This chart shows the number of bank owned/REO properties and short sales in all areas of the RMLS™ system during the second quarter of 2013.

Below are links to additional charts for some of our larger areas.
• Portland Metro Distressed Properties (2nd Quarter 2013)
• Clark County, WA Distressed Properties (2nd Quarter 2013)
• Lane County, OR Distressed Properties (2nd Quarter 2013)
• Douglas County, OR Distressed Properties (2nd Quarter 2013)
• Coos County, OR Distressed Properties (2nd Quarter 2013)

Here are some additional facts about distressed residential properties in the second quarter of 2013:

All areas when comparing percentage share of the market, second quarter 2013 to first quarter 2013:
• When comparing the second quarter 2013 to first quarter 2013, distressed sales as a percentage of new listings decreased by 6.3% (9.0% v. 15.3%).
• In a comparison of the second quarter 2013 to first quarter 2013, distressed sales as a percentage of closed sales decreased by 9.2% (15.3% v. 24.5%).
• Short sales comprised 5.7% of new listings and 8.5% of sales in the second quarter of 2013, down 3.5% and down 2.9% from the first quarter of 2013, respectively.
• Bank owned/REO properties comprised 3.3% of new listings and 6.8% of sales in the second quarter of 2013, down 2.8% and 6.3% from the first quarter of 2013, respectively.

Portland Metro when comparing percentage share of the market, second quarter 2013 to first quarter 2013:
• When comparing the second quarter 2013 to first quarter 2013, distressed sales as a percentage of new listings decreased by 5.8% (8.1% v. 13.9%).
• In a comparison of second quarter 2013 to first quarter 2013, distressed sales as a percentage of closed sales decreased by 8.8% (13.4% v. 22.2%).
• Short sales comprised 5.8% of new listings and 8.4% of sales in the second quarter of 2013, down 2.9% and 2.8% from the first quarter of 2013, respectively.
• Bank owned/REO properties comprised 2.3% of new listings and 5.0% of sales in the second quarter of 2013, down 2.9% and 6.0% from the first quarter of 2013, respectively.

Clark County when comparing percentage share of the market, second quarter 2013 to first quarter 2013:
• When comparing the second quarter 2013 to first quarter 2013, distressed sales as a percentage of new listings decreased by 7.1% (16.6% v. 23.7%).
• In a comparison of second quarter 2013 to first quarter 2013, distressed sales as a percentage of closed sales decreased by 6.3% (24.3% v. 30.6%).
• Short sales comprised 9.7% of new listings and 13.6% of sales in the second quarter of 2013, down 5.0% for new listings and 5.1% for sales when compared to the first quarter of 2013, respectively.
• Bank owned/REO properties comprised 6.9% of new listings and 10.7% of sales in the second quarter of 2013, down 2.1% and 1.2% from the first quarter of 2013, respectively.

If you’d like more information or percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.

This chart shows the number of bank owned/REO properties and short sales in all areas of the RMLS™ system during the first quarter of 2013.

Below are links to additional charts for some of our larger areas.
• Portland Metro Distressed Properties (1st Quarter 2013)
• Clark County, WA Distressed Properties (1st Quarter 2013)
• Lane County, OR Distressed Properties (1st Quarter 2013)
• Douglas County, OR Distressed Properties (1st Quarter 2013)
• Coos County, OR Distressed Properties (1st Quarter 2013)

Here are some additional facts about distressed residential properties in the first quarter of 2013:

All areas when comparing percentage share of the market, first quarter 2013 to fourth quarter 2012:
• When comparing the first quarter 2013 to fourth quarter 2012, distressed sales as a percentage of new listings decreased by 6.1% (15.3% v. 21.4%).
• In a comparison of the first quarter 2013 to fourth quarter 2012, distressed sales as a percentage of closed sales increased by 0.9% (24.5% v. 23.6%).
• Short sales comprised 9.2% of new listings and 11.4% of sales in the first quarter of 2013, down 2.1% and down 0.5% from the fourth quarter of 2012, respectively.
• Bank owned/REO properties comprised 6.1% of new listings and 13.1% of sales in the first quarter of 2013, down 4.0% and up 1.4% from the fourth quarter of 2012, respectively.

Portland Metro when comparing percentage share of the market, first quarter 2013 to fourth quarter 2012:
• When comparing the first quarter 2013 to fourth quarter 2012, distressed sales as a percentage of new listings decreased by 7.2% (13.9% v. 21.1%).
• In a comparison of first quarter 2013 to fourth quarter 2012, distressed sales as a percentage of closed sales decreased by 0.6% (22.2% v. 22.8%).
• Short sales comprised 8.7% of new listings and 11.2% of sales in the first quarter of 2013, down 3.3% and 1.1% from the fourth quarter of 2012, respectively.
• Bank owned/REO properties comprised 5.2% of new listings and 11.0% of sales in the first quarter of 2013, down 3.9% and up 0.5% from the fourth quarter of 2012, respectively.

Clark County when comparing percentage share of the market, first quarter 2013 to fourth quarter 2012:
• When comparing the first quarter 2013 to fourth quarter 2012, distressed sales as a percentage of new listings decreased by 3.0% (23.7% v. 26.7%).
• In a comparison of first quarter 2013 to fourth quarter 2012, distressed sales as a percentage of closed sales increased by 1.8% (30.6% v. 28.8%).
• Short sales comprised 14.7% of new listings and 18.7% of sales in the first quarter of 2013, down 3.1% for new listings and up 0.1% for sales when compared to the fourth quarter of 2012, respectively.
• Bank owned/REO properties comprised 9.0% of new listings and 11.9% of sales in the first quarter of 2013, up 0.1% and 1.7% from the fourth quarter of 2012, respectively.

If you’d like more information or percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.

This chart shows the number of bank owned properties and short sales in all areas of the RMLS™ system during the fourth quarter of 2012.

Below are links to additional charts for some of our larger areas.
• Portland Metro Distressed Properties (4th Quarter 2012)
• Clark County, WA Distressed Properties (4th Quarter 2012)
• Lane County, OR Distressed Properties (4th Quarter 2012)
• Douglas County, OR Distressed Properties (4th Quarter 2012)
• Coos County, OR Distressed Properties (4th Quarter 2012)

Here are some additional facts about distressed residential properties in the fourth quarter of 2012:

All areas when comparing percentage share of the market, fourth quarter 2012 to third quarter 2012:
• When comparing the fourth quarter of 2012 to the third quarter, distressed sales as a percentage of new listings increased by 3.2% (21.4% v. 18.2%).
• In a comparison of the fourth quarter of 2012 to the third quarter, distressed sales as a percentage of closed sales decreased by 1.2% (23.6% v. 24.8%).
• Short sales comprised 11.3% of new listings and 11.9% of sales in the fourth quarter of 2012, up 1.5% and down .3% from the third quarter of 2012, respectively.
• Bank owned/REO properties comprised 10.1% of new listings and 11.7% of sales in the fourth quarter of 2012, up 1.7% and down .9% from the third quarter of 2012, respectively.

Portland Metro when comparing percentage share of the market, fourth quarter 2012 to third quarter 2012:
• When comparing the fourth quarter of 2012 to the third quarter, distressed sales as a percentage of new listings increased by 2.6% (21.1% v. 18.5%).
• In a comparison of fourth quarter 2012 to third quarter, distressed sales as a percentage of closed sales decreased by 1.4% (22.8% v. 24.2%).
• Short sales comprised 12.0% of new listings and 12.3% of sales in the fourth quarter of 2012, up 1.8% and down .2% from the third quarter of 2012, respectively.
• Bank owned/REO properties comprised 9.1% of new listings and 10.5% of sales in the fourth quarter of 2012, up .8% and down 1.2% from the third quarter of 2012, respectively.

Clark County when comparing percentage share of the market, fourth quarter 2012 to third quarter 2012:
• When comparing the fourth quarter of 2012 to the third quarter, distressed sales as a percentage of new listings increased by 2.1% (26.7% v. 24.6%).
• In a comparison of fourth quarter 2012 to third quarter 2012, distressed sales as a percentage of closed sales decreased by 1.0% (28.8% v. 29.8%).
• Short sales comprised 17.8% of new listings and 18.6% of sales in the fourth quarter of 2012, up .6% for new listings and down 1.5% for sales when compared to the third quarter of 2012, respectively.
• Bank owned/REO properties comprised 8.9% of new listings and 10.2% of sales in the fourth quarter of 2012, up 1.5% and .5% from the third quarter of 2012, respectively.

If you’d like more information or percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.

This chart shows the number of bank owned properties and short sales in all areas of the RMLS™ system during the third quarter of 2012.

Below are links to additional charts for some of our larger areas.
• Portland Metro Distressed Properties (3rd Quarter 2012)
• Clark County, WA Distressed Properties (3rd Quarter 2012)
• Lane County, OR Distressed Properties (3rd Quarter 2012)
• Douglas County, OR Distressed Properties (3rd Quarter 2012)
• Coos County, OR Distressed Properties (3rd Quarter 2012)

Here are some additional facts about distressed residential properties in the third quarter of 2012:

All areas when comparing percentage share of the market, third quarter 2012 to second quarter 2012:
• When comparing the third quarter of 2012 to the second quarter, distressed sales as a percentage of new listings decreased by .6% (18.2% v. 18.8%).
• In a comparison of the third quarter of 2012 to the second quarter, distressed sales as a percentage of closed sales decreased by 5.3% (24.8% v. 30.1%).
• Short sales comprised 9.8% of new listings and 12.2% of sales in the third quarter of 2012, down .1% and up .5% from the second quarter of 2012, respectively.
• Bank owned/REO properties comprised 8.4% of new listings and 12.6% of sales in the third quarter of 2012, down .5% and 5.8% from the second quarter of 2012, respectively.

Portland Metro when comparing percentage share of the market, third quarter 2012 to second quarter 2012:
• When comparing the third quarter of 2012 to the second quarter, distressed sales as a percentage of new listings decreased by 1.4% (18.5% v. 19.9%).
• In a comparison of 3Q 2012 to 2Q, distressed sales as a percentage of closed sales decreased by 5.3% (24.2% v. 29.5%).
• Short sales comprised 10.2% of new listings and 12.5% of sales in 3Q 2012, down .3% and up 1.1% from 2Q 2012, respectively.
• Bank owned/REO properties comprised 8.3% of new listings and 11.7% of sales in 3Q 2012, down 1% and 6.4% from 2Q 2012, respectively.

Clark County when comparing percentage share of the market, third quarter 2012 to second quarter 2012:
• When comparing the third quarter of 2012 to the second quarter, distressed sales as a percentage of new listings decreased by .4% (24.6% v. 25.0%).
• In a comparison of 3Q 2012 to 2Q 2012, distressed sales as a percentage of closed sales decreased by 5.3% (29.7% v. 35%).
• Short sales comprised 17.2% of new listings and 20.1% of sales in the third quarter of 2012, down .1% for new listings and down .3% for sales when compared to the second quarter of 2012, respectively.
• Bank owned/REO properties comprised 7.4% of new listings and 9.7% of sales in the third quarter of 2012, down .4% and 4.9% from the second quarter of 2012, respectively.

If you’d like more information or percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.

APRIL 2012
WRITTEN BY CHRISTINA RORDAM

Distressed sales have a well-earned reputation for difficulty. But if you’re thorough in your dealings with consumers, lenders, and other agents, you will find things go much more smoothly.

As real estate professionals, we all know that distressed properties are a huge part of today’s market. And they’re going to be for a while. Whether you’ve dealt with an REO account or find success in short sales, you will probably deal with distressed sales.

Becoming your customer’s ultimate resource in these complicated transactions is easier than you may think. Here are four important tips to aid you in navigating these complex processes.

Know Your Customer

Speaking with real estate professionals who have listed REO and short sales, as well as having listed both myself, I’ve discovered that one thing’s for sure: It’s important to know your customer. Not everyone is a fit for a distressed home. When dealing with REO properties, it’s critical that the buyer’s funds are available immediately for escrow purposes and for the balance to close available within the designated closing period in the contract. Banks do not like to give out extensions when they aren’t necessary.

With regards to short-sale buyers, the renter in need of a home right away with nowhere else to go may be better off not looking at short sales. The bottom line is this: Understand your customer’s needs and financial situation. Once you’ve armed yourself with a complete picture of who your customer is, you can manage their expectations accordingly.

Follow Instructions

This one’s easy. Asset managers will often kick back contracts and paperwork for missed initials, signatures, or dates. Review your paperwork prior to sending all of it to your customer as well as the bank. Your fellow agents and customers will love you for all the time you save everyone involved. A great service for this is DocuSign, which you can use to send over documents electronically to buyers and sellers, with clear notations on where they can sign and date the forms. Your customers sign with a click of the mouse. However, ask questions before doing this, because not all lenders accept electronic signatures.

Put It in Writing

REO agents are bombarded by phone calls. Is the home available? Are there other offers? What is the condition of the home? Limit your communications to e-mail or text unless it is urgent, always read remarks from other real estate pros, and review attachments and showing instructions prior to calling with questions. Most of what you want to know is likely in the MLS. Already submitted your offer and want a status update? Again, e-mail is the best and most considerate way to inquire. The listing agent will appreciate your thoroughness and may even recommend your offer when asked.

Be Complete

This is especially crucial when dealing with short sales. When you meet your seller, bring along a list of required documents or send the list prior to your meeting. When sending over your packet to the lender, be sure it is complete. Days and even weeks can be lost over a missing tax return or paycheck. Being thorough not only saves you time, but the asset manager also will appreciate your preparation and be able to provide you with better information, and sooner. Once your seller’s BPO or appraisal are ordered, it’s helpful to meet the practitioner or appraiser at the home, provide them with comps, and point out any issues not immediately recognizable.

The distressed-sale process is always evolving. Follow these tips and stay abreast of the latest industry changes and you’ll chart a course to short-sale and REO success!

Reprinted from REALTOR® Magazine Online, April 2012, with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright April 2012. All rights reserved.