What's Really Happening


If you’re a buyer wanting to buy Bank Owned (AKA foreclosed or Reo) homes, don’t dilly-dally!

It’s kind of like having a baby- when you go into labor, get going.

REO’s are a major part of our Ventura County Real Estate inventory and that inventory has depleted by about half since March of 2009 in the $450,000 and under range. Multiple offers are part of our market with properties usually going for asking or over list price and in a matter of days, sometimes hours.

Once you make the offer, there’s typically no counter offer or negotiating with the seller/ bank. They generally respond with “give us you highest and best offer”. And they are pricing them very competitively to garner bidding wars among the buyers. Competition is stiff.

This entry level market is not for the faint of heart. "Low balling" is counter productive. Find a good Realtor (one) who will stick with you and be ready to make several offers before one sticks. You’ll be happy you did in the long run.