The Real Estate Market in the bay area continues to head down.  There are more bank owned properties hitting the market each day for fantastic prices.  This is a wonderful time for buyers and investors alike to hit the market hard.  For buyers and investors the method stays the same.  It is all about Location, Location, Location.  You can always find a good deal on a home in a bad area.  The trick is to find a great deal on a home in a great neighborhood.  This is becoming easier by the day.  For Investors,  the deal must have rental factors such as the cost to rent, current rents for the area and the possibility of additional equity on the property in a short number of years.

The purchase of a bank owned property is the same as any other property.  You submit an offer and wait( between 2-5 days) for an answer.  There are no special hoops to jump through, but the actual acceptance takes a few days longer.  Unlike a short-sale that can take months to get an answer as to if your offer is accepted or not.  Bank owned sales or REO’s are very easy to work with and banks will negotiate just like any other seller.  They do prefer As-Is sales and like to close within 45 days of acceptance.

 These REO properties are definitely wonderful deals and are on the market now!!  Keep your eyes open for them and find a great agent who will look for them for you to make the transaction go as smoothly as possible.