Short sales are interesting. Because the seller cannot collect any money, they are listing houses at ridiculous prices in order to get action. So we have phony listings.
I recently did an interior bpo. The agent met me at the property and handed me a copy of the offer. She told me it was a low offer but it was good for her because it made the bank start the process and she would get an idea of what price the bank would accept. The property was listed at $220,000. The offer was $140,000. The buyer was putting $100 down. The bank was to pay all expenses. So we have phony offers.
Phony listings, phony offers, what's next? What are we becoming?
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