Looking for foreclosure property or a short sale in Redding?


	Investing in a bank-owned property is not something to be taken casually.

What is an REO?

"REO" or Real Estate Owned are houses which have been through the foreclosure process and the bank or mortgage company currently holds. The REO property did not find a buyer during the foreclosure auction. The lender now owns it. The bank will deal with the removal of tax liens, evict occupants if needed and generally prepare the property for sale.

Take notice that REOs may be exempt from normal disclosure requirements. A Transfer Disclosure Statement a document that normally requires sellers to tell you about any defects of which they are not aware of is not required. By hiring a knowlegable Realtor who specializes in foreclosures and short sales in Redding, you can rest assured knowing all parties are fulfilling California state disclosure requirements.

Is foreclosure property in Redding a bargain?

It is occasionally assumed that any foreclosure must be a steal and an opportunity for guaranteed profit. This simply isn't true. You have to be very careful about buying a repossession if your intent is make a profit. Even though the bank is often anxious to offload it fast, they are also motivated to get as much as they can for it.

W Coldwell Banker C&C Properties has experience to share with foreclosures and bank owned properties in Redding, California

Coldwell Banker C&C Properties has experience to share with foreclosures and bank owned properties in Redding, California

hen contemplating the value of a foreclosure, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. It is possible to find REOs with money-making potential, and many people do very well buying foreclosures in Redding. But there are also many foreclosures and short sales in Redding that are not good buys and not likely to turn a profit.

Prepared to make an offer?

Before making your offer, I will contact either the listing agent or the REO department at the bank and find out as much as I can about their knowledge concerning the condition of the property and what their process is for accepting offers. Since banks usually sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and withdraw the offer if you find it. I usually ask for a 17 day inspection. The banks will usually only allow a 10 day inspection period. As a buyer, you will need to provide documentation proving your ability to pay, such as a pre-approval letter from a lender, your offer will likely not be accepted without this. (This goes for any real estate offer.)

After we have presented your offer, it's customary for the bank to make a counter offer. At this point it will be your choice whether to accept their counter, or offer a counter to the counter offer. Realize, you'll be working with a process that most likely involves several people at the bank, and they don't work evenings or weekends. It's not unusual for there to be days or even weeks of going back and forth.