I would like to explain how the REO process works from the time I get assigned a listing till it sells.
First Most of my listing are assigned by Fannie Mae, they insure loan against default, but when payments stop and the foreclosure process is completed and the home is not sold at the auctions on county court steps to third parties then it is usually assigned to a Fannie Mae Representative or Broker in the area of foreclosure. We as Brokers are Fannie Mae's eyes and ears for pictures that establish condition and marketability and for Broker price opinions that helps establish the value. The value is also established by a local appraiser who appraises the property. These values are then evaluated by an Asset manager and a price is established. Then the home is listed. A listing can take up to 30 days to 90 days depending on how they decide to market it. Repaired, Lender Required and safety Repairs only, or AS IS.
I want all of you to know most of these listing are not fire sales, you get the best deals at local auctions, I do not participate in these. They are cash on the barrel head you must have cashier check to verify payment before biding. If your looking for fire sale it's not going to happen if the home had been repaired and is available for all type of financing. A good deal may occur only with all other attempts to selling have failed. Then Fannie Mae sends these home to an auction company like Auction.com for sale to highest bidder, but don't let the starting bid fool you, it to get you to bid. There is a reserve on most homes place on the market by Auction.com and subject to Asset manager acceptance. I have so many buyer or investor want to buy a perfectly good home for peanuts again this will not happen.
If you do want to make an offer it has to be done online by a REAL ESTATE AGENT go to www.homepath.com for instructions, if you need agent help call 661-912-1910 ask for Teri she is a licensed agent and office manager and offers coordinator.
If your offer is accepted, there are is a Fannie Mae addendum that overwrites some terms in the original CAR contract that is filled out when you make the offer. To a unfamiliar Real Estate agent. Short inspection periods, 48 hour deposit wiring instruction will be sent buyer on acceptance and numerous other contract changes that are Fannie Mae's Rules. You must be an seasoned agent to understand quickly what's needed or when the bidding starts you may loose out to someone that is not seasoned.
In conclusion I have touched on just some of process so for questions call Teri at 661-912-1910 after you read this is still in the dark or not understanding.
Ron Sullivan, Broker Sully & Associates