REO's/Bank owned homes continue to be a larger part of the closed Redding ca transactions.We expect this to increase and not decrease in the coming 1-2 years.There are many more backlogged and currently in Foreclosure homes coming as the many Government Loan Modification guidelines have been less than effect for the majority of home owners.
We see close to 400 bank owned homes currently in Shasta County with approx 200 pending.
If you are searching for a bank owned home consider the many things you need to know to have a smooth transaction.Bank owned homes are not for those that are full of fear....nor for those that are not risk takers...and certainly not for those that have to have a "Guarantee" of this or that....there are none!
So why is everyone wound up about bank owned homes?? What's the buzz....why do they have multiple offers and the best ones go in days?? PRICE!!! They average from 15-40% below "Normal" sale homes.....So what does that mean on a home that is priced at $250k as a normal sale from MR and MRS Jones? That same home as a bank owned home or Freddie or Fannie is probably going to be in the range of $209-$215k..... So there you have it....Bank owned homes for the most part a MUCH Better Deal.....plain and simple.....that's what people want in the market today....a VALUE.....
Consider checking out this post on tips to succeed when purchasing a bank owned home...
If you are curious what things are selling at or where the market here is a resource for you.
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