Newport Beach REO home buyers usually face the challenge of competing with multiple offers on the properties. Also, Newport Beach REO or bank owned home buyers are competing with cash buyers when making an offer on the home.
Newport Beach currently has an inventory of REO or bank owned homes. Currently there are 6 active listings, 2 in back up status, 6 in pending status, and 9 sales.
Comparison from prior month is below.
There is a low absorption rate of the REO property of approximately one over the past one year. 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.
Market absorption rate is declining with the increase of sales in June along with a lower number of active listings. Absorption rate is now under a month to approximately one month.
|Absorption Rate, June, 2012|
|Newport Beach REO Market Update|
Information Deemed Reliable but not Guaranteed
Courtesy of www.NewportBeachRealEstateCafe.com
Info taken from CRMLS
Do Not Use Without Permission
Past month’s market reports:
1 - 2 of 2.
See more Newport Beach REO Property for Sale.
(all data current as of 5/22/2013)
$249,900 : 700 Lido Park Drive #34, Newport Beach3 beds, 2 full baths
$229,900 : 500 Cagney Lane #203, Newport Beach0 beds, 1 full bath
Listing information deemed reliable but not guaranteed. Read full disclaimer.