I had a buyer offer $360,000 4 months ago for 1706 Calle Platico in Oceanside's Rancho Del Oro neighborhood. We were beat out one month later by an offer at $378,000. Today the bank lists the home as an REO at an asking price of $325,000. Will multiple offers drive the price up to the price they could have gotten during the short sale. Probably not.
So the bank loses more money, and the seller had to have a foreclosure instead of a short sale on their credit. Seems like a lose-lose decision which is unfortunately all too common with banks not looking at the "big picture".
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