Placer County Bank Owned Homes - REO Sales Statistics January

Placer County Bank Repos for Sale

The number of bank owned homes for sale in Placer County is approximately the same as the number for sale on January 9th of this year. However, there are over 13% more bank owned homes listed today in Placer county than there were on May 4th of last year.

This is a reversal from what we found last quarter in this same report, when there were 31% fewer bank owned homes listed than the previous year. This was not due to a steep increase in the number of bank owned properties listed, but was due rather to the fact that listings had already declined at this time last year, due to the shift in bank and goverment behaviour towards short sales and loan modifications instead of foreclosure.

Bank repossessions now comprise 8% of the residential properties for sale in Placer County, based on a total of 2,380 residential properties for sale. This is 1 percentage point lower than the percentage recorded on January 9th.

The least expensive bank owned home for sale in Placer County is an 920 square-foot condo on Macario Court in Roseville, which is listed for $74,900. 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 rose slightly between January 9th and April 26th. The number of bank owned homes currently pending sale is over 13% lower than the number that were pending on May 4th of last year.

Bank repos now comprise 26% of the residential properties pending sale in Placer County, based on a total of 826 pending sales. This is 11 percentage points lower than January 9th.

Placer County Bank Repos Sold Between January and March 2010 vs. January through March 2009

The number of bank repos that sold in Placer County between January and March 2010 was over 10% lower than the number that sold between January and March 2009.

Placer County Bank Repos Sold Between January and March 2010 vs. October through December 2009

The number of bank repos sold in Placer County between January and March 2010 was less than the number that were sold between October and December 2009.

The average number of days that it took for a bank repo to sell was 8 days longer between January and March than it was between October and December.

The projected number of months of inventory of bank repos in Placer County increased remained relatively constant betwen January 9th and April 26th, at about 1.5 months.

The least expensive bank repo that sold in Placer County between January and March 2010 was an 616 square-foot fixer home on C Street in Roseville, which appears to have sold before it was listed in the MLS for its asking price of $14,900. The most expensive bank repo that sold in Placer County between January and March 2010 was a 6,765 square-foot home on Old Pear Hill Road in Penryn, which sold for $980,000 after being listed for $965,900.

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 January and March was a $278,900 discount negotiated on a 5,816 square-foot home on Wentworth Court in Morgan Creek in Roseville, which sold for $720,100 after being listed for $999,000.

58% of the bank owned properties sold in Placer County between January and March 2010 were sold for at or above their asking price. 85% of the bank owned properties sold within 5% of the asking price and 93% of the properties sold within 90% of the asking price. 3 bank owned homes sold for less than 80% of their asking asking prices in Placer County between January and March.

12% of the bank owned sold in Placer County between January and March 2010 were sold for more than 105% of their asking price. There were 14 homes bid about 110% of their asking price and 4 that went over 120% of their asking price.

If you are looking to submit low ball offers on bank owned properties, be prepared to get rejected 99.99% of the time. Based on the bank owned sales in Placer County over the past 3 months, you have less than a 1 in 128 chance of negotiating a sale below 80% of the banks asking price. In fact, you will need to bid at least the asking price to even be in the running with 4 out of every 7 bank owned listings.

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, or leave a comment below.