Creative juices have been dried up in the heat lately.I have had many ideas to write about but today I decided to write about bank owned properties in Windemere, San Ramon.

Many buyers have asked me about bank owned properties in this area and I have also written offers, which I am sorry to report, got kicked out. You may ask, why? Well, because despite my providing hard core data, the buyers felt they could grab these homes at 30% below list price. But unfortunately, the buyers lost the deals and my time went to a waste.

So, based on this experience, I decided to pull some data for you readers. Bank owned homes in Windemere are no longer great deals.There are too many buyers waiting on the sidelines to pounce on the ones that hit the market. They are far and few, and when these bank owned homes hit the market- they are selling to multiple offers.The hardest hit in the area are the townhouses in the Ambridge community, where the prices came down substantially but in the detached homes, prices have come down but too many players wanting to buy.

In the past, I have sold bank owned homes for an average of 3-10% below list price. But now the banks and listing agents have caught onto the game, and unfortunately buyers do not get it !! The BPO's are coming in lower than market value and the banks list these homes at ridiculously low prices and in the bargain get offers way over asking price. Why?? Because buyers think that these are amazing deals but eventually the buyer who gets the deal will probably pay close to list price of regular sales in the area. For example, 2382 Keats Lane came on the market for 950K when I knew the bank foreclosed that home at a loan amount of $1,175,000.The house got 16 offers and finally went pending in 8 days, for well over asking price( according to the listing agent), now I am waiting to see how much it closed for.Similarly, 3630 Montrose way came on the market for a ridiculous price of $544,900 and went pending in 5 days.Here is Data on Bank owned homes in Windemere since January 2007 to date.

So, before you make a decision to buy an REO in this area, please make sure the agent you work with knows what they are doing.You may land up paying more than the house is actually worth and remember you will be buying this house As Is with no warranties.Your risk should be worth it, if the price you get it is right.

Windemere Sales activity
June-July REO market analysis