Bank-owned properties
The REOs are still pulling strong numbers over 17% of the sales over the last 30 days have been REO according to the MLS. But…I think that number is much higher, The only way to discern that a property is an REO is by looking for REPO in the property description. I’ll tell you that just looking through the MLS (a lot) doing my BPOs that probably 30-60% of the time REPO is not indicated in the MLS. Now, I don’t believe it’s “required” to put REPO in the property description if it’s an REO, but it sure would help me get the numbers right! I would definitely say that REO sales are more like 20% and maybe even up to 25% of the total sales occuring now.