Welcome to the seedy world of REOs. REO stands for Real Estate Owned and  means that a bank owns the real estate in question, very often as part of a distressed situation e.g. foreclosure.

REOs are usually not in the best state of repair and they are usually “sold as is” with banks not prepared to make repairs as part of the negotiation.

REOs are usually fairly easy to negotiate in terms of price as bank normally have professional valuations to base their offer  price. Banks do usually include their own contract language as part of the contract and the language favors the bank (of course).

There tends to be competition for REOs that are in better condition because they are normally well priced and hence offer “good value” for buyer who can improve the property by investing in the property over time.

I review almost every REO that comes available in Monterey County to see if it is something my clients might like and offers good value. I am familiar with many of the banks and the processes they use to negotiate the price of homes they sell and I would be happy to share my experience and knowledge by representing you in a REO purchase, let me earn your business.