The current economic climate has dramatically changed the real estate landscape. Locally, in the Portland/Vancouver metro area in the 12 months ending May 31, 2008, only 2% of the homes sold were Bank Owned or Short Sale properties. In the 12 months ending May 31, 2009, it was 11%. Today, 16% of the properties on the market for sale fall into these categories. In some markets around the country these statistics and trends are even more staggering.
With this market shift comes new challenges for buyers, sellers, brokers and lenders. There also seems to be a lot of confusion when it comes to the differences between a Bank Owned asset (REO) and a Short-sale, who the parties are, paperwork, how to structure a winning deal and expectations of buyers, sellers, brokers and lenders. What follows is an overview that may help reduce this confusion.
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