Faulty Real Estate PricingI've talked to many real estate brokers in Mass who are managing large numbers of bank owned properties and they say that banks will not accept the true value of the homes. I looked at a house that was listed for 289k total rehab. A week earlier a similar property with the exception that it had been rehabbed from top to bottom sold for 300k, In regards to the total rehab property the broker said they told the bank it was worth 120K tops. The bank said they would not entertain prices under 280k. So now you have banks who not only got bailed out but also are selling what they have on the auction block for over inflated prices. It seems like double dipping to me. I have heard similar stories from other RE Agencies and from people whose homes have gone to foreclosure that the banks do not want to take what the property is actually worth but want to fluff up the price against a failing market. Seems to me that the citizens of this country are getting worked over twice. Interested in anyones take on this.May 13 2009 - Gloucester00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.