Searching for a Newport Beach bank owned property?
Newport Beach REO home buyersÂ usually face the challenge of competing withÂ multiple offersÂ on the properties. Also, Newport Beach REO home buyers are competing withÂ cash buyersÂ as well.
Newport BeachÂ currently has anÂ 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.
There is a lowÂ absorption rate Â of the REO propertyÂ Â of approximately one month or less.Â These properties move quickly as buyerâ€™s perceive them as the best deal. Keep in mind when buying an REO property â€“ they are purchased â€œas isâ€. Â 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.