Rounding Up Marin REOs

When I was looking for some new year fixers on Redfin for Marin, I encountered a number of listings that were interestingly being represented by Pacific Exchange R.E. Brokers.  Not being familiar with the brokerage, I found they specialize in REO – real estate owned – properties. 

As  Wikipedia puts it:

“Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank (negative equity): the minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any costs associated with the foreclosure sale including attorneys’ fees.

After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own…Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.”

Ahhh…. hence the reason for them being designated as fixers.  However, the ones I found below don’t look like they are in that bad of shape – just needing some love and attention to bring them into the 21st century.  Being that they are REOs – maybe there is a bargain to be had.

24 Andrew Dr #78, Tiburon – $599,000: A 3 bedoom, 2 bath condo with great views of Mt. Tam on its super large deck.  Looks to be in good shape and as the listing says, “…[a} great opportunity to update to your personal preferences.”

141 Kinross Dr, San Rafael – $899,000:  In the Loch Lomond area of San Rafel is this 3 bedroom, 2.5 bath house with a unique, double sided fireplace and sitting on ~1/3 of an acre.

5 Cermenho Ct, San Rafael – $759,000:  For all you Eichler lovers, here’s a chance to bring your modernist touch.  With a pool and 4 bedrooms, 2 baths, the kitchen has already been updated – just not the rest of the house.  One note – it does say there is no heat for these cool winter days.