REOs and Foreclosures in Today’s Real Estate Market

Susena Araiza (209) 948-0561 email-saraisa @c21mm.com

2011 just might be the year the banks decide to release the foreclosed homes to Buyers.

By definition, Real Estate Owned, a.k.a. REO is a ‘property which is in the possession of the lender as a result of foreclosure or forfeiture.’ Courtesy of http://www.investorwords.com

Mina Schultz, Patterson Office (209)856-2137 email-mshultz @c21mm.com

According to Susena Araiza, Realtor for Century 21 M&M Patterson, during the month of January 2011 she has seen an increase of released REO properties. She estimates that two times the number of properties have been released during January as compared to December 2010.

Mina Schultz, Realtor for Century 21 M&M Patterson states, “It is still a Buyers Market and you can pick up REO’s in move-in condition at great prices and low interest rates.”

And, Sondra Medina, Realtor for Century 21 M&M Patterson

Sondra Medina, Patterson Office (209)856-2134 email-smedina @c21mm.com

says, “FHA is the one that is the most flexible for home buyers right now…they are saying that the lenders may be a little more flexible in 2011”.

For First Time Home Buyers, Mina says, “In the Central Valley we have the USDA loan for zero down payment and as I understand as of today there is a budget for this type of loan.”

For some good news on the horizon, Susena says, “People started loosing their homes two, three years ago, so now these people-if they have a foreclosure on their record, these people are going to be eligible to purchase. So we are hoping to get a big wave of Buyers in 2011.”

Overall, Century 21 M&M real estate agents are optimistic about 2011. They believe that interest rates will remain low, that banks are going to release some of the REO’s the have been holding, and that lenders are going to ease up on their qualification requirements.

dd9d32a344b64a45a8a9c675eb31a4c1

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s