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What doews it mean when it says “real estate Owned”?

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Los Angeles Foreclosures are still on the rise and REO properties listed for sale can offer real value for the money. This epsiode of Real Estate Happens eps.#107 features Van Nuys, California with Realtor Agent Host John McQuilkin. Serving all your Real Estate needs from the Mountains to the Sea! I specialize in homes and estate properties throughout Los Angeles including The Sunset Strip, Hollywood Hills, West Hollywood, Santa Monica, Venice Beach, Van Nuys, Studio City, Sherman Oaks, Encino, Tarzana, Reseda, Woodland Hills, West Hills, Winnetka, Canoga Park, Chatsworth Horse Properies, Panorama City, Arleta REO foreclosures and bank owned houses, North Hollywood, Sunland, Sun Valley, Pacoima, Sylmar, Silverlake, Century City, Beverly Hills. Real Estate Agent / Realtor to the Stars helping first time buyers to multi-million dollar investors. I know top Realtors and real estate agents all across the world and will gladly refer you to a top Realtor like myself. To search for homes all across the world simply click: www.SuperHomeSearch.com Thanks for watching and taking the time to rate and comment on the video. Please be sure to check out my other shows “Hollywood Happens” & “LA Happens”. John McQuilkin – Real Estate Happens – The Unofficial Spokesperson of Real Estate Priceless Experience you can count on! email John@SuperHomeSearch.com DRE# 1338501
Video Rating: 4 / 5

Question by B: What doews it mean when it says “real estate Owned”?
Does it mean that the real estate office sells it for the price it has on there. I found a house in california and its for sale at 436. And it also says real estate owned. Does that mean I buy the house from the real estate at 436. Are there any other fees that go with these costs? And roughly how much would it be altogether with the house and fees. Give me some numbers. thanks

Best answer:

Answer by having_a_blonde_day_lol
I expect that it means that the house is owned by the real estate itself and you would purchase it as if it belonged to any other home owner. The agency has to disclose this if an agent owns the property it is selling so that way the purchaser is not deceived. It would not incur any other costs than a normal sale.

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  • Draba123

    I don’t know the details of purchasing an REO house but I work for a company that sells and buys loans and REO loans mean that the property has been put into foreclosure due to delinquency.

  • Johnny

    It does mean that the property is owned by a real estate agent and I would really consider not buying the home because i have heard that RE agents could easily cover up any problems that are not easily fixed.

  • Math Helper

    REO properties, commonly referred to as bank foreclosures, are homes that are bank-owned. After borrowers default on their home mortgage loans, lenders must buy back the properties at auctions to recover their losses.

    REOs are basically foreclosed homes. You would buy the house for $11,436 if that is what you offered. There are always other fees when buying a home. The amount of these fees depend on where you are located and the terms in the contract. There is title work, abstract fees, etc. I will give an example of a home we purchased about a month ago. We purchased it for $7,000 in Iowa. We paid the escrow company $150. We paid $70 for a title search and $90 for the title examination. We paid $12 for the deed recording fees.

    We paid a total of $322 in fees for the home (buyers).

    The sellers paid $150 to the escrow company (the other half of the fee). The paid $499 for the abstract search, and $10.40 toward the deed. They weren’t in Iowa, so it cost them $40 more for courier fees.

    The sellers paid about $699 in fees.

    I can’t imagine that you would pay over $12,000 altogether for your home, but ours was in Iowa, not California. I don’t know the differences from Iowa to California.

    If you are making a cash purchase, you won’t have any lender fees. If you are being lent money, you will also have the closing costs through the bank.

    I hope this is helpful.

  • lu_candid

    Real Estate Owned means that a bank or lender now owns a property that was foreclosed. Meaning the prior owner defaulted on their mortgage payment and as collateral the house went back to the lender.

    You can get some serious deals purchasing REO properties, because the bank only really wants to recoup the amount of the mortgage and fees that were accumulated during the repossession. For more REO properties, or to find good articles on purchasing REOs check out this link:
    http://www.foreclosure.com/questions.html

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