Would it surprise you to know that currently there are 16,310 parcels in Maricopa County that are owned by the lenders and not listed. Single Family Residents make up only 5067 of them. The largest chunk is vacant land.
As of February 5, 2010 there were 49,671 pending foreclosures. That means that the banks have given notice of foreclosure, but have not actually completed the foreclosure process on these properties.
Some of these properties may be purchased on the auction date by a third party…but more often than not the “bank” is the high bidder and the property reverts back to the note holder.
But….something good may be happening! The chart below shows that more and more properties are being purchased by third parties.
Why do I care? Because often the purchasers of these properties are investors. So what, you ask? In the single family market this may prove to be a GOOD thing as investors make necessary repairs and improvements to the homes and get them back on the market and re-sold rather quickly. I LOVE to show these homes as they are most often “turn-key” ready and priced fairly. But the best part is THERE ARE NO BANKS INVOLVED EXCEPT THE BUYER’S LENDER! Believe me THIS MATTERS! Offers on these homes can get accepted in one day and closed in about 30 days. It is typical to wait 3-7 days to get your offer accepted (or rejected) if the home is owned by the bank. If it’s a short sale…well we should not even go there! Admittedly, short sales have been getting “better”. But that is like saying the beach has a little more sand. It’s really hard to actually notice the “improvement” as it varies GREATLY on a “deal by deal” basis. There is one bank in particular that has a “they are the worst” reputation amongst the real estate community….which shall remain nameless. (B of A/Countrywide!)
I am dead tired of short sales and bank owned homes dominating our market…and from the statics above…we are facing this as being the reality of our market for a LONG TIME to come. SO…I am EMBRACING positive thoughts that the banks will somehow make the process of short sales more streamlined and that the economy will rebound allowing more folks to just stay in their home! Who would have thought a REALTOR would be happy for more people to just be able to make the choice to just stay put! 😉