Bank-owned Homes for Sale

Foreclosures, sadly, have become a way of life.

Bank-owned homes are more commonplace in some places but they can be found in any town or neighborhood.

Since people are always curious about the bank-owned market, I thought it would be interesting to see a sampling of REOs, which stands for Real Estate Owned, the bank’s term for the assets on their books.

REOs are different than short sales—a short sale is not owned by the bank but will require the lender's approval to sell “short” of what is owed. This can be a very long process. Make no mistake, the term "short sale" does not refer to timing. 

An REO, on the other hand, can be a traditional 30-day-close, but it will be an “as-is” sale. Typically, banks price their homes to attract a quick offer and have a “take it or leave it” attitude. In general, they do not make repairs or accommodate seller requests as you might see in a traditional sale.

Here are some homes for sale that are owned by banks:

Alamo

301 Miranda Lane is offered by Jeff Gillett of Coldwell Banker. This is a stunning Craftsman style home built in 2005. It’s large, with six bedrooms and more than 4,000 square feet and situated on a lovely half acre. The back yard is pretty and very private, backing to a creek. It has a paver driveway and a nice slate entry, with impressive finishes throughout the home. It has two bedrooms downstairs and upstairs all bedrooms have their own bathrooms, and the home includes four fireplaces. Priced at $1,411,680. Open house Thursday from 1 to 4 p.m. For questions or other showings, please call Jeff at 925-766-8676.

Danville

211 Mikwaukee Place is offered by Linda Gorman of Better Homes Realty. This is a six bedroom home with three bathrooms and nearly 3,000 square feet. Located on a cul-de-sac in the desirable Greenbrook area, this home is in the subdivision called Danville Station and includes an HOA (low quarterly dues of $280) with tennis courts and pool. If you need the room, this one has it: It has a bonus room, family room and extra large living room. It also has a large yard, granite counters and dual-pane windows. Priced at $690,000. For questions or showings, please call Linda at 925-676-5300.

San Ramon

2954 Langhorne Drive is offered by Steve Mohseni of Mohseni & Associates at Re/Max Accord. This is a four bedroom, two and a half bathroom home with 2,400-plus square feet in Windemere, built in 2002. It is within walking distance to a park and schools. It has a fourth bedroom on the main level. Priced at $725,000. For questions or showings, please call Steve at 925-484-0707.

Dublin

5758 Newfields Lane is offered by Angela Hern of Re/Max Accord. This is a six bedroom, four bath home with more than 3,800 square feet in Dublin Ranch. It has a large master bath suite, enormous walk-in closets, granite counters and a 1,500 gallon koi pond with waterfall. It is priced at $780,000. For questions or showings, please call Angela at 925-785-5933.

Pleasanton

909 Happy Valley Road is offered by Cindy Williams of Keller Williams. This is a three bedroom, two and a half bathroom home with 2,743 square feet on a very special lot. It's a horse property with 5.3 acres, most of it usable. There is enough flat land for a horse corral, and the lot includes a private well and an eight stall barn. The opportunity for a huge lot— for a horse lover or otherwise—is rare and exciting. Priced at $820,000. For showings or questions, please call Cindy at 925-243-0900.

Livermore

889 Trinity Hills Lane is offered by Steve Mohseni of Mohseni & Associates at RE/MAX Accord. This is a six bedroom, four and a half bathroom home with nearly 4,000 square feet. It is a former model home with nice upgrades on a view lot. There is a home theater, a spacious master suite with a walk-in closet, and a gourmet kitchen with granite countertops and high-end stainless appliances. Priced at $860,000. For questions or showings, please call Steve at 925-484-0707.