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, five back up, five in pending status, and four sales for the month of March, 2012.
Comparison from prior month is below.
There is a low absorption rate of the REO property of approximately one month or less. 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.
Originally posted at NewportBeachRealEstateCafe.com