Foreclosures, Bank Owned, REO’s,
Short Sales ... What Is Happening?

These days we are all being inundated by the media with news about the economy and the housing market. Some of this information is pertinent to our local marketplace and some is not. With respect to real estate, current market conditions are very different both within California and around the country. Nevada County itself has similarities to some areas and distinct differences to others.

Various terms are often mentioned with respect to current housing inventory, and some may be confusing. The term foreclosure or foreclosed may refer to a property in the foreclosure process or one that has completed the process. Bank owned or REO (Real Estate Owned) normally refers to a property that has completed the foreclosure process and is now owned by the lender. A short sale usually refers to a property where the amount owed is greater than the current market value. The lien holders may be willing to sell the property for an amount less than that owed, thus selling short.

The reality of our current real estate market in Nevada County is that we have less of these types of properties in inventory than many other areas of the state or nation. Some of this inventory may sell at below market values while others will sell at fair market prices. Still other properties may or may not sell short.

We’re Coldwell Banker Grass Roots Realty—the busiest real estate company in Nevada County! To assist the public, we at Coldwell Banker Grass Roots Realty have made available a list of foreclosed, bank owned, REO and short sale homes currently available in Nevada County. This list can be found on our website at www.NevadaCounty4Sale.com.

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