Ever since I was a kid I’ve loved Oreo cookies (well, truth be told, I’m still all about letting my inner child out every chance I get). Cookies are awesome with milk, hot chocolate, coffee, and there is even events that take hours dedicated to tea and cookies.

My family knows my love of cookies well and keeps the pantry stocked with a package of Oreos every week. Some weeks, I hoard my Oreos so I can have a sweet treat when all the others are gone. Then, when the other treats are gone, my Oreos are up for grabs and the bargaining and bartering start to happen. When the time comes, I can unload my Oreos for a great price when the buyers are in need of a confection fix.

Time is always moving

Last week it came to light that Citibank was hoarding OREOs, and that is not good. Well, they weren’t secreting away the cookies, but rather foreclosed properties. An OREO is an internal financial systems acronym for a foreclosed bank-owned property, and there are rules regarding the time a bank or lender can hold onto a piece of real estate that has been foreclosed on and has to work during those timeframes to get it sold.

The rules keep foreclosed homes from becoming a blight in a neighborhood, and they keep the foreclosures from sitting empty and causing a neighborhood to become saturated with vacant properties. These rules keep the lenders in check and allow the properties to come back on the market in a reasonable time for the market to absorb them at a reasonable price.

HousingWire has an excellent article on Oreos; what they are, and why they are named after the cookie. It’s an interesting read for those of you considering funding an investment property or a new home requiring a bit of sweat equity and money to make it your little slice of heaven.

As always, I’m asking the question, “How can I help you today?” Even if you are not planning a real estate purchase or sale soon, I want to help you in any way I can with your present situation. Check out our home value analysis for the specific possibilities on your home, and check out our recent Market Update for your area to give you a general look at what’s happening in your city.

I appreciate you looking us up, and letting us be your information source for anything you may have a question on or need help with. We love people, and we love properties. Just reach out and call us at (503) 799-8354 to get answers to your questions.

Cheers,

Michael Jester

Oregon Licensed Real Estate Broker

My Real Estate Advisor Team
(503) 799-8354 cell
(503) 437-9005 office
michaelj@myreateam.com
Bella Casa Real Estate Group
207 NE 19th Street, Suite 100
McMinnville, OR 97128
(503) 437-9005 office
https://thebellacasagroup.com