Buying an REO

When I first met Brian his home shopping list was pretty simple --"show me condos in downtown Long Beach I can afford."  Brian wanted the HOA to be affordable, he wanted to be able to walk around and enjoy downtown and he wanted to take the Blue Line to work in Downtown Los Angeles and he wanted to walk to the station.  We looked at a lot of places, trying to avoid short sales, but checking out an occasional REO.  Nothing seemed to be right.

One day a new listing came on the market in a beautiful high rise downtown.  We had looked at this building before but the prices seemed on the high side.  This was an REO so I went immediately to preview it.  The building was spectacular but imagine my shock when I walked into the condo and found that there was no wall in the living room and no ceiling in the bathroom!  I mean the wall board was gone completely and you could see the studs!  I called the agent and he promised me they would have the wall repaired prior to closing.

Brian came to Long Beach after work that night and we decided to take the chance and write an offer.  As Brian said, "there's a little trust involved when you write an offer on a property that needs so much repair."  But we both knew this condo was priced below market value and in fact it was perfect, with the exception of holes in the walls and ceilings.  The other agent had 'promised' they would do the repairs, but we both held our breath and hoped that was true.

I went to the condo one day to check on the progress of the repairs and found that the wall and ceiling were being repaired and as a pleasant surprise the condo was being completely painted.

I recently visited Brian in his new home.  He had fixed, repaired and replaced everything that needed help in the unit, including new appliances.  Adding his own special touches he has created a beautiful home.  With a great view of downtown Long Beach, Brian lives in a very special building and is within walking distance to the Blue Line and all the great things Downtown Long Beach has to offer.  By the way, he has also found an MTA commuter bus that goes from San Pedro to downtown Los Angeles.

Brian is happy in his new home.  The bank and the other agent all did what they said they would do.  But more important than anything, my client is happy, always my personal goal.