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Pat Owen Realty

Brea Real Estate, La Habra Real Estate, Orange County

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REO

From Severely Distressed Properties…

 

Pat Owen has been handling REO properties since 1991. During his career he has worked with over 75 banks, savings and loans, mortgage insurance companies, asset management companies and other corporations to list and sell their real estate assets. He is currently a Local Listing Broker for HUD Owned Homes. The HUD Asset Manager for California is A Team Realty. Pat is a top producing REO broker due to his ability to meet deadlines, his attention to detail and commitment to high quality customer service. He has been at the top of the Real Estate Owned market in Orange County and all of Southern California for over 25 years. He has listed and closed REO properties from Malibu to Santa Clarita in Northwest L.A. County; from Temecula to Canyon Lake in Southeast Riverside County; from Yucaipa to Rialto in San Bernardino County; from Long Beach to El Segundo in Southwest L.A. County; and, every single city in Orange County. Pat goes wherever his clients need him.

To Luxury Homes

Being a proud member of NRBA® and REOMAC® (now known as NADP®) gives Pat exposure to all of the latest technology and trends; as well as networking with the movers and shakers in the default industry. Pat is well capitalized and has managed hundreds of properties per month. He is constantly educating himself through both live and online training; and, is an expert in social media marketing.

Looking for a top REO Agent to manage your Real Estate Owned Assets?

CALL PAT OWEN TODAY AT 888-PAT OWEN (888-728-6936)

Hey Buyers…Search For Foreclosed Homes Right Here

Have you heard the term REO property and wondered exactly what it means?  REO is a term used by lenders, servicers and banks that are in the mortgage business.  REO is an acronym that stands for Real Estate Owned.  Lenders use this term when they foreclose on a property due to lack of payment by the borrower.  I often get asked the question, “why don’t they just call them foreclosures?”  It’s basically another term for the same thing, but the lender has an interest in the real estate by means of a mortgage or a note.  When it becomes a foreclosure, their interest in real estate is still there, but it’s changed from a real estate investment (they collect a mortgage payment every month) to real estate that they own.

In California, the property is secured by a Deed of Trust.  This security instrument is managed by a Trustee on behalf of the lender (beneficiary) to oversee the status of the loan.  Once the borrower falls behind on the payments the Trustee is notified to begin the foreclosure process.  The Trustee is oftentimes a law firm that knows the legal steps that need to be followed.  The first step is the filing of Notice of Default, otherwise known as the NOD.  The NOD is a document that outlines the details of the original deed and, also, states the amount needed in order to bring the loan current.  After the NOD has been filed with the County Recorder the borrower has 90 days to come up with the money to bring the loan current.  If the borrower fails to come up with the money, the Trustee then proceeds with the next step of foreclosure and files a Notice of Trustee Sale, otherwise known as the NOTS.  This is a document that warns the borrower that they are almost out of time before the foreclosure is complete.  This document must be filed with the County Recorder and must also be posted in a local publication such as a newspaper.  Three weeks after the NOTS was published, the Trustee has the power to hold a Trustee’s Sale on the steps of the local courthouse.  This sale is much like a live auction where interested parties are able to bid on the property for the minimum amount that is owed on the property.  If there is a lot of equity (the property is worth more than what is owed) then there is almost certainly going to be a lot of investor interest in bidding.  If you know someone who is having trouble making their payments and worry about going through this process, then visit my Foreclosure Help and Prevention page.

If you want to find REO properties in California, take a look at my convenient search tool below.  Good luck and give me a call with any questions at 888-PAT OWEN… that’s 888-728-6936.

Search For Foreclosed Homes

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About Us

BREA’S BEST REALTOR & TOP REO AGENT

Listing and selling real estate since 1990. Pat Owen’s Brea office is located within a few miles of four different county lines: Orange County, Los Angeles County, Riverside County and San Bernardino County. This allows him to service 100’s of cities with ease. He and his staff are well versed in all aspects of real estate listing and sales including: REO, short sales, probate, trustee sales, auctions and standard sales. Call Pat today at 888-PAT OWEN (888-728-6936) for all of your real estate needs. His Newport Beach office specializes in beachfront homes and services the OC coastline as well as South Orange County.

DRE BROKER LIC# 01076539

Serving The Following Cities:

Alhambra, Aliso Viejo, Aliso Viejo, Alta Loma, Anaheim, Anaheim Hills, Arcadia, Arlington, Artesia, Artesia, Azusa, Baldwin Park, Bell, Bell Gardens, Bellflower, Belmont Shore, Bixby Knolls, Brea, Bristol, Brookhurst Center, Buena Park, Cabrillo, Canyon Lake, Carson, Cerritos, Charter Oak, Chino, Chino Hills, City of Commerce, City of Industry, Claremont, Corona, Costa Mesa, Covina, Cudahy, Diamond Bar, Dominguez , Downey, East Los Angeles, El Monte, El Toro, Etiwanda, Federal, Fountain Valley, Fullerton, Garden Grove, Gardena, Glendale, Guasti, Hacienda Heights, Harbor City,
Hawaiian Gardens, Hazard, Holiday, Huntington Beach, Huntington Park, Inglewood, Irvine, Irwindale, La Habra, La Habra Heights, La Mirada, La Puente, La Verne, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Elsinore, Lake Forest, Lakewood, Long Beach, Los Alamitos, Los Angeles, Los Nietos, Mesa Center, Mira Loma, Mission Viejo, Monrovia, Montclair, Montebello, Naples, Newport Beach, Norco, North Long Beach, Norwalk, Olinda, Ontario, Orange, Paramount, Pasadena, Pico Rivera, Placentia, Pomona, Quail Valley, Rancho Cucamonga, Rancho Santa Margarita, Riverside, Rosemead, Rossmoor, San Clemente, San Gabriel, San Juan Capistrano, Santa Ana, Santa Fe Springs, Santa Margarita, Seal Beach, Signal Hill, South Gate, South San Gabriel, Sun City, Sunkist, Torrance, Trabuco Canyon, Tustin, Upland, Villa Park, Vista del Mar, Walnut, Walnut Park, West Covina, Westminster, Whittier, Yorba Linda

Contact Us

YES, I'LL CALL PAT OWEN TODAY!


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