Lewis County REO Update

What’s an REO?  – Real Estate Owned. Property which is in the possession of a lender as a result of foreclosure or forfeiture.

What’s a short sale? – A sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.




As we enter 2011 I am continuing to collect data on the REO (foreclosure) and shortsale activity in Lewis County. 

 As you can see on my Lewis County data worksheet below, over the past 30 days,  35% of properties sold were REO properties and 9% were short sales.   (click to enlarge) 





For sellers having a high percent of bank owned foreclosure properties available to buyers, can add to the already tough challenges of selling in today’s market.   Over the last 30 days sales of REO properties sold at $60/sqft where as non REO owned properties sold at $118/sqft.  That can make a difference of $87000 on the price tag of a 1500 sqft home!   Keeping in mind…a large number of foreclosure properties are in need of repairs making financing difficult and those don’t always attract the same type of buyer.  So many of the available foreclosure homes won’t necessarily compete with the typical seller owned home on the MLS but they are an indicator of overall health of our housing market.

For Buyers, prices along with interest rates remain low.  Work with a real estate agent who can help you submit an offer that will meet standard REO seller guidelines. 


Dice image credit to http://www.freedigitalphotos.net/images/view_photog.php


My Mission Statement: To offer a superior level of professionalism, always adhering to the code of ethics and personal integrity, never losing site of the importance of family and the example that is set each day through actions. Real Estate: Real Estate is full time and very rewarding career. I joined the Centralia RE/MAX Office in 2004 and take pride in the professional atmosphere within the RE/MAX Key Land office. In 2007 I extended my education and obtained my GRI (Graduate, REALTOR® Institute Designation) and ABR (Accredited Buyer's Representative Designation). I served on the Lewis County Association of REALTOR'S Board as Treasurer 2008 and 2009.