I just read an article regarding traditional sellers finding it very difficult to compete with banks and still retain much equity in their home. I closed an escrow last month in which the seller was over extended and had to sell his home. He is a contractor and his home was in great conditon with upgrades. He felt his home was worth more than the other homes in his area (and it truly was worth more) but had to reduce the price 3 times in order receive an offer. Because of all the foreclosures in his area, he was very angry that his home had to sell for comparables in the area that were bank owned and in awful condition. CNN has an interesting article on this subject.
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