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Brandon Patton
Real Estate Market Leaders

Richland, WA 99354
Phone: 509-713-3364
Email: Brandon@RealEstateMarketleaders.com

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

Forclosed Homes

Buying a Foreclosed home or REO (Bank Owned) home could be a good way to buy a home for a reduced price. However, when you buy a foreclosed home remember that the bank owns the home and that they are going to send a Realtor to conduct a BPO (Brokers Price Opinion) to tell them how much they should sell the home for. Often times banks will have their own policy on the way they gather the BPO. Some banks will pay each Realtor a flat rate to arrive at the home take pictures and write a CMA (Comparative market Analysis) then the bank will review all the different Realtors opinion on a fair market value for selling the home and post an asking price based of the information that they receive. Other Banks will have one realtor that they dedicate to handle all of their foreclosed properties to act as the banks listing agent. Each bank and each foreclosed property will have a different scenario unless there are multiple foreclosed properties being handled by the same bank with the same set of policies and procedures put in place to handle the transaction. Everybody knows that when you buy a home you can purchase a home with a FHA  loan (Federal Housing Administration), a VA (Veteran Administration) loan or a Conventional Loan. Each loan is backed from a different lender. Therefore, each distressed property will be handled by a different lender based of the type of loan.

In our community we have a lot of FHA home loans that are foreclosed and many of these foreclosed homes are sold through a company called HMBI. The process that HMBI uses to sell a home is set up so that they sell the home to the highest "bidder". If you are interested in buying foreclosed FHA home loans I am qualified to handle your bid through HMBI. The process that a HMBI foreclosed home goes through is easy to explain. First a person forecloses on their FHA home loan. Then the company HMBI receives the foreclosure paperwork on the home. They send their dedicated agent to go to the house and list the house for sale. When the house is on the market a team of contractors put in repair bids to HMBI and they are added to the packet that HMBI generates to get an idea of a reasonable asking price for the home. After HMBI determines the reasonable asking price they open the house up for bids. They collect all the bids electronically and wait until Sunday to order the highest bid to lowest bid. If the highest bid meets the reserve price then that bid is the bid that receives further paperwork to complete the buying process. The downfall of buying a house through HMBI is that the contractor (HMBI) will add rules to the selling process that do not apply to a normal home buyer who is buying a home on the market from a private party. For example, if you find a distressed property that is for sale that was built before 1978 HMBI will send a contractor to the home and get a bid for how much it would cost to eliminate the lead based paint that was used on the walls. I have had contractors return with bids as high as $32,000 which causes the deal to fall through because nobody wants’ to pay to have lead based paint removed from a house. On the normal market when a house has lead based paint on the walls the normal practice is to just buy a few gallons of fresh paint and cover up the lead based paint so that it is sealed and no longer an ingestion threat. The benefits of buying a home from HMBI are that they offer FHA $100 down payment programs to reduce the cost of buying a home. So if the house is selling for $130,000 a good bid would be offering $125,000 plus closing ($4,357) with the $100 down payment program. If those figures were accepted then the buyer would obtain the $125,000 home loan (FHA) though a bank of their choice and only pay $100 down plus Ernest money. All HMBI homes have a minimal $1,000 earnest money requirement.

I have added some links to different Foreclosed homes and can explain the rules to bidding on these properties when you call me to go see the home..............................

Find a Listing


Thanks for all your help in making our "dream home" a reality. We really appreciated that you went the extra mile to get us the best price for our home. You are truly a professional. Jason
In all our dealings with Realtors over the past ten years, we have never met anyone as helpful and energetic as you have been. Without hesitation, we would highly recommend your service to anyone who is looking for an experienced Realtor who cares about getting things done and doing them right! Thanks for taking such good care of us, we couldn't have done it without you! John
Thank you so much for taking the extra effort to make our first home purchase successful. You were there guiding us through all the crucial and important steps! You really listened to what we wanted in our home and you found exactly what we were looking for - at an amazing price! If we ever outgrow this home, we'll definitely be calling you! Smith Family
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For more info, contact:
Brandon Patton
Progressive Sales
Mortgages on Zillow

Tri Cities is a great place to raise a family. There are activities for people from every walk of life. We are the home of some great sports teams such as the Tri Cities Americans Hockey Team, The Dust Devils Baseball Team and the Fever Football Team. Also, we have aMotocross/ATV track that has recently added apaintball field to their park. So whether your in to wine tasting or enjoying some of ourparksnear the Columbia River Tri Cities has something for you and your family.Tri Cities Real Estate is comprised of three joining cities, Richland, Kennewick and Pasco together they create a population of over 250,000 people. Often West Richland, Burbank, Finley and Benton City are considered Tri Cities since they are all within such close travel proximity.

Another great feature about living in Tri Cities is the close travel proximity to areas such asBluewood Ski Resort orWhitePass Ski Resort. If you are into hiking and site seeing we are not that far away fromMt. Rainer or the Woodland Zoo. There are many other great features about living in Eastern Washington. For Example, we have great hunting and fishing spots that offer Whitetail Deer, Black Tail Deer, Mule Deer, Elk, Turkey, Pheasant, and Salmon, Steelhead, Bass and Sturgeon fishing. There are not that many location that can support such a healthy stream of activities all while reaping the benefits of a low cost of living and a community that continues to grow through every "economic crisis". In fact in 2008- 2010 Tri Cities was one of the Real Estate leaders National wide delivering a strong message about our healthy economy. I have always said that it is best to have a boat for summer time in Tri Cities to enjoy that 90 degree weather on the Columbia River and go to the Mountains for winter to get on the slopes.