I believe the banks are setting some of the unrealistic prices, too. This is a bit off topic for this thread, but…..
I have been trying to purchase a TH as a short sale. The bank’s loss mitigation specialist assigned to this stated this morning that a price previously agreed upon, which my realtor and I do not feel the market currently supports, (offer made in December), was a loss to them of 33K versus what they would get for it as an REO. HUH??? I made the only offer, for a place on the market for 5 months, and they’re turning it down. Two other units in the complex, that are REOs have fallen out of escrow, and they were priced much better. Other units, some REOs and short sales, some not, can’t even get offers. DOM averages well over 90. This is a middle class complex in Escondido, with current prices all well under 300K.
SD Realtor, what do you think is going on with this bank?
