Chico Real Estate

916-224-1688

DRE#01250983

Shawn Bates

Call me today so I can help you find the best deal around.  Whether you are looking for a REO, Bank owned , preforeclosure or short sale.  I have handled it all over my 12 years of real estate experience. T o buy real estate at the court house steps you need to have cash.  I will show you how to get just as good of a deal buying it as a short sale and get a loan against the property. So if you are looking to buy, sell, or invest in real estate make sure you call me today.

 

Also make sure you take advantage of our Buyers Cash back program.

The Buyers Advantage

 

We handle the greater area of Chico Including:

Forest ranch

Paradise

Magalia

Orland 

Oroville

Corning

Redding

Red Bluff

Anderson

Cottonwood

The strategy for getting the best deal is to find a house that is pre-foreclosure using the Foreclosure Radar search engine above.  If you have cash you can go to the auction and buy it.  If you do not have cash call me and I will contact homeowner of the property you are interested. Then I will contact bank and arrange a short sale .  Why is this the best strategy?  Banks would prefer to do a short sale.  It saves them money.  You (the buyer) would prefer a short sale because you will not be competing with other buyers at time of purchase.  Seller would prefer a short sale because they have more control over the timeline and the sale in general. 

Buyers are seeing many more homes for sale today with terms like REO, foreclosure, short sale, and others.  All these terms have something to do with a bank, but here’s an explanation for each:

• Bank Owned
  • The bank has aquired title (ownership) to the property.  The bank is the seller.
• REO or “Real Estate Owned”
  • Can be read simply as “bank owned”
• Corporate Owned
  • Many times this is just another way to say “bank owned”
•  Foreclosure
  • This is the process by which a lien holder aquires the property through court procedures.  Each state operates a little differently, but this process can typically take several months once started and typically does not start until the owner is 60-90 days behind.
• Pre-Foreclosure
  • This is commonly referred to as the time during the foreclosure process but before the sheriff’s sale.  In this time period you are still negotiating with the seller but the bank may have to be consulted in cases where a short sale is needed.
• Short Sale
  • When a seller is in a distressed situation and the offer that is submitted does not cover the expenses to sell the home and pay off the lender, the seller may ask the bank to take a “short payoff” on the loan, meaning to accept less than what was owed.  Banks will sometimes do this because they do not want to own homes, they want to make loans.  Each circumstance is different and the bank is not required to accept any short payoff.
• Sherriff’s Sale
  • In California, the foreclosure process finishes with a “sherrif’s sale” of the home.  The county sheriff holds an auction where all interested parties make a bid for the home.  Most often a representative of the bank is the only bidder for the home.