There are 396 Bank owned or GSE owned homes in Shasta County as of today May 9th 2011. With Inventory's of current bank owned homes on the Shasta MLS at 202 it's safe to say that we have more bank owned homes becoming available soon!
Total Shasta Assoc of Realtors homes today at 1270.
This time of the year we traditionally see more homes come onto the market.
Short sales and REO's (Bank owned homes) are becoming a bigger part of the closed transactions each month!
Seller's contemplating selling right now MUST price aggressively or they will not stand a chance in the current market!
Buyers are shopping deals right now more than ever and with the inventory fairly high on REO's and More coming the traditional sellers must move quickly and get their home sold!
Of the 217 homes sold last month 75 were CASH....the sales of properties to buyers payhing cash has gone UP!
Investors looking to get back into the market are waiting for the best deals and moving into the market again slowly realizing that things are once Again penciling out nicely!
When you are searching for an REO keep these things in mind.
#1. Almost ALL REO's are sold "AS-IS"....meaning that what you see is what you get.
#2. Banks and the GSE's (Freddie and Fannie) price their assets with all factors in mind....in other words coming in at $20k under list price is NOT going to work....many unsophisticated buyers try to discount the list price based on what the homes needs not realizing that the bank has already taken that into consideration when they priced the asset!
#3. Cash is king but keep in mind for the GSE properties there is an "Owner Occupied Only" period in the first 15 days.This means that owner occupants are given priority!
If you are curious about seeing what REO or bank owned homes are currently available feel free to do a search now.
If you have any questions on REO's feel free to contact me.
Regards,
Richard Goates
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