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Buying a Bank Owned Property Can Be Bumpy Ride

My two sales each closed a day late. A colleague told me he had one close 2 weeks late and another told me of one that close a month late. This costs the buyer and in retrospect, the bank money. As a buyer of a bank owned property there is nothing, I repeat nothing you can do about the delay. The process for selling the property is complex and the bank divides the job into segments. The listing agent deals with someone called an Asset Manager. This person approves the contract, sends out the bank term sheet, negotiates with the buying agent and signs off on the process. Then someone else comes in. This is the un-named mystery man or woman who has control of the deed and HUD-1. They are the lynchpin in the process.

San Mateo Investors – There Are Some Good Real Estate Buys Out There!

Dollar Sign

If you have some cash in the bank this is a great time for investors to buy real estate here in our own San Mateo County.  It’s been a long time for anyone to see a positive cash flow from investment real estate around here, but with the large number of short sales and bank…Read More »



The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of the MLSListings™ MLS system. All real estate listings in the MLSListings MLS system are marked with the MLSListings Internet Data Exchange icon (a stylized house inside a circle), and detailed information about them includes the names of the listing brokers and listing agents.

 

Listing information is deemed reliable, but not guaranteed. Listings last updated 5/24/12 6:14 PM PDT.

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This IDX solution is (c) Diverse Solutions 2012.