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 7 active listings, two in back up, two pending, and there have been nine sales Newport Beach bank owned sales in January, 2012.

Listings are up +6 since December, 2011
Back Up is  down -2 from December, 2011
Pending is down -2 from December, 2011
Sold properties are are up +3 since December, 2011

There is a low absorption rate  of the REO property  of approximately one month. 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, including obtaining several BPO (broker price opinions) and appraisals.

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

Originally posted at NewportBeachRealEstateCafe.com