BEST REO (Bank Owned and Foreclosure) DEALS!

I labeled these 'Best REO Deals' because these are properties that are newer than 2000, at least 2000 sq ft, at least 3 bedrooms, and they are all under $80 per square foot! Those are some good deals. You will rarely find these deals in Temecula. Most will probably be in Murrieta or the French Valley/Winchester area. But we will see if the trends start to change in the future. Most of these homes are around 3000 sq ft or larger (that's how they can get so low on the dollar per sq ft). Check them out.

Click Below:

REO DEALS

Don't miss out on these great deals. Don't find yourself saying, "If only I knew then, what I know now". It is THEN, and the time is NOW!

Take a look for yourself.

Temecula area MILLION DOLLAR (Bank Owned and Foreclosure) REO's!

Okay, you know you're curious! So, what are the most expensive Bank Owned homes around here? Believe it or not, there are plenty of home owners who paid MILLIONS for their home, and then defaulted. We have those right here, and they are probably part of the 'half price' inventory that this market is currently in (most of the Bank Owned properties are going for half the price they were 'worth' in 2004/2005). So, take a look!

Click Below:

Million Dollar REO'S!

These are some of the most expensive REO (Bank Owned and Foreclosure) properties in and around the Temecula and Murrieta areas. Looking for a great Bank Owned property in Southern California area, in the million dollar range? Start your search here!

REO Multiplexes - Income Opportunities under $300,000!

Okay, so this doesn't exactly look like your dream home. But it aleady is for someone else. These 'multiplexes' usually make terrific income opportunities for an investor. Most are already rented out, and at these low prices, the rent usually covers your mortgage, and then some. I've sold a lot of duplexes in the past, some that were even built in the early 1900's, and they turned out to be really good deals. If you can find some duplexes, or better yet, fourplexes, and they already have long term tenants in them, then you might find yourself a good investment.

Click Below:

REO Multiplexes!

CONDO'S - Murrieta and Temecula REO's

Here are Condo's and Townhomes in the Temecula and Murrieta areas. All are REO's. All are under $300,000. There are some great deals here if you are looking for something in the $100,000's! Condo's and Townhomes not only make terrific homes, but they are great investment properties as well. How about a condo near the college? Renting out those might be much easier. Or a 'condo' in a senior community? You don't have to be a 'senior' to purchase or own it, just to live in it. The senior community has a terrific rental market.


Click Below:

http://www.mrmlsmatrix.com/DAE.asp?ID=28122080-292065318-70

Murrieta REO's under $300,000!

Check out ALL of Murrieta's REO (Bank Owned) Properties that are listed UNDER $300,000! Murrieta has quickly become the City of Opportunity again. There are some great buys throughout Murrieta now. The City itself has grown exponentially over the past 5 or 10 years, but still has kept it's 'small town' feel to it.

The 'deals' that you're going to find here are usually on much newer and much bigger homes. Some of us Realtors like to call this market the 'half price sale' meaning that the prices you are going to find today are probably half the price that buyers paid for them back in 2003/2004. What that means for today's buyer is that they have already seen how fast these properties CAN appreciate, and most likely will again sometime in the next 10 years. But they can now purchase these properties for arouhalf the price the price that they might have bought for four or five years ago. That makes these properties MUCH more affordable in today's market.

Click Below:

http://www.mrmlsmatrix.com/DAE.asp?ID=28122095-292064323-52

Temecula REO's under $300,000

View ALL of Temecula's Bank Owned Properties UNDER $300,000. You will probably still see lots of Temecula REO properties in this properties, but usually nowhere near the inventory that Murrieta and the French Valley have.

When buyers come in and tell me that they want a newer home, that's at least 2000 sq ft plus, and they want it in the low $200,000's, in Temecula, I let them know that their choices will probably be limited. Whether it's because there wasn't quite as much growth (building new homes) in Temecula back in 2004/2005 (when most of the buyers were purchasing in over their heads), so there isn't quite as much that defaulted there. It could also be that some people prefer Temecula, so if anything does come available that is deemed 'a good deal' it is usually snapped up right away. Most of the 'deal's in Temecula (most of the homes that are available in this price range) will probably be older homes.

Click Below:

http://www.mrmlsmatrix.com/DAE.asp?ID=28122094-292063854-08

Canyon Lake REO's under $300,000

All Canyon Lake 'Bank Owned' properties. When I did a search on the MLS for the City of Canyon Lake, it pulls up ALL of the properties with a Canyon Lake address. Unfortunately that includes a few Quail Valley properties that agents like to categorize under Canyon Lake.

It's true that some of these properties have a 'legal' address of Canyon Lake on their title report, but we all know that it's not really located within the gated and guarded City of Canyon Lake. So, as you're looking through this group of properties, makes sure you are looking at the map next to the property photo, and you can see the lake somewhere near the property. If the map shows Vista Way or Casa Bonita or even Goetz Road, chances are the property is located outside of the bounderies (and gates) of Canyon Lake, and it is actually a Quail Valley property. What that also means is that particular property will not include all of the amenities of a true Canyon Lake property (lake and swimming pool priviledges, etc).

Click on the link below:

http://www.mrmlsmatrix.com/DAE.asp?ID=28124096-292068606-24

Okay, so what's the difference between BANK OWNED and SHORT SALE properties?

I hear that question almost every day. I have buyers come in and tell me they want to purchase a 'foreclosure' but they're not exactly sure what that is. Some buyers say they want to purchase from a home owner in 'distress', but that could mean the seller will have to participate in a Short Sale, and sometimes, those are much more complicated.

In a 'normal' (good) market, a seller who has equity in his property (meaning his/her home is valued more than the purchase price), he can sell his home through a 'normal' sale. If he owes $200,000 on his loan to the bank, but sells his home for $400,000 (because the value is there), most likely he will experience a normal transaction.

If that same seller owes the bank $400,000 but the value of his home has now dropped to $200,000 he will now have to do a Short Sale in order to sell his home. What that means is that the seller is in control of listing the home and is still very much the home owner (even if he is behind in his payments a couple of months), but if an offer comes in for UNDER the amount that is owed to the bank (under the $400,000 in this case), the bank with the loan (holding the note on the property) will have to APPROVE the sale.

Sometimes this process can take months. The bank will request Bank Statements, W2's, PayStubs, a Hardship letter from the sellers, and other financial data that can show the bank that the sellers cannot continue with their current monthly payments. The bank will then order an appraisal. If the appraisal comes in higher than the purchase offer price (the price the buyer is offering the seller), then the bank can counter the buyer and ask for more money. That is where the negotiation (and The Negotiator) comes in, and it usually involves some compromising from ALL of the parties involved (the bank, the buyer, the seller and even the Real Estate Agents involved). This process can take anywhere from 2 to 6 months, and sometimes will end with the home going into Foreclosure anyway, or put up for Auction before the transaction can be fully approved. In that case, the offer is no longer 'good'. And the 'Seller' now becomes the Bank.

If the property is Foreclosed upon, the Bank will be the new owner. Now the property is considered Bank Owned or an REO (Real Estate Owned) property. It used to be that the banks would put the properties back on the market, but for a price comparable to what the market used to be (in other words, they would list them too high). Now the banks have gotten wise and they realize that the lower the price, the more offers they will get, and the price will creep back up with multiple offers, and counter offers. So, the trick is if you see a new Bank Owned property that is a 'really good deal', make a strong offer right away. If it's a weekday, you have a good chance the agent will submit your offer directly to the bank, and they may just accept it right away. If you get one of those agents that sits on offers and collects them for a week or so, then your offer gets submitted as a 'group' and chances are the bank will counter back asking for your 'Best and Final' offer. With multiple offers now in, you'd better make it a really good offer if you really want the property!