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.
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.
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