Single Family Residential
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Actives: SBC~180 of which REO/Bank Owned~32 or 18%
HO~97 of which REO/Bank Owned~24 or 25%
Pendings: SBC~222 of which REO/Bank Owned~73 or 33%
HO~197 of which REO/Bank Owned~70 or 36%
Absorption Rate: SBC~.81 HO~.49 months supply of inventory
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Sold’s for the week: 8
High: $635,000 Equity Sale, New Conv. 1st
Low: $246,000 REO, New Conv. 1st
Full Price or Over Asking: 7 or 88%
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Sale Type
REO/Bank Owned: 6 or 75%
Short Sale: 1 or 13%
Equity Sale: 1 or 13%
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Financing Type
New Conventional 1st: 5 or 63%
FHA: 3 or 37%
CASH: 0
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Another light week in the numbers.
After a long dry spell I received a new REO listing this week.
Single Family Residential
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Actives: SBC~174 of which REO~35 or 20%
HO~93 of which REO~28 or 30%
Pendings: SBC~215 of which REO~67 or 31%
HO~194 of which REO~66 or 34%
Absorption Rate: SBC~.81
HO~.48 months supply of inventory
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Solds for the week: 9
High: $510,000 REO, New Conv. 1st
Low: $250,000 Short Sale, New Conv. 1st
Full Price or Over Asking: 5 or 56%
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Sale Type
REO: 4 or 44%
Short Sale: 4 or 44%
Equity Sale: 1 or 11%
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Financing Type
New Conventional 1st: 3 or 33%
FHA Loan: 3 or 33%
VA Loan: 1 or 11%
Cash: 2 or 22%
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Bit of a light week on the closings. However look at the spread on prices $250 to $500. The inventory remains quite low as far as REO goes. Which explains the multiple offers being seen on a regular basis in the more affordable price ranges. I received 4 offers on a vandalized house just last week and have heard of as many as 20 offers being received on a house in Sunnyslope Village.
In the last few years I’ve done a lot of work representing banks in the sale of foreclosed homes. One question that comes up frequently is the buyer requesting access to the property prior to the escrow closing. On several occasions we’ve found buyer’s having accessed the property and starting to do work i.e. prep work for painting, lino, carpet etc. despite the fact that they had been told they could not and did not have permission to be on the property. Until the loan funds and records with the county the deal is not done. You become the legal owner when it records and we’re on record. Until then the seller remains the legal owner of the property and is at risk for liability.
Buyers should never be at a property unattended without their agent. Period! It is a liability to the Seller, the listing agent and the buyers agent. Agents that give out the combination for a lockbox so their clients can view a property unattended are putting all parties at risk. Not to mention it is a clear professional and ethical indiscretion in my opinion as well as an MLS violation.
Single Family Residential
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Actives: SBC~176 of which REO~29 or 16%
HO~95 of which REO~23 or 24%
Pendings: SBC~208 of which REO~68 or 33%
HO~190 of which REO~67 or 35%
Absorption Rate: SBC~.85 HO~.5 months supply of inventory
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Solds for the week: 12
High: $430,000 REO-New Conventional 1st
Low: $ 74,000 REO-Cash
Full Price or Over Asking: 6 or 50%
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Sale Type
REO: 11 or 92%
Short Sale: 1 or 8%
Equity Sale: 0
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Financing Type
New Conv. 1st: 5 or 42%
FHA Loan: 4 or 33%
Cash: 3 or 25%
Single Family Residential
Actives: SBC~176 of which REO~29 or 16%
HO~96 of which REO~24 or 25%
Pendings: SBC~206 of which REO~69 or 33%
HO~187 of which REO~67 or 36%
Absorption Rate: SBC~.85 HO~.5 months supply of inventory
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Solds for the week: 21
High: $725,000 Short Sale, New 1st
Low: $134,900 REO, Cash
Full Price or Over Asking: 10 or 48%
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Sale Type:
REO~11 or 52%
Short Sales~6 or 29%
Equity Sales~3 or 14%
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Financing Type:
New Conv. 1st~11 or 52%
FHA~6 or 29%
CASH~4 or 19%
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49 Notices of Sale in the paper this week.
