The Perez Brothers provide professional REO and bank-owned real estate services throughout Orange County and Southern California. Our team works with buyers, investors, asset managers, and financial institutions to assist with REO property transactions, valuation support, occupancy verification, and local market guidance.
Bank-owned or real-estate owned (REO) properties can create opportunities for both homebuyers and investors, while also requiring experienced communication and transaction management throughout the process.
Based in Old Town Tustin, we combine local expertise, professionalism, and personalized service to help clients navigate REO real estate with confidence. As experienced Orange County REO Realtors, we help buyers, investors, and financial institutions navigate bank-owned property transactions throughout Southern California.
Our experience with REO and bank-owned properties allows us to assist both buyers and financial institutions throughout the entire transaction process, from property evaluation and marketing to negotiations and closing.
What is an REO property?
Bank-owned or REO properties are foreclosed homes that were repossessed by lenders. Fannie Mae and Freddie Mac, the government-sponsored enterprises that purchase mortgages from lenders, also have REO properties. The term “real-estate owned” comes from an accounting term — “other real estate owned” — used on bank financial statements. Nonbank mortgage companies sell all the mortgages they originate and don’t own REO properties.
Here’s how a home becomes an REO property:
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After a borrower fails to make mortgage payments for a certain period, a lender can begin the foreclosure process.
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The lender issues a notice of default, then later, if the borrower still hasn’t made payment, a notice of sale.
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Unless the borrower comes up with the money, the home is offered for sale at a public auction.
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If the house doesn’t sell at auction, the bank takes possession of the property and sells it to traditional home buyers or real estate investors.
A home can also become bank-owned if the lender accepts a deed in lieu of foreclosure.
How Does a Home Become Bank-Owned?
A property typically becomes bank-owned after going through the foreclosure process and failing to sell at a foreclosure auction. Once the lender takes ownership of the property, it becomes classified as real-estate owned (REO). Financial institutions may then prepare the property for resale by completing occupancy checks, property evaluations, repairs, or valuation assessments before listing the home on the market.
Bank-owned properties can vary significantly in condition, pricing, and timelines depending on the lender, investor requirements, and local market conditions.
Why Work With Experienced REO Realtors?
REO transactions often involve additional timelines, property evaluations, occupancy verification, communication requirements, and lender coordination throughout the sales process. Working with experienced REO Realtors can help improve organization, reporting, and transaction management while providing valuable local market insight.
At Own It Now Realty, we provide hands-on service and professional communication throughout Orange County and Southern California while helping clients navigate REO and bank-owned real estate opportunities.
REO Services for Buyers & Investors
REO and bank-owned properties can present opportunities for homebuyers and investors seeking properties that may be competitively priced or in need of renovation. However, REO transactions often involve unique timelines, disclosures, lender addendums, and negotiation procedures compared to traditional home sales.
Our team helps buyers and investors throughout Orange County and Southern California navigate REO purchases with local market knowledge, property analysis, communication, and transaction support from start to finish.
Broker Price Opinions (BPOs)
Broker Price Opinions (BPOs) are commonly used by lenders and asset managers to help evaluate the estimated market value of a property. BPOs may include property condition assessments, occupancy status, comparable market analysis, and local market insights to assist with pricing and disposition strategies.
Our team provides BPO and valuation support throughout Orange County and surrounding Southern California communities with a focus on accuracy, communication, and timely reporting.
asset management support
We also provide REO support services including occupancy verification, valuation assistance, and asset management support.
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Additional information regarding foreclosure and REO properties can be found through HUD housing resources. HUD housing resources