Here is all the information about this house:

its Bank-Owned (REO)
Transfer Value: $1,000
Est. Market Value: $98,523
Est. Market Range: $92,119 - $111,330
Est. Cost to Restore: $1,494

We really like this house but we have no idea what any of this means. We are new to buying a house. Can someone explain all this information to me?

purchase price of $410K, need 100% financing for a client.
688/663 fico, O/O, sfr, Stated income, verified assets, wage earners, impound account. First time home buyers

Property being purchased is a bank owned home (REO). Does anyone know of a lender who can do 100% financing?

1. This REO bank owned house, listing $350K and the bank would propably go for $300K after the negotiation. There maybe a way to push the price to as low as $280K.

2.There are a lot of interiors to be repaired or upgraded. The observed areas to be worked are: Kitchen, Bathroom, Air condition, Floor, Fences, Windows/doors, and paint. The total estimated costs of all would go somewhere from $35K to $50K. However, there might be some hidden costs after inspection (not certain). There is a chance that final repair costs could be more.

3. This house has been listed in the market since Sep’07 (4 months by now).

4. The prices of Comps in the area range from $320K to $450K.

5. It’s a Single Family Resident house.
I’m planing to live in it, not flipping or renting it out.

1. This REO bank owned house, listing $350K and the bank would propably go for $300K after the negotiation. There maybe a way to push the price to as low as $280K.

2.There are a lot of interiors to be repaired or upgraded. The observed areas to be worked are: Kitchen, Bathroom, Air condition, Floor, Fences, Windows/doors, and paint. The total estimated costs of all would go somewhere from $35K to $50K. However, there might be some hidden costs after inspection (not certain). There is a chance that final repair costs could be more.

3. This house has been listed in the market since Sep’07 (4 months by now).

4. The prices of Comps in the area range from $320K to $450K.

5. It’s a Single Family Resident house.

1. Official record: 1bedroom/ 0.75 bath (shower+toilet), the back patio has been converted to a bonus room and used as a second bedroom (small).
2. 720 sq ft indoor, 2040 lot sz. Built in 1915, very well maintened. Previous owner did put a lot of interior upgrades with new appliances and new paint. It’s in move-in condition.
3. It’s a Bank-owned REO property. The previous owner’s unpaid mortgage balance to the bank was $359K. Listing price now is $380K. The comps in the area is about $425K to 475K.
4. Located in a very good neighborhood in Los Angeles. Close to freeway and shopping. School district is just ok, not excellent.
5. Officially, only one parking space available (not a covered garage). Street parking is not a problem.
6. Just listed in the market for 7 days.
7. Buyer would like to pay 20% down, and the credit is excellent.

How much do you think this house is worth?

More than 100 bank-owned homes in Inland Empire will be auctioned July 24
Real estate auction specialist REDC and Bank of America recently announced plans to auction more than 100 bank-owned homes in the Inland Empire.

Read more on Fontana Herald News

4 br/2 ba. 1180sf built in 1972 at 615 Monica near the back gate. Call Jim the Realtor 760-434-5000

Experienced Realtors and Property Investors encouraged to reply.