Newport Beach Bank Owned Property Update | Market Report | March, 2012

Searching for a Newport Beach bank owned property?

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, two back up, five in pending status, and two sales for the month of March, 2012.

Comparison from prior month is below.

Listings are up +1 since February, 2012
Back Up is  down -1 from February, 2012
Pending is up +1 from February, 2012
Sold properties are down -2 from February, 2012

There is a low absorption rate  of the REO property  of approximately one month or less. 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.

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

$760,000
3
BED
3
TOTAL BATHS
1,622
SQFT
5 Kamalii Court #274 Newport Beach, CA 92663
Condo For Sale
- Active

Newport Crest Townhome with attached 2 car garage.End unit allows for lots of natural light and has 3 balconies. Come and finish your beach home. Community pool & tennis. GREAT LOCATION - WALK TO THE BEACH, just minutes away from shopping, dining...

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ABOUT ME

Sharon Paxson is a full-time REALTOR® with Compass and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords and Tenants with their real estate needs.

If you are thinking about buying, selling or renting your home, condo or other Real Estate in the following areas including Newport Beach, Newport Coast, Corona del Mar, Huntington Beach there are thousands of Realtors to choose from. However, it doesn't cost you any more to work with a top Newport Beach CA Realtor. We welcome the opportunity to show you how we get outstanding real estate results with specific and targeted marketing. If you are looking for a top real estate agent who will make a difference you have come to the right place. Use this real estate website to learn about communities and homes for sale.

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DISCLAIMER: All information, photographs & content contained on this site is the property of Sharon Paxson. You must obtain written permission from Sharon Paxson if you would like to use any of this content contained herein. Opinions expressed are those of Sharon Paxson and may not necessarily be opinions of past and present brokers. Articles may be time and date sensitive. All statistical information utilized to create market reports has been obtained from the CRMLS. Information Deemed Reliable but not Guaranteed.

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