Buying foreclosure property generally requires you to bid on a property at action, usually on the steps of a courthouse.  The opening bid is set by the bank and is usually the outstanding loan balance plus interest and any fees incurred by the bank (legal etc…). 

 Thing to consider when buying foreclosures at bank auction :

             At the auction you must have evidence of  ability to pay cash.
            You can have a number of people bidding against you.
            If the property is not vacant, the successful bidder must 
            evict the occupant.
            Property not available to be inspected prior to sale and is sold
            "as is"

 
 Buying REO Properties

             If a property does not sell at a foreclosure auction, it reverts back to the bank and becomes REO (real estate owned).  The bank does not want to sit on its inventory.  Since they did not sell the property for the minimum bid at auction, they will reduce the price and list it for sale with an REO agent.

 Things to consider when buying REO property:

             All liens are removed against property.
            Unlike foreclosures, REO property can and should be inspected.
            REO property is vacant, the bank handled the eviction.
            REO property might require additional repairs after purchase.

           
Unless you have direct experience negotiating with banks, you may receive better representation by hiring your own buyer’s agent.

            Buyer’s agents have a fiduciary responsibility to protect your
            interests.
            Buyer’s agents do not represent the seller.
            Buyer’s agents are paid by the seller.

         
  We specialize in representing our clients in the purchases and sales of single-family residences and income property within the cities of the Inland Empire and Riverside County including: Riverside, Moreno Valley, Perris, Banning, Temecula, Norco, Murrieta and Corona. Given the competitive nature of today's real estate market, knowledge is power. We provide our clients with consistent, current and accurate information on the local real estate market that can only come from local, experienced, full time Realtors.  

To locate properties, additional information, or talk to a qualified Buyer's agent call:


                                                      Rick and Rita Rhilinger
                     Community Partners Realty
                               REO Division
                              (888)823-2258
                      Rick@RiversideREOs.com

































This site has information on homes and properties in Riverside,Corona,Perris, Banning, Temecula, Murrieta and Norco. Multiple listing service date is provided by IMRMLS and also includes real estate property and homes, condos, and town homes the surrounding cities of the Inland Empire, covering real estate, including investment property for sale in Riverside,Corona,Perris, Moreno Valley,Banning,Temecula,Murrieta and Norco represented by Realtors, brokers and real estate agents in those regions. People who search MLS home listings, whether relocating or buying a first home in Riverside, Corona, Perris, Banning,Temecula, Moreno Valley, Murrieta and Norco, will find useful information on rent-to-own homes, homes for sale, homes for lease, REO homes, Bank owned homes, foreclosures, condominiums, town homes, luxury homes, executive homes and new developments, to buy or sell, with additional information on schools and regional highlights. Homebuyers and sellers can find information on properties through MLS search on residential real estate or other properties that include Riverside, corona, perris,Banning,Moreno Valley, Temecula, Murrieta and Norco.  Rick and Rita Rhilinger are licensed Realtors and have expert knowledge of the properties in these communities. This web site is a resource for real estate, investment property, relocation, rental property, REO property, bank owned property, buying property with no money down, and lease purchaseoption homes.