Given the unique bubble market, the counts for the Lake Tahoe and Truckee area for bank owned properties (REO’s) and short sales were relatively low compared to Q4 sales volume. In Truckee, only 7% were short sales and 16% bank owned REOs—equaling about 1 out of every 4 homes sold that were involved a bank related situation. Around the Lake, the statistics are higher with 31% of the sales involving a bank. Competition for REO properties continues. Quick decisions, cash and “as is” are key to securing a bank owned property.
The following is a snap shot of what happened in Q4 2009 in the Truckee Tahoe real estate market:
• Bank owned property sales: 29
• Short sales: 100 count
• Q4 2009 Totals: 129 homes sold via an REO or short sale position in the Truckee Tahoe market
As Banks carry short sale properties on their ledgers and attempt to avoid the liability required to carry REO properties, I am confident these properties will be listed, marketed and available for purchase and will improve the transaction processes with the Banks over the course of 2010.
In areas that have been and will continue to be hit hard, increased inventory will impact the overall square footage prices for areas including Kings Beach, Tahoma and some areas in Tahoe Vista. Remember, cash is still king when negotiating with a bank. As a seasoned agent with both short and REO transactions, I can help navigate Buyers through the changing market.
E-mail Alison Elder directly with your questions or more information about bank owned properties.
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