What is an REO?

REO is fast becoming a household acronym, almost achieving the same success of its predecessors TV and USA.  REO stands for “Real Estate Owned”.  Typically, this real estate that has been designated as an REO is owned by the lending institution that has just finished foreclosing on the property.  For a property to earn the designation as an REO, the property has to be vacated by the tenants and owners which itself is a long and arduous process.

Who are the REO Angels?

The primary members of the REO Angels Team include Mary Gonzalez. Ivonne Valdez, and Guadalupe Silva.  Yes, there are 3 Angels only.  There are male members of the REO Angels team and weshould not call them angels, because after all that would be just plain rude.

What do the REO Angels do?

The REO Angels manage a large portfolio of properties that are owned by the lending institutions and asset management companies typically involved in the foreclosure process.  The REO Angels aide the bank in securing, marketing and selling the aforementioned large portfolio of properties.

Why should I care who they are?

If you are a homeowner in distress, having trouble paying the mortgage, the Angels provide one-on-one consultations to help you through the foreclosure process.  If you are a first time buyer of real estate or an investor looking for some great deals in real estate, the experience of the Angels will help you in your search for the perfect investment or the perfect place to call home.  Of course, the “perfect” designation takes into account the suitability of the purchase according to your current financial situation.

Official Website of the Angels

3601 Kerwood REO Listing

REO Listings

Street Address	City	Price	Beds	Baths	SqFt	Lot Size	Age
113 LLEWELLYN AV	Campbell	749000	4	2 1/2	2120	11550	54
109 MEADWELL CT	San Jose	599000	4	2 1/2	2005	6000	29
302 KRISMER ST	Milpitas	500000	3	2	1116	6500	50
36268 BETTENCOURT ST	Newark	495000	4	2	1606	8200	39
8855 KERN AV	Gilroy	457900	4	2 1/2	1838	3920	2
8 NEW HAMPSHIRE CI	North Salinas	404999	4	3	2255	4000	6
9385 SILK OAK PL	Monterey	399000	4	2 1/2	2026	17424	37
8 RHODE ISLAND CI	North Salinas	389000	5	3	0	8226	7
7 CHABLIS CI	North Salinas	374999	4	2 1/2	2069	6631	8
1972 SAN MIGUEL CANYON RD	Monterey	369900	3	2	1231	253954	58
786 MINNESOTA AV	San Jose	346275	2	1	1029	5550	108
3601 KERWOOD WY	San Jose	334900	3	1	1387	5700	57
838 MESCAL CT	North Salinas	325000	4	2 1/2	0	5709	9
1346 NEW HAMPSHIRE CT #2	North Salinas	322900	3	3	1742	4268	4
58 SHADY OAKS DR	Watsonville	317900	3	2	0	5227	39
214 CHRISTENSEN AV	North Salinas	280000	4	2 1/2	1622	3920	13
1777 TRUCKEE WY	North Salinas	275000	3	2	1208	4356	34
1483 FALCON DR	North Salinas	275000	4	2	0	4753	9
247 SAN JUAN GRADE RD	North Salinas	250000	4	1	1390	7752	57
1339 MAZATLAN ST	North Salinas	249000	3	2	1424	5588	13
1813 MARGARET ST	San Jose	244900	2	1	884	6477	61
348 REATA ST	North Salinas	243000	3	2	0	6600	58
1121 GENOA WY	East Salinas	239900	3	2	0	5169	2
927 LA MANCHA WY	North Salinas	224900	4	2	1279	5998	13
1447 MUSTANG CT	East Salinas	220000	4	2	0	4763	8
1106 GAUGIN WY	Patterson	219000	4	3	0	0	3
6 SANTA CLARA AV	South Salinas	214900	4	2 1/2	1682	3049	8
1218 PACIFIC AV	East Salinas	199000	3	1 1/2	1008	5900	49
1760 HUMBOLDT DR	North Salinas	159000	3	2	1162	6098	33
2965 GILMA DR	Richmond	142000	3	2	1132	5500	53
709 GARNER AV #203	East Salinas	125000	2	1	0	0	3
1883 CHEROKEE DR #3	NorthSalinas	115000	3	1 1/2	1083	0	25

5238 Gallant Fox Listing

Hey Seth Godin!!!! Come over and review Margaret Rome’s new book”

Smithers Drive

Magnificent Home For Sale in San Jose
$429,000
2806 Smithers Drive,San Jose California, 95148
Bedrooms	4	Stories	1
Bathroom	2	Large backyard	Yes
Square feet	1,554	Fireplace	Yes
Lot size (square feet)	6,000	Air Conditioning	No
Year Built	1970	Heating	Yes
Kitchen	Upgraded	Pool	Yes

Contact Information
Agent’s name	Phone	Email
Jon Lu	408-250-9353	jlu@cbplatinum.com
If all else fails…	408-591-0800

5 Reasons for Staying Positive

We can always think of reasons to be negative. It does not take a special person to point out that things are not going as planned.  It makes a world of difference when you have positive conversations with the people you meet at these open houses. We can focus on the negative, and let those thoughts dictate the rest of your day, or we can think positive and get things done.

Below is a list of 5 Reasons I think we should maintain a positive attitude.

1) You can get a whole lot of things done if you truly believe that it will yield a positive outcome. -It can get discouraging in this commission-based business, but we have to keep working at it and believing that we will get paid for all of our hard work.

2) You are less likely to get sick. -Have you ever seen Tony Robbins? He looks fit and healthy. I’m sure he’ll tell you that a lot of it has to do with having the right attitude.

3) It is easier to network. -You may not notice it, but sometimes we are not as good as we think we are at hiding our worries or frustrations. People you do business with can sense it, and they would be less inclined to approach you in the future in fear of upsetting you.

4) Sometimes the sample size is too small. -Just because at your last Open House, you met an interested buyer who claims he/she was ready to buy and wants you to take them to see houses, but is reluctant to go to your office and sign a simple paper that says that if I am going to be loyal to you and show you houses and preview houses on your behalf, you will not tell me a couple of weeks later that you already have an agent who will get the commission for doing nothing, does not mean that all buyers are like that. The sample size is too small. Make an effort to meet more people, and you will see that there are people out there that truly want to transact business with you without all the unnecessary drama. If you go to the river and take a small sample and put it into a jar, chances are you may not see a fish. But that does not mean that there are no fish in the river. It just means you have to keep looking.

5) It sure beats being negative all the time.

Smithers Drive Listing

Swimming Pool

New Evergreen Listing

This listing is priced to sell quickly.  If you have any questions, please contact Jon at (408)591-0800.

REO FAQ #3

*Note:  This question is regarding short sales, but that is okay, because there are no stupid questions.
Q:  Can you negotiate the listing price for a short sale?

When you find a home you like that turns out to be a short sale, the most important thing to find out is if the price is lender-approved. That should be the first thing you ask the listing agent. Often times, real estate agents determine the list price without first getting the bank’s approval. Buyers end up wasting a great deal of time submitting an offer that never had a chance of getting approved in the first place. There are some ways to make your offer stronger, and therefore more likely to get approved by the lender. I recommend you contact our short sales specialist in my office, Mary Gonzalez at 408-250-3483 or email at mlu@cbplatinum.com. Most of the agents in our office go to her for advice about short sales and REOs.

REO FAQ #2

Q:  What is the difference between an agent that specializes in REOs and foreclosure properties and an agent who does not?

Certifications, awards, designations mean nothing if an agent does not follow through with his duties. Unfortunately, the only way to find out if an agent follows through is by trial-and-error. That is exactly the reason why you should protect yourself by learning as much as possible about REOs and foreclosure properties as you can. There are plenty of free seminars, webinars, and teleseminars that you can look to for information.

Never hesitate to ask a Realtor simply because you are afraid that he will try to sell you his services.  Do not be afraid to ask for guidance from agents that you meet, even if he/she does not present himself/herself as an experienced REO agent. I personally believe that it is best for buyers to work with a team of agents, all of whom are experienced in REOs, short sales, etc. The REO and short sales transactions are far more complicated processes than the traditional transactions. Look to agents that work in teams that specialize in both REOs and short sales. For instance, our team of 6+ works diligently with the banks to get quick responses. Two heads are better than 1 and 6 heads are definitely more responsive and effective than 1.

REO FAQ

Q:  A great deal of buyers have asked me what is the best way to determine if your agent is experienced in REO transactions.

A: First and foremost, never be afraid to ask for guidance from agents that you meet, even if he/she does not present himself/herself as an experienced REO agent. I personally believe that it is best for buyers to work with a team of agents, all of whom are experienced in REOs, short sales, etc. The REO and short sales transactions are far more complicated processes than the traditional transactions. Look to agents that work in teams that specialize in both REOs and short sales. For instance, our team of 6+ works diligently with the banks to get quick responses. Two heads are better than 1 and 6 heads are definitely more responsive and effective than 1.

REO Seminar and Property Tour

The REO Angels will be holding an REO seminar at the following address on September 20, 2008 at 2:00pm.

1630 East Capitol Expressway
San Jose, California 95121

Afterwards, the Angels will take everyone on a tour of REO properties in the area.  (Please call ahead for carpooling options).

To sign up, please contact Mary Gonzalez at

408-250-9353 or email at mgonzalez@cbplatinum.com

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