
Each bank/lender works a little differently, but they all have similar goals. They want to get the best price possible and have no interest in "dumping" real estate cheaply. Generally, banks have an entire department set up to manage their REO inventory.
Once you make an offer to purchase, banks generally present a "counter-offer." It may be at a higher price than you expect, but they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible. You should plan to counter the counter-offer.
Your offer or counter-offer will probably have to be reviewed and approved by several individuals and companies. Even once an offer is accepted, the bank may insert wording like “..subject to corporate approval with 5 days."
Property Condition
Banks always want to sell a property in "as is" condition. Most will provide a Section 1 pest certification, but not unless you include it in your offer and negotiate the point. They will allow you to get all the inspections you want (at your expense), but they may not agree to do any repairs.
Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct.
Even though you agreed to “as is," always give the bank another opportunity to make repairs or give you a credit after you’ve completed your inspections. Sometimes they’ll re-negotiate to save the transaction instead of putting the property back on the market, but don’t take it for granted.
Banks do not want to see a lot of proprietary disclosures; they are exempt from the California Seller’s Transfer Disclosure Statement (TDS-14). If there are real estate agents involved, either representing you or the bank, those agents are required to provide you their disclosure statements.
Most banks will not provide
financing
on their REOs but it doesn’t hurt to ask. Especially if the property has extensive damage and you are purchasing it "as is."
Making an Offer
Before making an offer, have your agent contact the the listing agent and ask the following:
Are there any inspection reports?
What work has the bank agreed to?
Is there a special "as is" form?
How long does it take the bank to accept an offer?
How does your agent deliver the offer?
Offers are usually FAXED to the bank. The listing agent needs your originals. There is no formal presentation. Keep in mind: nothing happens evenings and weekends (banks are closed)
Since there is no face-to-face presentation to the bank, provide the listing agent with a pre-qualification or better yet, a pre-approval letter and buyer biography. Make your offer easy to accept.
Hopefully these tips will manage your expectations. Remember that REO's sell at pretty close to full market value and are not the deals presented on late night television.
Friday, December 21, 2012
New Jersey Repo Boats, ATV's, RV's, REO Property, Cars, Trucks, Airplanes, and More.
AFFINITY FEDERAL CREDIT UNION
ELIZABETH NEW JERSEY FIREMAN'S FEDERAL CREDIT UNION
GCF BANK
SOUTH JERSEY FEDERAL CREDIT UNION
SOUTH JERSEY FEDERAL CREDIT UNION (RV's)
UNION BUILDING TRADES FEDERAL CREDIT UNION
UNITY BANK (Real Estate)
Click here to search additional Nationwide Bank REO (Real Estate Owned) Properties
Above you'll find a directory of places inside New Jersey that have repo cars for sale, foreclosed homes, repossessed real estate property, mobile homes, in addition to watercraft. Lending institutions within Trenton, Newark, and other towns offer opportunities for those who are curious. Given that the loan companies are generally not in the real estate and auto sales sectors, they are usually ready to sell the repo property at discounted rates to recoup money lost on loans. Keep in mind that the process for purchasing repo items will be different in accordance with the guidelines of a given lender.
Wednesday, January 6, 2010
RepoFinder.com / Features Missouri State Bank & Credit Union Repossessions for Sale
RepoFinder.com
features a
FREE
Nationwide list of Bank and Credit Union Repossessions.
Here is a list of trusted financial institutions who sell repossessions to the public.
You can browse their inventory by visiting their listing at
RepoFinder.com
.
RIVER REGION CREDIT UNION
COLUMBIA MUNICIPAL EMPLOYEES CREDIT UNION
MISSOURI CREDIT UNION
MID MISSOURI CREDIT UNION
CONSERVATIN EMPLOYEES CREDIT UNION
EMPLOYMENT SECURITY CREDIT UNION
FIRST FINANCIAL CREDIT UNION
CSD CREDIT UNION
EDISON CREDIT UNION
MAZUMA CREDIT UNION (real estate)
MAZUMA CREDIT UNION (vehicles)
COMMUNITY FINANCIAL CREDIT UNION
CU COMMUNITY CREDIT UNION
CENTURY CREDIT UNION
ELECTRO SAVINGS CREDIT UNION
GATEWAY METRO FEDERAL CREDIT UNION
NEIGHBORS CREDIT UNION
GREAT SOUTHERN BANK (Real Estate)
BOONE COUNTY NATIONAL BANK (Real Estate)
UNION BANK (Real Estate)
WESTBRIDGE BANK & TRUST (Real Estate)
CENTRAL BANK
THE BANK OF MISSOURI
ALLIANCE BANK (Real Estate)
BANK OF BOLIVAR (Real Estate)
ROCKWOOD BANK (Real Estate)
PEOPLES COMMUNITY BANK
OZARK MOUNTAIN BANK (Real Estate)
OZARK BANK (Real Estate)
BANK OF ST. ELIZABETH (Real Estate)
BANK STAR (Real Estate)
BC NATIONAL BANKS (Real Estate)
BLUE RIDGE BANK & TRUST CO
BRANSON BANK (Real Estate)
BRANSON BANK (Vehicles)
JEFFERSON BANK OF MISSOURI
CENTRAL BANK OF LAKE OF THE OZARKS
CITIZENS BANK OF NEWBURG
HAWTHORN BANK
GARDEN CITY BANK (Real Estate)
FIRST NATIONAL BANK
FIRST CENTRAL BANK (Vehicles)
FIRSTBANK
RepoFinder.com
-
America's
FREE
list of Bank and Credit Union Repossession Sales
RepoFinder.com / Features California State Bank & Credit Union Repossessions for Sale
RepoFinder.com
features a
FREE
Nationwide list of Bank and Credit Union Repossessions.
Here is a list of trusted California State financial institutions who sell repossessions to the public.
You can browse their inventory by visiting their listing at
RepoFinder.com
.
CHEVRON FEDERAL CREDIT UNION
STAR ENERGY CREDIT UNION
POPA FEDERAL CREDIT UNION
STAR COMMUNITY CREDIT UNION
DOWNEY FEDERAL CREDIT UNION
INLAND FEDERAL CREDIT UNION (Partner site)
FIRST IMPERIAL CREDIT UNION
VONS EMPLOYEES CREDIT UNION
COAST CENTRAL CREDIT UNION
FORT BRAGG COMMUNITY FEDERAL CREDIT UNION
FRESNO COUNTY FEDERAL CREDIT UNION
CENTRAL COAST FEDERAL CREDIT UNION
COMMUNITY TRUST CREDIT UNION
VISTERRA CREDIT UNION
CHAFFEY FEDERAL CREDIT UNION
STAR HARBOR FEDERAL CREDIT UNION
MEMBERS 1ST CREDIT UNION
ALTA ONE FEDERAL CREDIT UNION
THE GOLDEN 1 CREDIT UNION
COAST-TEL FEDERAL CREDIT UNION
ARROWHEAD CREDIT UNION
PATELCO CREDIT UNION
SESLOC FEDERAL CREDIT UNION
CAL STATE CENTRAL CREDIT UNION
LASSEN COUNTY FEDERAL CREDIT UNION
TRACY FEDERAL CREDIT UNION
SISKIYOU CENTRAL CREDIT UNION
GREATER VALLEY CREDIT UNION
CALIFORNIA BANK & TRUST (Real Estate)
UNITED SECURITY BANK (Real Estate)
EXCEL NATIONAL BANK (Real Estate)
FIRST FEDERAL BANK OF CALIFORNIA (Real Estate)
CITIZENS BUSINESS BANK (Real Estate)
CITY NATIONAL BANK (Real Estate)
TOMATO BANK (Real Estate)
FINANCE AND THRIFT
FIRST CITIZENS BANK (Real Estate)
GOLDEN SECURITY BANK (Real Estate)
HERITAGE OAKS BANK (Real Estate)
KERN SCHOOLS FEDERAL CREDIT UNION (Real Estate)
KERN SCHOOLS FEDERAL CREDIT UNION (Vehicles)
KERN CENTRAL CREDIT UNION (Vehicles)
RepoFinder.com
-
America's
FREE
Source for Bank and Credit Union Repossession Sales
Older Posts
Home
Subscribe to:
Posts (Atom)
Popular Posts
FREE List of TEXAS Bank & Credit Union Repo Sales - Cars, Boats, ATV's, Trucks, RV's, Motorcycles, Airplanes, REO Real Estate, Auctions, and More.
ABILENE TEACHERS FEDERAL CREDIT UNION REPO ABILENE TELCO FEDERAL CREDIT UNION REPO ACCESS COMMUNITY CREDIT UNION REPO ALLIANCE FEDERAL CRED...
FREE List of OKLAHOMA Bank & Credit Union Repo Sales - Cars, Boats, ATV's, Trucks, RV's, Motorcycles, Airplanes, REO Real Estate, Auctions, and More.
ADVANTAGE BANK REO ALLEGIANCE CREDIT UNION REPO (3rd Party Site) BANK OF COMMERCE REO CHEROKEE STRIP CREDIT UNION REPO CITY N...
Florida Repo Boats, ATV's, RV's, REO Property, Cars, Trucks, Airplanes, and More.
1ST CREDIT UNION OF GAINESVILLE ACHIEVA CREDIT UNION ALIVE CREDIT UNION BAPTIST HEALTH S. FLORIDA FEDERAL CREDIT UNION BAY CREDIT ...
FREE List of UTAH Bank & Credit Union Repo Sales - Cars, Boats, ATV's, Trucks, RV's, Motorcycles, Airplanes, REO Real Estate, Auctions, and More.
ALPINE CREDIT UNION REPO AMERICA FIRST CREDIT UNION REPO BANK OF AMERICAN FORK (Real Estate) REO BANK OF THE SAN JUANS (Real Esta...
FREE List of North Carolina Bank & Credit Union Repo Sales - Cars, Boats, ATV's, Trucks, RV's, Motorcycles, Airplanes, REO Real Estate, Auctions, and More.
North Carolina repossessions ACCLAIM FEDERAL CREDIT UNION REPO ALLEGACY FEDERAL CREDIT UNION REPO AMERICAN PARTNERS FEDERAL CREDI...
FREE List of Tennessee Bank & Credit Union Repo Sales - Cars, Boats, ATV's, Trucks, RV's, Motorcycles, Airplanes, REO Real Estate, Auctions, and More.
Tennessee repossessions AGC CREDIT UNION REPO AMERICAN SECURITY BANK & TRUST (Real Estate) REO APPLIANCE CREDIT UNION REPO ...
FREE List of IOWA Bank & Credit Union Repo Sales - Cars, Boats, ATV's, Trucks, RV's, Motorcycles, Airplanes, REO Real Estate, Auctions, and More.
1ST GATEWAY CREDIT UNION REPO AFFINITY CREDIT UNION REPO ALLIANT CREDIT UNION REPO ASCENTRA CREDIT UNION REO (Real Estate) ASCENTR...
FREE List of New York Bank & Credit Union Repo Sales - Cars, Boats, ATV's, Trucks, RV's, Motorcycles, Airplanes, REO Real Estate, Auctions, and More.
New York repossessions 1ST NATIONAL BANK OF SCOTIA (Real Estate) REO 1ST NATIONAL BANK OF SCOTIA REPO (Vehicles) BANK OF RICHMONDVI...
FREE List of South Carolina Bank & Credit Union Repo Sales - Cars, Boats, ATV's, Trucks, RV's, Motorcycles, Airplanes, REO Real Estate, Auctions, and More.
South Carolina repossessions 1ST PATRIOTS FEDERAL CREDIT UNION REPO BNC BANK (Real Estate) REO CAPITAL BANK (Real Estate) REO ...
RepoFinder.com / Features Texas State Bank & Credit Union Repossessions for Sale
RepoFinder.com features a FREE Nationwide list of Bank and Credit Union Repossessions. Here is a list of trusted financial instituti...
Search