First time REO interest

[Megan Stevens]

Hey Everyone, I found this site by accident almost, however I'm glad I found it. My husband and I moved from LA to TX a few months back and we are currently renting a house. As we were driving around town a few days ago there was a house that caught my attention. After doing some research I found it on RealtyTrac.com. By looking at the outside and looking in the windows it appears to be in immaculate condition. I'll list the info I found on it if somone can be kind enough to help me out with what it means and how do offer on something like this.

According to that site :

Foreclosing Loan Information
Transfer Date
8/27/2007

Transfer Value
$93,483

Tax Assessment Information

Land Total
$10,000

Improvements
$102,230

Assessed Total
$112,230

History of Notices

Recording Date
4/11/2011

Status REO

Thanks!

[Will Barnard]

Megan,
If your plan is not only to buy this home as your primary residence, but also incorporate some investor techniques so that you can get the home at a below market value amount (good deal) then here are the steps you should follow with teh info you have provided thus far:
1. Go back to the home and look for the 8.5 X 11 sheet of paper usually tapes to one or more of the windows. It will list the contact information for the party who is responsible for the home (usually the agent or management company who will be the list agent). Call them and inquire if they in fact will be the listing agent, if they have performed the BPO yet, and when they estimate they will place it on the MLS.
If they are the list agent, now you have one of your answers.
Prior to caling them, pleae make sure you complete your due diligence and evaluate what the current market value of the home is in its existing condition. (you can get help with this from a local investor or from a buyers agent (and I agree with J Scott in that you should have a buyers agent represent you since this would be your first dealings with an REO). Once you know what the current value of this home is, you now can calculate how much of a discount to market value you want (within reason).
You could be at a slight disadvantage in that your offer will be contingent upon financing however, not necessarily as many REO's now being sold are given to owner occupants first in hopes they can get higher price points.

Negotiating your price with the bank will be accomplished by working togethere with your buyers agent so have him/her in place. The list agent may ask if you are working with an agent and if they do (and only if they ask) tell them you do and plan to have them draft the offer.

By getting an opportunity to get into this home and evaluate any repairs needed, you will beat your competition to the punch and hopefully be able to get your offer in before the rest of the pack (not to mention hoefully at a discount to market value).

Good luck and remember to try and keep yoru emotions at bay, if it is not this home, another will surley be around the corner, be patient.