We sell, and have sold, for nearly 14 years, REOs. We work for about 8-10 major banks and servicers and have been told that the REO actictivity will pick up; this has been said for about a year. Our observations are that that has not happened and the "quality" of REO has declined. What I mean by that is the condition is worse (as in many cases the property has been vacant for possibly years) and we are getting assignments for lower end prices. In 2008, our average sales price was $290000 and so far this year it is hovering around $165000.
Coldwell Banker Heart of America - Bloomington-Normal, IL
Coldwell Banker Cutting Edge - Grants Pass, OR
"Your Proactive, Trusted Real Estate Advisor"
Congrats on working with so many REO's that is great. As for quality seems folks just don't care about their homes as much, they are loosing them so they trash them.
Mar 17, 2010 11:51 PM
Retired - Gaithersburg, MD
Thanks for sharing. There will be a lot of damaged REO properties after our severe winter.
Mar 18, 2010 12:11 AM
Rainer
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