[quote=waiting for bottom]http://www.sdlookup.com/MLS-080057607-1610_Sagewood_San_Marcos_Ca_92078

Someone’s ears are burning…this was just listed today. Unbelievable, it took them 5 months to get it on the market. Plus they are asking 15K higher than recent sales. This ought to be fun to watch.[/quote]

It has been my experience that the lenders who now own these REO’s really vary in their skill level.

Lenders with a crapload (technical term) of inventory (think Wells, Countrywide, Fannie, Freddie, WaMu) tend to move faster and get things listed in a few weeks. Lesser-known groups tend to take longer and do it in a more haphazard or dysfunctional way. One of my favorite conversations was with an asset manager during the beginning of the current wave of foreclosures. Basically, he said they do what normal buyers did during the boom. They call 3 agents and ask all to give price opinions. The agent with the highest opinion got the listing. The effect was predictable.

I may be mistaken but the situation you reference sounds like on of these cases. Again, these phenomena are experienced anecdotally but regularly.

Does anyone else have something to contribute on this front?