Bank Owned Property(REO’s)
In Folsom we are starting to see more REO’s or Real Estate Owned properties. This means that the bank owns the home. Currently in Folsom we have 18 homes on the market that are bank owned. There are more homes that are REO in Folsom, but they are not yet on the market.
Here in Prairie Oaks we have one REO on the market and one that is bank owned but not on the market. We also have three homes on the market that are listed as short sales.
REO properties are usually priced so that they sell quickly. When they do sell, their sold price can (and currently most likely) will be used for surrounding home appraisals and can bring the neighborhood prices down even further.