Buying Bank Owned Real Estate in Palm Springs

This chart represents the SOLD bank owned properties (REO) since January 1st 2011 as well as the REOs available today in Palm Springs, Rancho Mirage, Palm Desert, Indian Wells, La Quinta and SunCity Del Webb.
Whether buying real estate in our area is for investment, personal use or both, your expectations should be set on REAL numbers and not on hearsay or the media.
The perception that banks would want to “get rid” of their inventory at any price is proven not to be true. The reality and the numbers prove otherwise. In fact, many “investors” just like you, with cash in hand to make a deal, are out there trying to make it happen. You DO have competition.
In case of multiple offers, the banks can take the highest offer or can come back asking for “best and final” without a formal counter offer with a number on it . THIS IS HOW IT WORKS, and your first shot might be your only shot.
When we find the right bank owned property, let’s write an offer not below 95% of the asking price and if it is a HOT one, a full price offer would work even better. THIS WILL GIVE US A CHANCE TO WIN.

Total REOs Sold %Price Sold versusListed Total REO Active
Condos up to
135 95.53% 98
Condos 300K
and over
5 97.09% 8
Single Family
up to 300K
201 96.60% 89
Single Family
300K to 600K
69 97% 43
Single Family
600K to 2M
15 94.45% 12
Single Family
2M and up
0 2
Total 425 96.13% 252

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