It seems like we live in a society that is always looking for someone to blame for our poor choices besides ourselves. :(

Good Morning Roy, this is an article that should be sent to every bank and asset management company. Some banks do over price listings and then reduce each mont until it sells. If they had just priced it right to begin with could have avoided potential price losses such as depreceiation or vandalism as well as the cost of HOA fees, property taxes and monthly maintenance. Thanks for sharing. Have a Great Monday

Roy,

Frankly I try real hard to avaoid foreclosures and short sales. In katy these distressed homes are not that big of a part of our business. In addition, most of these homes are not bargains or deal at all.

Roy - Investors & lenders are no different than many sellers I run across on a regular basis... they are in denial about the actual value of their property and always seem committed to following the market down.  The bureaucracy of a REO almost always means that a BPO is 30-60 days behind and done by an agent getting a whopping $45-$60 dollars.

I see this all the time. I do a listing BPO and they price it 20-40% higher (depending on the $ value of the house). I spend the next three months trying to get the price down. The REO company turns down several offers at the 'correct' price and then dumps the property to an investor after 120 days. Makes no sense.