Bank Repos

Homes continue to sell in Bend even though at a slower pace than a couple of years ago.  My partner and son Matt Johnson wrote a full price offer on a bank repo for a client of his and it sold to someone else that wrote an offer over the list price.  The property had been listed for just a few days and there were six offers! 

There are several bank repos for sale now and many "short sales" on the market.  Short sales are listings that are listed below the amount the owner owes the bank.  These sales are subject to bank approval and can take several weeks to get an answer from the bank after you write an offer.

We are advising our clients that need to move within 90 days to avoid short sales.  The bank repos are good because the bank already owns the property and they want to get rid of it fast.

It looks like there will be more repos coming on the market as there are more delinquencies being reported.  If you are serious about buying a band repo you will want to sign up for our New Listing NotificationIf you would like to make a comment on this post or on the Bend Oregon real estate market click on "comments" below.