REO Status
Status of our current and up coming East Bay REO homes
Home Buyers: If you want free 24/7 access to all bank owned homes in your area and price range, go to www.FreeBankOwnedHomeList.com
Home Buyers without Agents may now make your offer online for ANY Bay Area home & SAVE 1% of the purchase price by doing it yourself!
Last updated: Friday, May 21, 2010... 9:46 AM
| MLS # | Address | City | List Price | Still Accepting Offers? | # of offers | Price Range of offers | FHA ok? | Comments | |
| Pending | 1306 Poppy Hills Ln | Tracy | $269,000 | 13 | Yes | ||||
| Pending | Victoria Park | Hercules | $580,000 | No | Yes | 5 bed 4 bath 3410 sq. ft 6 years old | |||
| Pending | 2332 Saint Augustine | Brentwood | $265,500 | No | Yes | 3 bedroom 2 bath. | |||
| Pending | 506 Destiny Lane | San Ramon | $399,500 | No | Yes | 2 bed 2Â bath 2 car garage townhome. | |||
| Pending | 120 Harris Cir | Baypoint | $115,000 | Yes | 2 | Ask your lender if complex is approved | 3 bedroom 2.5 bath townhouse. 2 car garage 1424 sq. ft. Counter offer was signed. Waiting for bank ratification | ||
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| Pending | 2856 EAST Castle Pines | Dublin | $1,099,000 | No | 6 bedroom 5.5 bath 5017 sq. ft Dublin ranch. | ||||
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| Coming Soon | Farmhill Way | Brentwood | 4 bedroom 3 bath 1698 sq. ft. BPO price $225,000 | ||||||
| Coming Soon | Foothill Rd | Pleasanton | 2 bed 1 bath condo BPO price $189,000 | ||||||
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| Coming Soon | Cardiff | Alamo | 6 bedroom 4.5 bath 3925 sq ft Westside BPO price $1,099,000 | ||||||
| Pending | 1409 Indianhead Way | Clayton | $349,000 | Yes | 1 | Yes | 3 bedroom 2.5 bath Townhome 1355 sq. ft in Eagle Ridge Golf Club. | ||
| COMING SOON | Grenadine Way | Hercules | 4 bedroom 3 bath home. BPO price $399k | ||||||
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If you want to make an offer, please follow these instructions:
We are very anxious to receive your offer on any of these bank owned homes. It's not really as bad as the video portrays but we do have to have some systems in place to handle the volume of business we are being asked to handle these days... so, thanks for your understanding and here's what we need from you:
- Agency Disclosure (AD-page 1 and 2 signed and initialed) between you and your buyer
- Agency Disclosure (AD-page 1 and 2 signed and initialed) between you and the seller (First Federal Bank)
- Copy of EMD (Ernest money deposit) payable to "Escrow Company" (escrow and title are separate companies in Southern California)
- Current verification of funds to close escrow (not more than 30 days old)
- Current pre approval letter if not an all-cash offer (not more than 30 days old)
- REO Advisory
- California Residential Purchase Agreement (RPA including BIA)
- First Federal Addendum (posted under associated documents on Paragon)
- Buyer's Choice Act Notice (posted under associated documents on Paragon)
Before you make your offer, please explain to your client what our definition of "as-is" is. (remember Bill Clinton) It is the way the property sits today with all seen and unseen defects. A prudent buyer and agent should be carefully inspecting the property before making an offer because after your formal inspections if your offer is accepted we do not expect to receive any repair requests or price reduction addendums, except in extreme cases. Also, before making your offer, check with your lender (if not an all-cash offer) because it is expected that you will meet the COE date you put on the contract. The bank does enforce a per-diem penalty for not closing on time. A little care in the beginning will make for a smooth transaction that closes on time Please do not send partial offers. You can't expect the bank to make a decision with things missing, right?
Email your offer to offers@LooKiiLoo.com (you'll receive an immediate auto responder confirmation that we received it)Â Please do NOT email your offer to any other address. Do NOT FAX your offer. If you want to hand it to us in person, there's a Peet's coffe near me in San Ramon we can meet and I'll buy you a cup.
Status of all properties is always indicated on this page and you and your client can look here 24/7. If you really need to talk to somebody with a question that isn't answered on this page, Keith Cuddeback can be reached at 925-998-1510. Please do not call Tilton Quon.
General Info, FAQ & Guidelines for offers
Commissions: First Federal Bank pays 2.5% commission based on "net" price; that is, purchase price less any agreed upon seller credits for closing costs. For example, if the accepted offer is $300,000 and the agreed upon credits is 3% of purchase price, the commission paid will be calculated based on 2.5% of $291,000. Why 2.425% on MLS? It's a "workaround" to comply with our Real Estate Board rules base co-op percentage on offer price. Since First Federal Bank pays on "net", we have assumed a 3% credit and 97% of 2.5 is 2.425% . You WILL be paid 2.5% of the NET price of your client's offer. When do we submit received offers to the bank? Offers are submitted after an asset manager deems a property has had sufficient market time. At that time the asset manager will ask us for a summary of all offers received. Once we know, it is noted in the above spreadsheet when offers have been submitted for each active listing. Are there offer deadlines? The Bank does not set offer deadlines. Each asset manager operates differently, but in general here is how the bank usually accepts offers. 1. Once offer(s) are submitted, the asset manager will analyze the offer and compare it to their internal appraisal. If an internal appraisal is not yet completed, the Asset Manager will hold offers until the Bank appraisal is completed (it may take as long as 10-14 days). 2. Offers that deem a counter offer will be sent a counter offer (sometimes multiple counters). 3. Once counter offers are signed and accepted, the Bank will make a decision and escrow will be open. What escrow companies does First Federal Bank use? There are currently 3 escrow companies that First Federal Bank chooses to use in Southern California. Title companies are separate from escrow in Southern California. The Bank will specify one of these escrow companies upon contract acceptance. The escrow companies are BST, Alliance, and Westport. Due to the new law, the bank is now requiring all buyers to sign the Buyer's Choice Act Notice, which is posted on Paragon. If you have ANY question about any of the above instructions you are welcome to email. We have blackberries so you won't have long to wait for an answer. Thank you for your understanding and patience! Tilton Quon, Broker Keith Cuddeback, Broker Team Advantage-Keller Williams Tri Valley Realty
Home Buyers:
Search ALL East Bay bank owned homes in your price range and area. Please go to our companion website we made just for you who really want a good deal: www.FirstTimeBankOwnedHomeBuyer.com No registration required and it's FREE.
