Here’s my Rio Rancho Foreclosure report for October of 2010.
How Many Foreclosures Were There in Rio Rancho?
This graph illustrates the breakdown of October sales by type including regular sales, bank owned sales (foreclosures), short sales and HUD sales.
As you can see, distressed home sales, including bank owned homes (foreclosures), HUD sales and Short Sales, made up a good portion of all Rio Rancho closed sales in October. In fact, distressed home sales accounted for 32% of the closed sales in October.
Foreclosure Homes Have the Best Prices in Town
Foreclosure homes in Rio Rancho sold for a lower price than regular sales and short sales. Regular sales averaged $101 per square foot, short sale homes averaged $83 per square foot and foreclosure homes averaged $81 per square foot.
HUD homes are foreclosure homes too, and at an average of $70 they sold for the lowest price per square foot. Unfortunately for Rio Rancho home buyers and investors, the number of HUD homes available is limited because they sell fast. Unlike banks, HUD will not look at investor offers unless they can’t sell to people who intend to occupy the home.
Foreclosure Homes Sell for Close to List Price
I understand the today’s buyers want to get great deals, but the truth is that lowball offers to not work. That’s because Rio Rancho home prices have already come way down and foreclosure homes are already priced below fair market value. All four types of houses sold for very close to the list price:
Rio Rancho bank owned homes are a good way to get a good deal on a home, but if you really want the house you should resist writing lowball offers. They just don’t work.