b*e
发帖数: 46 | 1 新手学习中，在Realtor.com摘下以下forclosure和REO的对比，不是太明白。里面说买
forclosure有很大的risk，主要是关于title的，运气不好的话，后果很可怕。但是REO
的房子就没有这个问题了吗？最后一句的意思是说，一般REO都是好deal吗？REO的房子
能还价吗？
---------------------------------------------------------
http://www.trulia.com/blog/stephanie_morrison/2009/04/what_s_th
What Is A Foreclosure?
Foreclosure is what happens when the lender takes possession of the property.
When a home owner fails to make the payments on his/her mortgage and have
not exercised other options, such as a short sale, the lender can begin
foreclosure proceedings. When the lender takes possession of the house, the
homeowner is no longer a party in the sale, as they would be in a short sale
situation.
Foreclosures are not sold by Realtors. Foreclosure properties are auctioned
at a Trustee Sale at the Court House in the County where the property
resides. Foreclosure properties must be paid for in full, with a cashiers
check at the time of the auction. I do not encourage buyers to consider
buying a foreclosure property, unless he/she is an experienced investor.
Some of the problems that can occur when buying a foreclosure can be the
following: Title problems, Superior loan pay offs, IRS liens, Tenants or
owners still occupying the property, and/or structural problems. The price
may seem good at auction (priced well below other houses in the neighborhood
), but your costs and risks may come after you try to take title. This can
be a very risky way to purchase property if you do not have experience in
doing so.
What Is An REO?
REO stands for Real Estate Owned property. An REO is different from a
foreclosure property in the sense that the bank tried to sell it at a
foreclosure auction and was not successful in getting bids, the bank then
becomes the owner of the property because the property was not bid on.
The bank will hire a REALTOR to list the property for sell. In order to
list the property for sell as an REO, it is often that a number of tasks
need to be done before the listing can go "active" on the market. Depending
on the property and its condition, the bank may need to do evictions of
current tenants, trash outs, cleaning/securing, and more. This is one big
perk of buying an REO rather than a foreclosure property.
When making an offer on an REO property, your REALTOR is submitting the
offer to the bank (lender) and it will need to be accepted by the bank.
Unlike short sales, the wait time on an REO property to find out whether or
not your offer has been accepted and you will or will not be opening escrow,
is often anywhere from 72 hours to one week, but this can and will vary.
An REO may or may not be the best option or the best deal, this will vary
case by case, but in general, it has been seen that when it comes to an REO,
there is usually a lot of money to be made. | o*****p
发帖数: 5952 | 2 可以讨价还价.
REO
property.
【在 b*e 的大作中提到】
: 新手学习中，在Realtor.com摘下以下forclosure和REO的对比，不是太明白。里面说买
: forclosure有很大的risk，主要是关于title的，运气不好的话，后果很可怕。但是REO
: 的房子就没有这个问题了吗？最后一句的意思是说，一般REO都是好deal吗？REO的房子
: 能还价吗？
: ---------------------------------------------------------
: http://www.trulia.com/blog/stephanie_morrison/2009/04/what_s_th
: What Is A Foreclosure?
: Foreclosure is what happens when the lender takes possession of the property.
: When a home owner fails to make the payments on his/her mortgage and have
: not exercised other options, such as a short sale, the lender can begin
| b*e
发帖数: 46 | 3 Thanks! Does it has title issue as with forclosure?
【在 o*****p 的大作中提到】
: 可以讨价还价.
:
: REO
: property.
| c********n
发帖数: 731 | 4 I think this blog mis used some terms: Foreclosure vs. auction as a
foreclosure process.
Foreclosure is a process/proceeding. It includes 3 steps:
1. Short sale, in which both seller and bank decide together how much the
property should be sold, if the debt owned to bank could be forgiven, if the
condo fee owed to HOA could be forgiven... It is for sale at the price
lower than what owner owes to the bank. There are so many pitfalls like lien
may not be marketable because owner owes money to two banks and one is ok
with the price and the other is not. Lien is just one of many issues related
to short sale, others may be house condition issue because it is sold AS IS
. The seller accept buyer's price, usually low, does not mean it will be
sold that price. after months of waiting, bank comes back and asks a much
higher price and your time is wasted.
2. When no one buy a short sale, it goes on sale at auction. It must be cash
sale and normally it won't sell because few people has that amount to buy
up front. If you know good and cheap contractor and know the house is
located in great neighborhood, it then become a good deal. Otherwise it is
not.
3. REO or bank-owned. It is sold by bank in AS IS condition. If first 2
steps won't work, bank take it back and spend the least amount of money to
renovate it and make it look the most cosmetically presentable ever. It is
usually price a little lower than market price but factoring more fix and
repairs after buying it, it still may not be a good deal.
The best deals, however, that I encountered were property sold by seniors or
estate sale, the owner of which may die or their kids need cash to send
them to nursery home. That is what you usually get great deal. | b*e
发帖数: 46 | 5 Thank you. Please chi baozi. I still don't get the difference risk wisely
the difference among short sale/auction/REO.
the
lien
related
IS
【在 c********n 的大作中提到】
: I think this blog mis used some terms: Foreclosure vs. auction as a
: foreclosure process.
: Foreclosure is a process/proceeding. It includes 3 steps:
: 1. Short sale, in which both seller and bank decide together how much the
: property should be sold, if the debt owned to bank could be forgiven, if the
: condo fee owed to HOA could be forgiven... It is for sale at the price
: lower than what owner owes to the bank. There are so many pitfalls like lien
: may not be marketable because owner owes money to two banks and one is ok
: with the price and the other is not. Lien is just one of many issues related
: to short sale, others may be house condition issue because it is sold AS IS
| b********2
发帖数: 5191 | 6 short sale/REO 都可以保证title clean, 因为都要通过escrow, 买title insurance.
Auction不保证title clean, 所以有风险. |
|
