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We created a resume for REO and Banks that have bank owned properties in the east bay. If you would like to see how we manage our business representing bank owned homes, please click on Bank owned home in the east bay. If you are a buyer interested in purchasing a bank owned home, here are a few tips.

1.    Hire a competent Realtor that can get you the deals when they come on the market. The good REO properties go fast.

2.    Be pre-approved and ready to buy.

3.    Don’t think that cash is king. Banks care about their bottom line; many times bank’s will accept an offer that is more even though it’s has a loan.

4.    Be ready to accept the property in its current condition, but allow enough time to do inspections.

5.    Don’t think that a bank will counter your offer. Make your first offer your best and final.

These past 5 weeks we have been involved in selling bank homes in Martinez, Pittsburg, Antioch, Richmond and Oakland. What’s been interesting has been the amount of interest we’ve received and the gambit of choices that are out in the market. There are hordes of people now buying bank owned homes in Contra Costa and Alameda counties, especially in Antioch, Pittsburg, Concord, Hayward and Hercules. Whos is buying these bank owned homes so quickly?  It’s investors with the cash and first time home buyers who understand the tremendous opportunity for them to get into a home at a great price.  Buying bank owned homes makes sense for both groups. Many have been cash buyers, but many have been buyers utilizing the FHA loan programs. The buyers that succeed in buying bank owned homes are those that come closest to the asking price. In many cases we have received offers that are significantly above the asking price. We try to price these bank owned homes at or slightly below current market comparables. From our perspective, we have seen many buyers being represented by many different agents, some using strategies that are doomed to fail. Using what we have learned and observing what has not worked for many agents, we developed a website specifically for foreclosure and pre-foreclosure homes that may help you when you are ready to buy your bank owned home.  The nice thing about this website is that the search has filtered out all the non-bank owned homes for sale in the East Bay so you can easily zero in on only bank owned homes in whatever area(s) interest you.  There are also some great tips to help you succeed when you make your offer.  The website name is a little long, but easy enough to remember since it tell you exactly what you will find there; www.FirstTimeBankOwnedHomeBuyer.com

On Tuesday afternoon I felt the need to get away and spend quality time at the golf course. So I went to San Ramon Golf Club and paid my $17.00 for their super twilight special. It must have been destiny because I ran into a gentleman I played golf with earlier this month. He is the owner of Danville Bowl and we talked about the specials and their point system offered at San Ramon Golf.

When I had met him earlier this month, I had mentioned to the owner of Danville Bowl that I had taken my Boy Scout Troop, Troop 60 of Danville, to a midnight bowling event at his bowling alley. I would recommend to any group that wants to have an event for older kids, check out Danville Bowl’s midnight madness bowling events.

Yesterday I had a conversation with a friend that will be facing foreclosure in Danville CA. within the next month. Today I had a conversation with an agent that had a client who wanted to do a short sale on their rental property in Livermore CA. Let’s face it, regardless of your situation (married, single, divorced or widowed), many homeowners are facing the daunting prospect of losing their property or home and having a negative impact on their credit score. I remember years ago in a training session at my Real Estate office when the topic of short pay came up. At that time, we glossed over it due to the condition of the real estate market . Boy have things turned around!

Due to these conditions, I have seen a lot of “short sale and foreclosure” trainers come out of the woodwork. My advice is find a competent Realtor that understands YOUR needs and concerns. At the end of the day, your fate will be at the hands of your lender and you may not have the control you think.

Here is a link to Short Sales and Foreclosures. I hope you read these for education purposes only.