Placer County Bank Owned Homes - REO Sales Statistics October

Placer County Bank Repos for Sale

The number of bank owned homes for sale in Placer County is over 14% higher than the number for sale on October 26th. However, there are over 31% fewer bank owned homes listed today in Placer county than there were on January 11th of last year.

Many believe that this decline is due primarily to state and federal leaders pushing many of the large lending institutions to attempt loan modifications and short sales with home owners before proceeding to foreclosure.

This appears to be the case when looking at www.fidelityasap.com, which posts trustee's sale data. Most of the foreclosures scheduled recently have been postponed by the beneficiary, which is the lending institution. Many of these properties are currently listed as short sales. There is anecdotal evidence that foreclosures can be extended for quite awhile, simply by attempting a loan modification or short sale, even if neither eventually happen.

Bank repossessions now comprise 9% of the residential properties for sale in Placer County, based on a total of 2,093 residential properties for sale. This is 1 percentage point higher than the percentage recorded on October 26th.

The least expensive bank owned home for sale in Placer County is an 840 square-foot bank owned condo on Galena Drive in Auburn, which is listed for $48,300. The most expensive bank repo for sale in Placer County is a 16,200 square-foot home on Polo Ranch Place in Granite Bay, which is listed for $3,100,000. To view the details and photos available for these bank owned homes, along with all other bank owned homes for sale in Placer County, click Placer County bank owned homes for sale.

Placer County Bank Repos Pending Sale

The number of bank owned homes pending sale in Placer County has remained relatively the same as October 26th. The number of bank owned homes currently pending sale is over 13% lower than the number that were pending on January 11th of last year.

Bank repos now comprise 37% of the residential properties pending sale in Placer County, based on a total of 553 pending sales. This is 7 percentage points higher than October 26th.

Placer County Bank Repos Sold Between October and December 2009 vs. October through December 2008

The number of bank repos that sold in Placer County between October and December 2009 was nearly 23% lower than the number that sold between October and December 2008.

Placer County Bank Repos Sold Between October and December 2009 vs. July through September 2009

The number of bank repos sold in Placer County between October and December 2009 was less than the number that were sold between July and September 2009.

The average number of days that it took for a bank repo to sell was 7 days shorter between October and December than it was between July and September.

On average, between October and December 2009 banks accepted offers that were slightly less than their asking price, while they accepted slightly more than they were asking between July and September 2009.

The projected number of months of inventory of bank repos in Placer County increased from 1.21 months on October 26th to 1.48 months on January 9th.

The least expensive bank repo that sold in Placer County between October and December 2009 was an 822 square-foot condo on Sapphire Drive in Auburn, which sold for $50,000 after being listed for $44,550. The most expensive bank repo that sold in Placer County between October and December 2009 was a 6,579 square-foot home on Seven Cedars Place in Granite Bay, which sold for $1,175,000 after being listed for $1,790,000.

The largest percentage discount that was negotiated from the asking price of a bank repo sold in Placer County between October and December was a 41% discount negotiated on a 724 square-foot major fixer home in Auburn on Live Oak Lane, which sold or $68,250 after being listed for $114,900.

The largest dollar discount that was negotiated from the asking price of a bank repo sold in Placer County between October and December was a $615,000 discount negotiated on the home mentioned above on Seven Cedars Place in Granite Bay, which sold for $1,175,000 after being listed for $1,790,000.

61% of the bank owned properties sold in Placer County between October and December 2009 were sold for at or above their asking price. 84% of the bank owned properties sold within 5% of the asking price and 95% of the properties sold within 90% of the asking price. 3 bank owned homes sold for less than 80% of their asking asking prices.

If you are looking to submit low ball offers on bank owned properties, be prepared to get rejected 97.7% of the time. Based on the bank owned sales in Placer County over the past 3 months, you have less than a 1 in 131 chance of negotiating a sale below 80% of the banks asking price.

If you have any questions regarding these statistics or if you are interested in buying a bank repo in Placer County, please feel free to call us at 916-728-1981, e-mail us at pat@patrickhake.com or leave a comment below.