Investors

The REO (foreclosure) Market in San Luis Obispo County is very active. We are experiencing some very motivated Banks that are pricing properties 5-10% under market value to ensure a quick sale. Because our rental market is still stable, you are likely to see a positive cash flow on your next purchase instantly. If you are interested in these types of homes, I can ensure that you see these properties as soon or even before they hit the market. Our Brokerage is one of the Top REO Listing companies in the area. We work closely with major institutions to market and sell their real estate assets. You will see these homes before anyone else does. You will even see these homes before most Realtors do. I also check our MLS for new or updated listings daily. You will be enrolled in a notification system that will alert you and I if a new property comes onto the market that fits your interests. This is another very effective tool that I use to ensure my Clients see these properties first.

Within the first 30 days of a property being listed, Banks are usually staying within 99% of their asking price. Most of the time, the property will go for asking price, if not above. In some occasions, Banks will begin to negotiate on their prices after the first 30 days of being on the market. If you are a Cash buyer and are willing to close after your inspection time frames expire (14 days), I encourage you to submit an offer 5%-8% under the current asking price and close quickly. The transaction moves quickly, but believe me, this is the way these Banks like to operate. They want these properties off of their records because it affects the amount of money they are able to Lender. The cleaner and faster the transaction, the better your odds are of picking up that property.

Each Financial Institution and their Asset Managers all operate differently, but the above is becoming the norm with most of the major Banks. If you are interested in viewing some of our Bank Owned Properties click here. If you would like your own custom list of Foreclosures in SLO County, click here and tell me what you are looking for.

If you’d like more information about the REO Market or would like see some properties, you can reach me on my cell phone anytime at 805.460.3000 or try me at my office, 805.226.5500. Click here to email me.