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, three in back up, four pending, and there have been four sales Newport Beach bank owned sales.

Listings are down -1 from October, 2011
Back up is up +2 from October, 2011
Pending is down -5 from October, 2011
Sales are down -1 from October, 2011

Newport Beach REO Market Update - November, 2011

 Newport Beach REO Market Update November, 2011

There is a low absorption rate  of the REO property as you can see on the graph. 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”.  Also, remember that the bank will want fair market value and go to great lengths to obtain that value.

Search the MLS for Newport Beach REO property, and Newport Beach homes for sale.

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