Buying Bank Owned Real Estate in Oakland
The amount of Bank Owned real estate currently on the Market in Oakland is amazing. Who would of thought three or four years ago that the market would play out this way? A couple of years ago, many agents didnt even know what an REO was. The market was so hot from 2002-2005 that Realtors who started their careers during that period didn't see them on the market and therefore don't have much knowledge of them.
Purchasing a Bank Owned property is a little different than purchasing from a traditional type of seller. First of all, al least in my market it seems very hard to even get a hold of some of the agents who represent the Banks. It is not uncommon to not hear from the other side after submitting an offer for up to a week! The process takes longer because the people at the Banks have to pass any offers on to higher-ups to get approvals on them, but the communication of the Banks seems to be pretty bad. They also have much more strict timelines in terms of contingencies, and they usually require a 3% deposit. In addition, they usually require any buyer to sign a separate addendum stating that the house is being sold "as is".
Bank Owned real estate is unfortunately a large percentage of the inventory, especially in cities like Oakland. With more adjustable rate loans resetting soon there are sure to be even more of them, so this means Realtors must learn how to deal with the Banks in in order to do these deals for clients. The banks usually do not have the agents order inspections on the properties, which makes it much more difficult fo the buyers agent to inform his/her client about the condition of the property. Of course the buyer has the right to get their own inspections done once an offer is accepted, but realistically most people would rather have that information up front in order to avoid having to back out of the deal after spending time (and money) getting inspections done. This is one of the biggest turn off's to a buyer, it's always best to get that info up front if possible.
If the banks would at least get pest or home inspections on their properties, that way us Realtors can help our clients determine the condition of the home before they consider submitting an offer. Then there is the issue of agents who are terrible about returning calls and emails. It seems that there are a handful of agents who deal exclusively with Bank Owned properties and almost all of them are hard to get a hold of, which also makes it harder on the other agents when we have questions. Unfortunately many more homeowners will be losing their homesover the next year or two, and this means that Bank Owned property in Oakland and elsewhere will continue to come on the market. If you are thinking of purchasing Bank Owned real estate, you should go into it with thick skin and be willing to dish out a few hundred bucks for an inspection or two to make sure there are no major issues with the property.
Hamid Grinage sells oakland real estate with Prudential California Realty. His website lets you search the MLS for Oakland Homes, Condos and Lofts
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