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REO / Real Estate Owned / Foreclosures:
Welcome to the J. Rockcliff Realtors REO Division web-site. We have designed this site to help market bank-owned properties in the areas that need it most. These communities, like Stockton, Antioch, and Brentwood are seeing higher than average foreclosure rates which require a professional with different skills and experience. At J. Rockcliff Realtors, we have trained a team of agents to help you price, market and acquire bank owned properties. These same professionals, and the entire J. Rockcliff Realtors team, can help you with the sale or acquisition of properties in less impacted areas like Pleasanton, Danville, San Ramon, and Orinda.
  
To search the Rockcliff website for REO listings, click here.
What is REO?
REO is bank language for Real Estate Owned, meaning property owned by the bank. Originally REO referred to bank branches and other structures used by the bank during the normal course of business. Foreclosed properties were referred as OREO (other real estate owned). Eventually, properties acquired by the bank via trustee sale or deed in lieu were labeled REO.
What is a Short Sale?
If the loan balance exceeds the value of the property, a mortgagee may contact the bank and seek approval to sell the property and repay less than the full amount due. This process may take a long time and the mortgagee may incur tax liabilities.
Do banks sell REO properties for bargain prices?
No. Banks, like any other seller, want as high a bottom line as possible.
Since lending institutions are heavily audited by the Federal Reserve Bank (and their investors/stockholders), they must demonstrate that they have done everything possible to minimize the loss created by foreclosing on the asset. Banks often create nationwide policies to manage and dispose of a large volume of properties in marketplaces that are quite different. Those policies usually provide that a BPO (broker price opinion) and an appraisal are obtained to try to determine market value. The bank usually selects the higher of the two values and lists the property above that price. Policies also dictate that the bank normally will accept offers that are near the list price or counter offers near the list price. If the property doesn't sell after 30 days, the price is reduced and offers are negotiated near that lower price. This process repeats until the market is reached.
How can I get more information on available REO properties?
Like the real estate market as a whole, the REO market is constantly changing. New listings are added every day and properties are regularly sold. J. Rockcliff Realtors has tools that you can find by searching in your area from here->
For more specific information on the REO market, please contact your local J. Rockcliff Realtors office.
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