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When banks finally put the property on the market as an REO it has been through an internal evaluation process with a Broker Price Opinion (BPO) by a Realtor or Several Realtor or an Appraisal from a Certified Appraiser.Often the investor of the Loan is the one who agrees to a certain Net dollar amount they want at closing and often these BPO's are manipulated to reach that Net dollar amount and thus the reason why so many REO's tend to be listed high.But remember, buyers set price by writing offers on properties. If nobody writes an offer the price will come down.REO's want offers and often reduce prices every 30 days if no offers are received.My only advice is do not over pay for something and not every deal is a good deal. Let the BUYER BEWARE... still holds true in today's market.
Yes some foreclosures are on the high side as are some short sales and many 'normal' listing. This is normal. Eventually the prices will come down. Banks are willing to negotiate on price to some extent, but tend to be less willing to deal with closing fees but each case is different. The bank bases it's price on an market analysis called the BPO which may or may not be based on the reality of the market and property that needs work creates the largest divergence in pricing.You can use my web site to search for property if you are not ready to work with an agent.
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For Sale: $139,900
For Sale: $99,900
For Sale: $69,900