Thursday, June 18, 2009
Last Year's Bank REO is This Year's Short Sale
It's not this year's Black is the last year's Ecru... Although it is interesting to see that a bank owned condo in the mid-Peninsula in early 2008 is now on the market as a short sale some 15 months later. Yes - all bank deals are not necessarily good deals! And for sure, the banking regulations and scrutiny have become more intense in that period. Good for consumers and banks to have loans decided on their true merits and stability. I also believe that the first wave of bank owned properties last year were the beginning of the slide and many buyers thought otherwise. Most bank properties now are selling quickly in the Peninsula and the South Bay. Some though, especially the higher end homes are sitting and taking price reductions. There are good reasons to not jump in necessarily on a deal just because it is owned by First National Trust and Co, Ltd..