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| REO's |
What is it? When the lender forecloses on a property and no-one bids the minimum (usually the amount of the note), then the lender takes possession. It is now non-performing Real Estate Owned.
Lenders have a lot of pressure from stockholders and regulators to move these properties quickly. They frequently list the properties below market so that they get a lot of offers quickly. Typically, after a few days, they will select the strongest offer.
BPO's
What is it? A BPO, or Broker Price Opinion, takes place when the mortgage company or the broker believe the cost and the time delay of having the property appraised is not necessary, for example, when a property is pending foreclosure. The broker will then determine the value of the property.
HSTI Covers the following zip codes for REO Listings:
94044, 94002, 94003, 94005, 94010, 94014, 94015, 94016, 94017, 94018, 94019, 94030, 94031, 94038, 94062, 94063, 94064, 94065, 94066, 94080, 94101, 94102, 94103, 94104, 94105, 94106, 94107, 94108, 94109, 94110, 94111, 94112, 94114, 94115, 94116, 94117, 94118, 94119, 94120, 94121, 94122, 94123, 94124, 94125, 94126, 94127, 94130, 94131, 94132, 94133, 94134, 94135, 94136, 94138, 94140, 94141, 94142, 94146, 94147, 94150, 94152, 94155, 94157, 94158, 94159, 94164, 94165, 94166, 94167, 94168, 94169, 94170, 94172, 94175, 94188, 94401, 94402, 94403, 94404, 94405, 94406, 94407, 94408, 94409. |
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