; The Simone Team - REO Inventory and Instructions/Information
Chris Simone Chris & Francine Simone
Real Estate Broker Team with Allison James Estates and Homes
(408) 772-7113

The Simone Team - REO Inventory Status / Info  

PLEASE read entire page prior to contacting me via email/phone as it will likely answer most of your questions (and explain several things that you also might not have considered yet regarding these bank owned/auction properties).  Thanks in advance!


Note: You can always search on  www.HomeSearch.com or www.Xome.com  to see if a particular bank owned home has an upcoming auction.  If the auction has already finished but the home still shows up as "Active" on the MLS, it means that we don't yet have a signed contract with the buyer.  Sometimes it takes a week or two (or longer). During that time we need to just wait (they will not allow additional offers)

Thanks for visiting.  We have several REO/bank owned listings at the moment and it is incredibly helpful for us if you can review this page to get the current status on all our REO listings.  There is also a lot of information here regarding the online auction process that will likely answer most/all of your questions.

This page contains two sections.  The first section below contains information about the online auction process, how it work, what to expect, info on disclosures, possession, contingencies, the 5% auction fee, etc.  The second section below is the current status on each of our REO listings. 

If after reviewing all the info on this page you still have questions, please feel free to email or call Chris Simone.  Email:  Homes@TheSimoneTeam.com



Information on the bank owned listing being sold via online auction…

Thank you for your interest in these properties.  I have found there are some fairly common questions people ask me about these bank listings and the auction process so I have put together this cheatsheet for you to review.  Hopefully it answers your question, but if not feel free to send me an email or give me a call.

All of these REO homes are being sold online at either www.HomeSearch.com or www.Xome.com. Please go to these sites and search for the home to get specific information regarding auction terms and dates. I usually search these sites by just putting in the city and state as sometimes it seems like it doesn’t find it when searched by address.  These two auction sites have very similar terms/instructions.  Most of the auctions for our REO listings these days seem to be on www.Xome.com.  The property usually shows up on the auction site at least 10 days before the auction takes place.  Please go to the site now and look for the property you are contacting me on to see if it is setup for auction and what all the terms for that particular auction are.  If you don’t see the home on the site (after searching simply by “city, state” then it means it is not yet ready for auction and you should check back in a few days).

The auction will take place at a pre-determined date which can be found either on the MLS or by visiting the auction site.  The auctions usually run 2-3 days long and usually end somewhere between noon and 1:30pm on the last day.  Most bidders seem to wait until the last hour or two of the auction to start placing their bids but you can bid anytime during the auction window. 

In order to bid, your client will need to create an account at the auction site and then register for the particular home auction they are interested in.  When they register they can list you as their agent (there’s a spot for that).

During the auction, interested buyers will be able to see the auction clock ticking down second by second.  Also displayed will be the current highest bid and whether or not the price has already met the minimum reserve price the bank has set.  You should refresh your website browser often as it doesn’t always automatically update the current highest bid number.  The minimum reserve price is unknown, even to us.  Only the seller/bank knows.  If the auction ends with a bid higher than the minimum reserve then the property should be sold to that highest bidder.  If the auction ends and the minimum reserve has not been met, the auction company will usually contact the highest bidder and see if they are interested in coming up a little more or if they would like the auction company to submit their bid to the seller/bank.  It frequently does happen that the minimum reserve is not met through the auction but the seller decides to get into contract with the highest bidder anyways, so don’t despair if your client is the high bidder but you didn’t meet the minimum reserve.  If the seller/bank is not happy with the highest bid they will ask me to hold another online auction usually in 2-3 weeks.

Last minute/last second bids:  Some buyers wait until there is only 5-10 seconds remaining in the auction before placing their bid.  This is fine, however the auction company has a way of keeping the auction fair for all interested buyers.  Any time there is less than 5 minutes remaining on the clock and a bid is placed, 5 more minutes will be added to the clock.  This way, anyone who wants to make a bid will always have the time to do so…until there are finally no more bidders willing to go higher.

The auction terms are generally completely As-Is with ZERO contingencies.  Buyers need to do their homework and investigations before the auction.  There are no reports/disclosures for these properties.  Buyers should review all issues related to title, permits, etc prior to bidding.

5% buyer’s premium/fee:  This fee is an amount that is added ON TOP OF the highest bid and the buyer is required to pay at the close of escrow.  It is a fee for the auction company.  It has nothing to do with commissions. So if your buyer has the winning bid on a property at $500,000, the price they will actually be required to pay for the property is $525,000.  Buyers and buyer agents unually (understandably) have a negative initial reaction when they see there is a 5% fee.  My personal feeling is that the buyer isn't really paying anything "extra".  If they are interested in buying an auction property and they think it is worth $525,000 to them, then the buyer will stop their bidding at $500,000 because they know there will also be a $25,000 fee to pay.  Every buyer has to pay this 5% fee on an REO auction, so every buyer will build that 5% fee into their bidding and only go up to 95% of what they really want to spend.  Make sense?

When your client registers for the auction they will be asked for a credit card.  This is for two reasons.  First, they need to make sure people who are bidding are real/legitimate buyers.  The second reason is this: The auction company will place a $2500 hold on your credit card if you are the winning bid.  If your client then decides to back out, your client will likely be charged this $2500.  If your buyer is the winning bidder and the bank agrees to get into contract with them, they will be asked to submit their initial deposit with the title company (usually 3-5% of the purchase price…see the particular home auction page for details).  Failure to do so will result in your client being charged the $2500 on their credit card and the seller will either move on to the next buyer or have us hold another online auction.  Once your buyer does deposit their initial deposit, the hold on the credit card will be released (and your buyer’s deposit is now held as security against the buyer breaching the contract).

These bank owned properties/listings come in two flavors….Vacant and Occupied.

Occupied properties: There is NO ACCESS to these homes.  Not before the auction and not after the auction.  The first time your client should ever approach the home is only after the transaction is complete and they are the new owners.  Auction is selling the home completely sight unseen.  Buyers do not get to enter the building to do inspection after getting into contract.  Occupied auction properties only allow cash buyers.  The buyer is usually given 20 days to close escrow.  The bank will not deliver these homes vacant.  It will be the new owner’s responsibility to make contact with the occupant and make arrangements after they become the new owner.

Vacant properties:  These do have access usually via SupraKey lockbox (check the MLS).  Your buyer is encouraged to visit the property with you and perform all their due diligence prior to the auction.  At least this way the buyer understands the condition of the home beforehand.  For vacant properties, the buyer is allowed to get a loan but there is no loan/appraisal contingency.  The seller/bank may provide special incentives for any buyers who get pre-approved with one of their subsidiaries – Greenlight Loans.  Your client should get pre-approved be calling 866.250.7517 or at www.ajelite.com/loans. The seller/bank often times will give up to 1-3% credit to the buyer for their closing costs if they select Greenlight to do the loan.

What about the occupants?  If the home is occupied, we usually have very little info on the occupants.  Could be a previous owner or a renter.  If your client bids and wins this property and becomes the new owner, it is then up to your client to go knock on the door and make arrangements with the occupant AFTER THEY ARE THE NEW OWNERS.  Occupants may or may not be pleasant.  If your buyer is planning on living at the home they may have to evict an uncooperative occupant.

Can we submit an offer directly to the listing agent instead of through the auction?  Answer: No, they won’t accept it.  On some of the online auctions there is a "Make Offer" button prior to the start of the auction.  If so, you can click on there and submit an offer before the online auction takes place.  If your buyer submits a successful offer this way, the online auction will usually be cancelled and removed from the auction site.

The auction disappeared from the website...How come?  Sometimes an online auction will be scheduled and coming up and then all of a sudden it disappears.  This could be for a couple different reasons.  It could be that for administrative reasons (...issues with title or the foreclosure processes, etc) the auction needs to be postponed.  If so you can check back on the MLS for updated auction dates or you can check back here.

When I look online at the auction site it says the auction already happened. But on the MLS it still says “Active”.  What’s going on?  Just like on a regular listing, we do not change the MLS status to “Pending” until we have a signed contract in hand. After the auction, it can sometimes take days or weeks to get the buyer and seller to sign the contract.  So if the auction online ended recently but it still says “Active” on the MLS and you are wondering if your buyer can still submit an offer, the answer is: You need to wait to see if it goes back to auction before submitting an offer.

What about commission rate to the buyer’s Broker?  Answer: It is stated on the MLS.  The seller/bank is the one who sets the commission rate.  We frequently push the bank to try to get them to increase their commission rate to buyer agents, but whatever is listed on the MLS is what they are currently offering.  Sometimes there are incentives on HomeSearch.com for added commission, but usually that is only if the property hasn't sold after several auction attempts.

Can my buyer flip this property?  Answer: There are no restrictions from the seller/bank on what your buyer does with the property once they are the owners.

I have a cash buyer…will the bank consider a lowball offer before the auction with enough margin such that my client can flip the home and make a pile of money?  Actually, this is the very reason, in my opinion, that the banks are using these online auctions. The online auction provides some protection to the bank/seller such that they don’t just give these properties away.  The bank will sell these properties to the highest bidders at the online auction.  If that happens to be your cash investor who is going to flip the property, that is okay.

What price do these homes usually sell for?  Answer: Whatever the market/buyers are willing to pay given the terms of the auction.  Most buyers don’t have all cash (required for occupied listings)…most buyers are unfamiliar with the online auctions….most buyers are at least a little worried about As-Is without any contingencies….If you cannot see inside the home (for occupied listings) bidders are usually a little bit conservative….etc.  Since there is some extra risk associated with the online auctions (especially the Occupied homes sold sight unseen) that might cause some buyers to keep away.  The final/winning bids usually take that into account.


Current Status of our REO Inventory:

Our REO inventory fluctuates on a weekly basis.  Below is our current inventory along with the status of each listing.  Please review prior to contacting us to see if your questions are already answered. 

36109 Dalewod Dr., Newark, CA. 94560 - Auction coming soon. Property is occupied. 

Recent SOLD REO Properties:

121 Rancho Rio Ave, Ben Lomond, CA. 95005 - Sold

2050-2052 17th Ave, Santa Cruz, CA. 95062 - Sold

470 Santa Rosa Dr, Los Altos, CA. 95032 - Sold

389 2nd Ave.,Colma, CA. 94014 - Sold

308 Healthcliff Dr., Pacifica, CA. 94044 - Sold

205 Brookside Ave. Santa Cruz, CA. 95060 - Sold

407 Clubhouse Dr., Aptos, CA. 95003  - Sold

2788 Georgetown St, East Palo Alto, CA. 94303  - Sold

510 Carrick CT., Hayward, CA. 94542 - Sold 

219 Aspen Avenue, South San Francisco, CA. 94080 - Sold

449 Gold Ave Felton, CA. 95018 - Sold

2570 La Honda Road, San Gregorio, CA. 94074 - Sold

1315 Bagely Way, San Jose, CA. 95122 - Sold

47945 Avalon Heights Ter, Fremont, CA. 94539 - Sold

212 Riverside Park Dr., Ben Lomond, CA. 95005  - Sold

654 Willis Ave., San Jose, CA. 95125  - Sold

22732 Atherton St., Hayward, CA. 94541 - Sold

2500 Vine Hill Rd., Scotts Valley, CA. 95066 - Sold

1182 Palou Ave., San Francisco, CA. 94124 - Sold 

13501 Paseo Del Roble Dr. Los Altos Hills, CA. 94022 - Sold

535 Spring St, Santa Cruz, CA.95060  - Sold

130 E San Fernando St # 508, San Jose, CA. 95112 - Sold

5779 Capilano Dr., San Jose, CA. 95138  - Sold

13940 Pescadero Rd, La Honda, CA. 94020 - Sold

2842 Seadrift Circle, Hayward, CA. 94545 - Sold

37853 Abraham St, Fremont, CA. 94536 - Sold

17577 Calle Del Sol, Morgan Hill, 95037 - Sold

3820 Marks Ave. San Jose, 95118  -  Sold

832 Blossom Way, Hayward, CA. 94541 - Sold

6134 Maree Court, San Jose, CA. 95123  -Sold

1215 Hollyburne Ave., Menlo Park, CA. 94025 - Sold

6 Seville Way #205, San Mateo, CA. 94402 - Sold

1981 RANDOLPH DRIVE, SAN JOSE, CA 95128 - Sold

533 Gridley St. San Jose, CA. 95127 - Sold

157 WABASH AVENUE, SAN JOSE, CA 95128 - Sold

22 BLAKE LANE , SCOTTS VALLEY , CA, 95066 - Sold

1 Huckleberry Island, Brookdale, CA 95007 - Sold

4825 Los Arboles Place, Fremont, Ca 94536 - Sold

286 N. 24th St., San Jose, CA. 95116  -  Sold

111 Bean Creek Rd, Unit 12, Scotts Valley, Ca. 95066 - Sold

2 Britton St, San Francisco, CA 94134 - Sold


14030 BROADWAY TER , OAKLAND , CA, 94611 - Sold

1877 BIG BEND DR, MILPITAS,  CA 95035 - Sold

33779 DALTON CT, UNION CITY, CA 94587 - Sold

3323 SAN LUCES WAY, UNION CITY, CA 94587 - Sold

14995 Foothill Ave, San Martin, CA 95046 - Sold

3158 KELLY ST, HAYWARD, CA 94541  - Sold

128 Grant St, Santa Cruz, CA 95060 – Sold

127 Sierravista Ave, Daly City, Ca 94015 – Sold

5268 Firenze Court, San Jose, CA 95138 - Sold

5400 Jigger DR, Soquel, Ca  - SOLD


3150 Stanley Ave #1-4, Santa Cruz, Ca 95065  - SOLD

1236 PIPE DREAM CT , SAN JOSE , CA, 95122  - SOLD

151 alice b toklas pl 503 , san francisco , CA  - SOLD

699 dartmore ln unit 268, hayward, CA 94544  - SOLD



155 TUCKER AVE, San Francisco  - SOLD

17331 Lake View, Morgan Hill, Ca 95037  - SOLD

208 Bay St #h, Santa Cruz  - SOLD



5411 Don Edmondo, san jose, Ca  - SOLD

24697 WILLIMET WAY , HAYWARD , CA, 94544  - SOLD

25316 morse ct, hayward, CA 94542  - SOLD

2669 heron ct, san jose, CA 95133  - SOLD


Saddlewood, San Jose  - SOLD

130 Alberto Lane, Los Gatos, Ca 95030  - SOLD


2950 Union Ave,Hayward CA, 94541  - SOLD

35145 11th St, Union City  - SOLD

1171 La Rochelle Ter #C, Sunnyvale, CA 94089  - SOLD

5264 Fairbanks Cmn, Fremont, CA 94555  - SOLD

Elm St, Newark  - SOLD

2955 Leotar Circle, Santa Cruz  - SOLD

4858 Freedom Blvd, Aptos  - SOLD

111 Camino Venado Lane  - SOLD

307 Vista Roma Way, San Jose  - SOLD

 2664 Senter Rd #101, San Jose  - SOLD

7663 Hermitage Ave, Newark  - SOLD

6084 Dunn Ave, San Jose  - SOLD

131 Sierra Mesa Ave, San Jose  - SOLD

1911 North Star Circle, San Jose  - SOLD

249 Beegum Ave, San Jose  - SOLD