Welcome to my REO learning center
I specialize in selling bank owned homes in the following four counties. Travis, Williamson, Bastrop & Hays. Some of the homes on this website are listings which the banks have asked me to sell.Buying a bank owned home requires special expertise because you are buying the home AS-IS without any of the normal warranties provided by sellers. Below are some issues that I will help you with if you decide to purchase one of these homes from me.
Property Condition: This is probably one of the major areas of concern for both the buyer and the lender. The lender has usually never seen the property and is not willing to provide a seller's disclosure. (foreclosed properties are exempt from Texas seller requirements)
The benefits of buying a home in AS-IS condition are great. The lender has already discounted the property for things like carpeting, appliances, roof and other repair items. So the buyer basically get's their choice of all the items that need to be replaced or repaired.
There are several ways to protect the buyer when purchasing a property in AS-IS condition. We disclose and share and utilize these methods with our clients.
Title Issues: Clear title can sometimes be more difficult to obtain in the case of a foreclosure. This is not the lenders fault and in most sales it is never a concern. However obtaining a title search prior to spending time and money on inspections is essential.
When you purchase a Bank Owned home from us, we obtain a title search from a third party title company other than the Title company used by the lender.
Negotiations: Here in Central Texas, I represent and list homes for some of the largest lenders in the country. Over the years I have learned what works and what will absolutely not work in trying to obtain the best value for may clients.
Banks use Asset Managers to review and recommend all offers to their committees or investors. Usually there are several signatures required for a final approval and sale of an REO. The Asset Manager will need a complete and detailed offer and strong supporting documentation whenever we negotiate a price reduction.
Usually Bank Owned homes are priced very competitively, however in some cases appraisers have provided inflated values to the bank and it takes an experienced REO specialist to negotiate a price reduction.