The Mercury News this morning featured a front page article about the difficulty buyers are having when they try to buy one of the many REO's in the Valley. (REO stands for Real Estate Owned. These are properties that have been taken back by lenders in foreclosure proceedings.) The problems arise from the eagerness of the banks to unload these properties as soon as possible. They have been pricing them at very appealing levels, and potential buyers are bringing in full price offers in order to get them. Multiple offers are common, too.
As I have mentioned before, short sales, when a lender agrees to forgive part of the amount owed on the property, are difficult and can take months to arrange. Often, before these can be arranged, the place is foreclosed upon, and the property becomes an REO.
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