What Is a Real Estate-Owned Project?
Real Estate Owned (REO) refers to properties acquired by a lender or financial institution through foreclosure proceedings. When a borrower defaults on their mortgage loan, the lender has the right to take possession of the property. These properties, known as REO properties, become the lender’s assets and are typically sold to recover the outstanding loan amount.
Understanding Real Estate Owned (REO) Properties
A Real Estate Owned project refers to a collection of properties owned by a lender or financial institution as a result of a foreclosure. The properties in an REO project can include residential homes, commercial buildings, vacant land, or even multi-unit apartment complexes. These properties have gone through the foreclosure process, and the lender has taken ownership of them.
How REO Properties Are Acquired
When a borrower fails to make mortgage payments, the lender initiates foreclosure. This involves legal proceedings to repossess the property and sell it to recoup the outstanding loan amount. If the property does not sell at a foreclosure auction, it becomes Real Estate Owned. At this point, the lender becomes the property owner and assumes responsibility for its maintenance and eventual sale.
Buying an REO Property
Purchasing an REO property can present unique opportunities for buyers, often at a lower price than the market value. The process of buying an REO property typically involves the following steps:
Locating REO Properties: REO properties can be found through various channels, including working with real estate agents specializing in foreclosures, searching online listings, or contacting lenders directly.
Property Inspection: It’s important to thoroughly inspect the property before making an offer. REO properties are typically sold “as-is,” meaning the buyer is responsible for any necessary repairs or renovations.
Financing and Pre-Approval: Obtaining pre-approval for funding is crucial before making an offer on an REO property. It demonstrates your financial capability to the lender and strengthens your position as a potential buyer.
Making an Offer: Submit an offer to the lender or the listing agent representing the lender. The offer should be based on the property’s market value and consider any repairs or renovations required.
Negotiation and Acceptance: The lender may negotiate the terms of the offer. Once the offer is accepted, the process moves forward to closing.
Closing: Similar to a traditional real estate transaction, the closing involves finalizing the paperwork, transferring ownership, and disbursing funds. Working with an experienced real estate attorney or agent is advisable to ensure a smooth closing process.
5 Movie “Remakes” Out in 2018
Evolving technology and revolving generational viewpoints have Hollywood constantly inventing and reinventing themselves. While new movies are produced and released every year, there’s been a large focus on remaking the classics with better graphics or modern slants. This year alone there will be no less than five productions of previously-released movies with varying degrees of prior success. Here’s a look at some of 2018’s Hollywood remakes:
Tomb Raider (Original release in 2001) – This intense action film follows the exploits of Lara Croft as she looks for her father, who has suddenly disappeared under dubious circumstances. The original version of Tomb Raider starred none other than Angelina Jolie in the title role of Lara Croft. It grossed a stout $274 million. The new version was released in March of 2018, starring a relatively unknown Alicia Vikander.
Ocean’s 8 – While not technically a remake, Ocean’s 8 is an add-on film capitalizing on Hollywood’s female movement and the success of the original Ocean’s series that starred A-list actors like George Clooney, Matt Damon, and Brad Pitt. Ocean’s 8 follows the exploits of Debbie Ocean and her band of highly sophisticated thieves who are targeting a diamond necklace worth $150 million. The movie was released in June 2018, a full 11 years after the last predecessor.
A Star is Born (Original Release in 1976) – This romance drama follows a washed-up singer, played by Bradley Cooper, who falls in love with a young singer and sets out to help her build her music career. The 1976 version of A Star is Born starred Barbra Streisand and Kris Kristofferson. The modern version will feature singer/songwriter Lady Gaga as Cooper’s love interest. It is scheduled for release in October 2018.
Halloween (Original release in 1978) – It has been over 40 years since homicidal maniac Michael Myers terrorized poor Laurie. Now Michael Myers is back to finish what he started. Interestingly, this Halloween remake will include actress Jamie Lee Curtis, who played Laurie in the original and several of the sequels. Watch for its release in October of 2018.
The Crow (Original release in 1994) – This sci-fi horror story revolves around a murdered musician brought back to life by, of all things, a crow. The musician uses the opportunity to avenge his murder, as well as the murder of his wife. The original The Crow starred Brandon Lee, son of Bruce Lee. It was the last movie Brandon would make before his tragic death. The new version is currently in pre-production and is slated for a 2019 release.
Featured Luxury Cars: 2018 NY Auto Show
The New York Auto Show is one of the most popular in the US regarding paying consumer attendees and is one that is sure to please. Featuring new models of best-selling vehicles, the Big Apple puts on a show that offers fresh concepts and supercars. Each auto show brings its appeal and has its share of automobile standouts. Here are top luxury cars from the 2018 New York Auto Show.
Koenigsegg Agera Regera – Anyone following the New York Auto Show is somewhat familiar with the Koenigsegg models, as they have been featured on flyers for the auto show for years running. Considered to embody automotive perfection, this car model can be expected to be seen for more years to come. Loaded with carbon fiber, this Swedish supercar produces 1,500 hp with a twin-turbo DOHC 5.0-liter V8. It’s no surprise it runs for 2.34 million USD.
Maserati Levante Trofeo – This new high-end SUV provides the safety, functionality, and comforts of an SUV with the performance just short of a hypercar. The new Maserati features 590 hp and 538 lb-ft of torque, powered by a 3.8 liter Ferrari V8 enabling it to reach 60 mph in 3.7 seconds with a top speed of a little over 187 mph.
Mercedes-AMG C 63 – German luxury automaker, Mercedes, introduced its new C 63 in sedan and coupe body styles, each featuring a 4.0 liter twin-turbo V8 with 503 hp (depending on trim) and a 9-speed automatic transmission. Looking like the interior of the future, the car features a 12.3-inch digital dash that can be configured into three different display modes. Prices will be announced in the fall and arrival of the vehicles to the U.S. is expected in early 2019.
Porsche 911 GT3 RS – Sporting it’s “Lizard Green” color, this German sports car was the favorite out of the manufacturer’s automobiles at the auto show. This rear-wheel drive automobile hits 520 hp, a top speed of 193 mph, and goes 0-60 mph in 3.0 seconds. While its starting price is far from affordable ($187,500), the Porsche 911 was shared with the masses at the New York auto show.
Genesis Essentia EV Concept – The Genesis Essentia Concept was THE car to see at the New York show, and with its transparent hood and roof, carbon-fiber body, and butterfly doors, it is no wonder why. The interior and exterior are designed in a retro-future appeal with biometric fingerprint and facial recognition scanners as the key.
Bugatti’s Chiron Sport – Debuting for the first time in the United States, the Chiron Sport is one well-regarded hypercar. The Chiron is known for is 1,500 horsepower and overall high performance that hits 60 mph in 2.5 seconds, and the new Chiron Sport is faster than its predecessor making it one of the quickest production cars in the world.
About JB Hoover, Newport Beach
Based in Newport Beach, JB Hoover is the Founder and Principal of National Quality Construction in Tustin, Orange County, California. Prior to starting his own business, JB spent over ten years as Vice President of Construction at a Custom Boutique Homebuilder. JB mainly focuses on real estate rehabilitation, which consists of flipping foreclosed homes into dream houses for young couples or people buying their first home. Other than his passion for his professional endeavors, JB is also passionate about golf, travel, and cars.
As a student at Whittier College in Los Angeles, JB Hoover enjoyed cars so much that he used to flip and customize them to earn extra money. However, he found few cars that he loved too much to sell and decided to keep them instead. Today, JB’s car collection includes seven rare vehicles — some of which include a few Mercedes-AMG cars, which are modeled after racing cars and are known to be characterized by the company’s courage and passion in the car-making industry.
In fact, JB’s passion for cars is what inspired him to get into the construction and development business. He noticed one of his frequent buyers had a large collection of exotic vehicles, and questioned the buyer about their career. The buyer said he was a successful construction developer in the area, and built residential real estate for families and young couples. JB became fascinated by the business, and decided to pursue the same career path by earning a bachelor’s degree in business administration with a minor in real estate. He then combined his two passions of flipping cars and construction into a business that creates affordable homes for everyday buyers.
When JB Hoover of Newport Beach is not on the job, he enjoys traveling internationally. With four continents and dozens of countries visited under his belt, JB has truly experienced the different cultures, cuisines and different climates that he’s exposed to on his travels. He particularly enjoys Western Europe in countries like Germany, Italy and Switzerland.
In addition, JB Hoover enjoys golfing on several of the beautiful golf courses that overlook the Orange County skyline. As a player of over 20 years, JB is no longer the talented golfer he used to be, but that doesn’t stop him from enjoying time outside in the California sunshine and attempting to become a scratch golfer again. Inspired by watching golf on TV and observing his grandfather and great-grandfather play the sport, JB Hoover played golf in high school and college and hopes that he, too, can play the game well into his 90s as his grandfather and great-grandfather did.
