We do have foreclosed homes coming to market here in Carmel, California. While the number of foreclosures is well below the national average, they still have an impact on the market and are occasionally “deals” that are snapped up quickly once they are listed. Having said that, there are also times that investor (usually but not always a bank) lists a property at an unreasonable priced based on criteria other than market value and the home for sale will sit for months before it sells.
I often get calls from clients who have seen that a given property has received a notice of default and the foreclosure process has begun….asking if we can call the bank and make an offer. In an upcoming blog post I will review the steps in the process, but it is important to note that on average at the moment it takes 449 days for a property to progress through the foreclosure process from the 30 day late notice to listing of the foreclosed property. A property receiving notice today, that does not correct the situation or succeed with a short sale, won’t be on the market for over a year.
At the moment there are three foreclosed /REO homes on the market:
Currently Listed Carmel California REO / Foreclosed Homes
We do have foreclosed homes coming to market here in Carmel, California. While the number of foreclosures is well below the national average, they still have an impact on the market and are occasionally “deals” that are snapped up quickly once they are listed. Having said that, there are also times that investor (usually but not always a bank) lists a property at an unreasonable priced based on criteria other than market value and the home for sale will sit for months before it sells.
I often get calls from clients who have seen that a given property has received a notice of default and the foreclosure process has begun….asking if we can call the bank and make an offer. In an upcoming blog post I will review the steps in the process, but it is important to note that on average at the moment it takes 449 days for a property to progress through the foreclosure process from the 30 day late notice to listing of the foreclosed property. A property receiving notice today, that does not correct the situation or succeed with a short sale, won’t be on the market for over a year.
At the moment there are three foreclosed /REO homes on the market:
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