Home buyers focusing on central coast foreclosure properties are running up against lender pre-qualification requirements when bidding for bank owned properties. Many of the bank owned (REO) property listings require that potential buyers get pre-qualified with their company in order to place a bid on the property. Countrywide, Wells Fargo and Fannie Mae (Express Path) listings frequently have this requirement.
The Nipomo California real estate market is piping right along with 15 sales in the last 30 days. Of those sales, 4 were short sales, and 8 were bank owned properties, so foreclosures are the dominating force in that market currently. A total of 143 homes and condos are active or contingent.