Condition of Bank Owned Homes Eliminates Most Buyers

Condition of Bank Owned Homes Eliminates 75% of Buyers

Bank owned foreclosure homes in San Mateo County represent a small subset of the overall housing resale market, and most are in need of rehabilitation. The serious damage to most bank owned homes that often exists pretty much eliminates 75% of all qualified buyers as only very particular financing is available for property of this type.

Most Desirable San Mateo Homes Will Not Suffer Foreclosure

The reality is extremely desirable San Mateo homes will probably not suffer foreclosure; the most desirable homes will sell in any type of market. Homes in a great location with superior features and amenities will sell through the conventional resale market.

Work with a Realtor Who Can Help Pre-Screen Ineligible Properties

The generally poor condition of Bank Owned (REO) foreclosure properties makes financing very problematic. So it’s important for you take the right people with you before writing an offer. More importantly, you need to work with a real estate agent that can help pre-screen these properties for serious, deal killing problems. It makes no sense to tie a property up in escrow only to cancel that escrow after spending time and money on inspections when many of these problems can be identified. And, because lending is very limited for these properties, an inexperienced and ill-informed real estate agent can waste your time with these properties if your financing requirements do not match the property.

Often Times Bank Owned Homes are Genuine Fixer Uppers

Often we see homes trashed and virtually looted. Ranges, ovens, dishwashers, doors, electrical fixtures, bath tubs, furnaces and air conditioners have been stolen. Properties have been vandalized, walls and ceilings marred almost beyond repair, and electrical wiring ripped from walls. That’s called a genuine “fixer-upper.”

Able to Fix Up Homes or Need a Reliable Lender? Call Us!

If you’re an investor with fix up skills, now may be an excellent time to take advantage of this market niche. If you would like to examine the buying opportunities available in this market environment, or if you would like a recommendation to a reliable lender who specializes in re-habilitation loans, give us a call at (650) 655-2500 or send us an email at info@LivingWellinSanMateo.com and we can send you some recommendations.

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

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