Sheryl Arndt, Real Estate Broker â€“ Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
The reason it is called a "Shadow Inventory" is that it is not yet available for sale, but it will likely be, eventually. Just when the property will become available for sale is not public knowledge. There are many explanations for why REO (Real Estate Owned) properties don't get listed for sale immediately. Often, there are disputes that need to be resolved so the bank or lender has clear title and has the right to sell.
Also, there is such a large number of REO properties that the banks simply cannot handle the volume. If a person is interested in a particular REO property, it is understandable that one would feel frustrated at not knowing when or if the property will be listed. Unfortunately, for buyers as well as agents, those are factors beyond our control. The good news is that there are more properties coming on the market every day and your agent will be able to assist you in finding the home that fits your needs.
Happy House Hunting!
So, my new question is. Is there any way to buy Shadow Inventory?
I am working with a realtor, we have contacted the bank. I have not called the city, since I am not a neighbor, and I am trying to buy, I like it weedy.
If it's the house I think it is there are some issues with the city that will need to be addressed. Nothing that can't be remedied though.