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1 Comments on Poll on Short sale offers and REO offers. Price before foreclosure and after.
What are comps? Does the buyer still want it? Is the price & terms reasonable? In our climate I would say they would take it because we have very little sellable inventory available (even though our inventory has climbed quite a bit since the tax credit expired.)
There is a hierarchy here with types of sales closed on net. Trustee flips and standard sales net the highest, REO second highest and short sales are by far the lowest net. People always complain (here on AR) that REO is listed for WAY below what the short price was but here that is not true, if you look at history when relisted, it is generally listed higher.
I do lots and lots of BPOs and see the numbers on a daily basis and it is pretty consistent. I would say dig in to your MLS if you don't do BPOs and look at sale types in specific areas and see the difference in the prices. Sometimes it is subtle but sometimes it is blatant.