Real Estate Career
Heath Dixon is a Real Estate Broker offering a unique opportunity to Real Estate Agents and those looking to start a Real Estate career. Experience the tremendous growth potential that One World Estates and Dixon Financial is offering.

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REO’s (Real Estate Owned) are also known as Bank Owned Property; these are one in the same.  An REO is a property that goes back to the bank after an unsuccessful foreclosure auction.  The bank now owns the property and the mortgage loan no longer exists.

Selling an REO/ Bank Owned Property

Time is of the essence for the bank to sell the home and “get it off their books”.  They will be looking to get the highest price possible in the shortest period of time.  To achieve their objective, banks hire a REO Real Estate broker to handle all aspects as it relates to selling the home (details can be found here).

Buying an REO/ Bank Owned Property

Before making an offer, the selling agent will contact the listing agent to ask the following:

• Are there any inspection reports?
• What work has the bank agreed to?
• Is there a special “as is” form?
• How long does it take the bank to accept an offer?
• How does your agent deliver the offer?

Offers are usually FAXED to the bank. The listing agent needs your originals. There is no formal presentation. Keep in mind: nothing happens evenings and weekends (banks are closed)

Since there is no face-to-face presentation to the bank, provide the listing agent with a pre-qualification or better yet, a pre-approval letter and buyer biography. Make your offer easy to accept.

The Federal Housing Administration (FHA), which is a part of the Department of Housing and Urban Development (HUD), provides federal mortgage insurance which ensures that mortgage lenders will be reimbursed in the event homebuyers default on the mortgage. When a lender is forced to foreclose on an FHA-insured single family home, townhome, or condominium because the owner can no longer make payments, it can file a claim with FHA for the balance due on the mortgage and convey title of the property to HUD. A HUD Home, therefore, is a one-to-four unit residence acquired as a result of a foreclosure on an FHA-insured mortgage.

How Are HUD Homes Sold?

When a HUD Home becomes available for sale, usually it is listed on the Multiple Listing Service and on HUD’s home page on the Internet. Any real estate broker who is properly registered with HUD may submit contracts for purchase. Brokers are used because of their expertise in the local residential real estate market and because HUD does not have sufficient staff either to show properties to prospective buyers or to assist in those other aspects of homebuying normally handled by brokers.

Most HUD Homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence).

Following the priority period, unsold properties are then available to all buyers, including investors.

HUD Homes are offered for sale at fair market value, based on a recent appraisal. Generally, HUD Homes are sold in what is known as an “Offer Period,” during which a potential buyer’s offer must be made. At the end of the Offer Period, all offers are opened and the bid providing the highest acceptable net return to HUD may then be accepted. Following the initial “Offer Period” homes remaining unsold are offered on an “extended” basis which means offers may be submitted any business day. If a bid on one of these homes is acceptable, the broker will usually be notified within 48 hours of HUD’s acceptance of the offer.

HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender.

Here you will find a short list of some of the services we provide:

• Short Sale
• HUD Homes
• Bank Owned Property

Buyer 1 Considers purchasing a home 2 Selects a real estate agent 3 Determines needs and wants 4 Discusses financial issues 5 Views & researches target homes 6 Makes an offer to buy	Seller 1 Decides to sell property 2 Selects a real estate agent 3 Determines needs 4 Prepares home for marketing 5 Agent markets the home 6 Accepts, rejects or counters offer
7 Offer Accepted 8 Loan Application 9 Inspections 10 Title Search 11 Appraisal 12 Loan Approval 13 Closing Papers Signed 14 Documents Recorded 15 Funds Available To Seller
16 Seller Moves Out	17 Buyer Moves In

Though our real estate agents are based throughout California our headquarters is located in Santa Clara; the heart of Silicon Valley.

We are committed to establishing a long-term relationship based on trust.