Newport Beach REO home buyers usually face the challenge of competing with multiple offers on the properties. Also, Newport Beach REO home buyers are competing with cash buyers as well.
Newport Beach currently has an inventory of REO or bank owned homes. Currently there are eight active listings, 3 in back up status, 5 in pending status, and 2 sales.
Comparison from prior month is below.
Sales have declined by two per month for the last two months.
There is a low absorption rate of the REO property of approximately one to two months over the past one year. These properties move quickly as buyer’s perceive them as the best deal. Keep in mind when buying an REO property – they are purchased “as is”. Keep in mind banks will want fair market value and go to great lengths to obtain that value, including obtaining several BPO (broker price opinions) and appraisals.
|Absorption Rate, May, 2012|
|Newport Beach REO Market Update|
Information Deemed Reliable but not Guaranteed
Courtesy of www.NewportBeachRealEstateCafe.com
Info taken from CRMLS
Do Not Use Without Permission
Past month's market reports:
Originally posted at Newport BeachRealEstateCafe.com
Sharon Paxson REALTOR®