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 REO Properties

Who has the best REO properties right now?

Three different lenders service the cream of the REO portfolio in southern California area at this time.  Let’s get to the action as we look at three homes in the O.C. city of Brea…

Bank of America has a 4-bed, 2,5-bath house for $635,000. BofA didn’t provide square footage, but Zillow.com pegs it at 2,200 square feet, so the house is being offered at $289 per square foot. Zillow says the lot is 3,383 s.f. and the place was built in 2003.

Next is CitiMortgage, a unit of Citigroup, with a 4-bed, 3-bath house for $669,900. At a total 2,886 s.f., the price per square foot is $267. Zillow.com has a higher square footage than listed on CitiMortgage’s Web site, so if Zillow is right at 2,963 s.f. the price per square foot would be lower at $260. Zillow says the place was built in 2003 and comes with a 10,018-square-foot lot. Using Zillow’s mapping function, it appears to be near the BofA property, so, since they were both built in 2003, I wonder if they are part of the same housing development.

Last but not least is Wells Fargo with a 3-bed, 2-bath unit for $449,900. Wells’ Premier Asset Services site has the most detailed information and is easy to search. It says this property has 1,502 s.f., so price per square foot is $300. It sits on a 4,130-square-foot lot and was built in 1977.

CitiMortgage wins this one with the lowest price per square foot and the biggest lot at more than 10,000 square feet.

Some investors say if you wait long enough, banks/servicers will be more willing to deal on the listing price. On Monday, Zillow said the BofA property had been listed on its site for 156 days, and the CitiMortgage home for just 5 days. Wells Fargo foreclosed on Jan. 9, and the property is not listed on Zillow.

 
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