Banks Paying More Attention to REO properties

Real Estate Agent with Agent Connect Realty

We have noticed that more and more REO properties are being fixed up by the bank.   Over the past 6 months 70% of all sales have been REO properties so those properties were probably in better shape than what is left.   We have been doing REO tours over the past 3 weeks and we have seen a ton of properties in bad shape with DOM stats ranging in the high 7 months plus.

So we have seen crews in condos and single family homes putting low grade carpet and paint which is just enough to get it sold.

A good sign the market is turning and banks have adjusted to the market.  Their adjustment was like making a u-turn in a aircraft carrier which dosent turn on a dime.   Good news all in all.

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