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Are Asset Managers Losing The Banks Money?
While the media keeps harping on the horrible state of the Real Estate Market, we are seeing Multiple Offers on Oceanfront properties again. Any time the listing price is lower than the amount the property finally sells for, it is fair to assume that a multiple bid situation has occurred.
Here are four oceanfront condos transacted in North Myrtle Beach within the last 90 days which sold for more than the asking prices:
Three of the properties were Bank Owned and one was a Short Sale. Two of the Bank Owned properties were contracted within a week. In two of the transactions, the same agent who represented the Seller also represented the Buyer. Only two of these listings had several price adjustments prior to the multiple bids.
Question: were the two properties sold within a week for more than the original listing price improperly valued? Could the Banks have garnered more money from the transactions if the original listing prices were higher? Should there be regular price adjustments on Bank properties in order to ensure safeguarding the interest of the Seller (the Bank), thus precluding a precipitous drop in pricing within a particular development?
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