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Newport Beach REO/Bank Owned Market Update | November, 2011

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 five active listings, three in back up, four pending, and there have been four sales Newport Beach bank owned sales.

Listings are down -1 from October, 2011
Back up is up +2 from October, 2011
Pending is down -5 from October, 2011
Sales are down -1 from October, 2011

Newport Beach REO Market Update - November, 2011

 Newport Beach REO Market Update November, 2011

There is a low absorption rate  of the REO property as you can see on the graph. 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".  Also, remember that the bank will want fair market value and go to great lengths to obtain that value.

Search the MLS for Newport Beach REO property, and Newport Beach homes for sale.

Originally posted at NewportBeachRealEstateCafe.com

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4 comments • Sharon Paxson Newport Beach Real Estate • December 15 2011 02:47PM

Newport Beach Short Sale Market Update - August, 2011

The Newport Beach real estate market has both foreclosures, and short sales. The definition of a short sale is when a bank or lien holder lender agrees to accept a discounted payoff on a loan balance as a result of  either economic or a financial hardship on the part of the mortgagor. There are significantly more short sales for sale in the Newport Beach area than foreclosures. Currently in Newport Beach there are 15 foreclosures on the market. The short sale market in the Newport Beach area has many variables. There are both back up and pending status, and some of these short sales may not get approved by the lenders. If that is the case, then the property may go back to the bank. There are many factors which influence Newport Beach short sales and some of the considerations are as follows: 1. Actual hardship 2. Lien(s) on the property 3. Back HOA dues 4. Back property taxes A Realtor will negotiate in your behalf and will prepare the short sale packet which is submitted to all of the lenders. Communication is important so that the Realtor will stay in contact with the lender(s), and HOA company (if applicable). Currently, in the Newport Beach area, there are 41 active listings, 32 property in back up status, 19 in pending status, and there were 8 sales during the month of August, 2011. This number is up from the same time period last year as there were two sales in August, 2010, and there are a total of 8 Newport Beach short sales for the month of August, 2011.

These Newport Beach short sale properties for sale may all be in different phases of the short sale process. Some may just be receiving offers, and beginning the short sale process, and others may have approval from the lien holders.

If you are interested in searching for a Newport Beach short sale, then please contact me.

Search the MLS for Newport Beach short sales.

Originally posted at NewportBeachRealEstateCafe.com

newport beach homes for sale

Search for Homes by Community in Newport Beach

Balboa Coves Cliffhaven Newport Coast
Balboa Island Corona del Mar Newport Island
Balboa Peninsula Dover Shores Newport Shores
Balboa Peninsula Point Eastbluff Newport Terrace
Bay Island Granville One Ford Road
Bayshores Harbor Ridge Port Streets
Bayside Cove Harbor View Hills Sea Island
Beacon Bay Kings Road Seaview
Belcourt Lido Isle Versailles
Big Canyon Lido Sands Villa Balboa
Castaways Linda Isle Villa Point
Cherry Lake Newport Crest West Newport Beach

 




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3 comments • Sharon Paxson Newport Beach Real Estate • August 28 2011 11:11AM