Santa Maria Foreclosure Market Tip: What is a “Contingent REO?”
If you’ve been tracking the Santa Maria market for foreclosures for awhile, I’m sure you’ve come across a Contingent REO and wondered what that means. REO is an industry term for a foreclosure property, and a Contingent REO is a bank owned property where an offer has been verbally accepted by the bank or the asset manager, but the paperwork is still being signed. In my experience, this period could last up to about three weeks depending on how slow the bank’s mechanism is. Lately, the process has been a lot quicker and more around 4 -7 days. So that Santa Maria buyers know that the property is not really available for bidding, locally they are referred to as a “Contingent REO,” until the contracts are signed and they become “pending.”
*Based on the information from the Central Coast Valley MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.