It pays to be an REO or Short Sale in Marin

Home for Sale

March 18, 2008In an earlier post here I explained what an REO home is (they are homes owned by a bank- usually after a foreclosure) as well as a Short Sale (a sale where the bank will take less than they are owed).

Poking around the Marin MLS I noticed that a large percentage of REO and Short Sale listings are in escrow.  Though not always true, it is often perceived that REO properties are a bargain. Short Sales are know to have a high fallout rate in escrow but can also be a good deal.

Here are the percentages of single family homes in escrow from the Marin BARIES MLS:

REO:              43%

Short Sales:  27%

Others:           22%

At 43% in escrow REO’s are experiencing a seller’s market in Marin County Real Estate.

Warren Carreiro, Broker
http://www.realtyofmarin.com/
warren@RealtyOfMarin.com

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