Buying Bank Owned Homes (REOs) in the Santa Maria CA & Orcutt CA Market - Should I Use FHA/VA or Conventional Financing?
By Tni LeBlanc, Realtor®, J.D., Tenacious Tni (805) 878-9879
(Mint Properties, Lic. #01871795)
Currently, the market for bank owned properties in Santa Maria CA and Orcutt CA is very competitive. In the last couple of weeks, I placed offers for well priced listings where there were at least 10 other offers. REO listings fly off the market with multiple bidders in just a few days when they are offered in good condition and at the right price. You will tend to see the most intense competition where the bank-seller chooses to fix up properties before they list them. Not many are doing this - but it is happening more and more. "Fixing up" can be as simple as recarpeting and repainting a home. And even though these finishing touches don't cost much they can set a cash strapped buyer's heart on fire as most foreclosure listings need paint and carpet at a minimum. Good asset managers kn...
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