[quote=AK]Not a week goes by that I don’t see multiple old short sale listings pop up as REOs, or relist at higher asking prices after getting kicked back by the bank.
It’s a bit of a consolation to know that relatively few people actually closed on smoking hot deals earlier this year.[/quote]
I don’t know about “smoking hot deals”. The bank behind the short sale my wife and I bought had an appraisal done before accepting our offer, so it’s not like they were flying completely blind.
No, I think we paid “fair market value” based on a current snapshot of the market. I’m convinced we’ll see a 10-20% paper loss over the next few years in our neighborhood. The only “smoking” is from the crater where our bank account used to be. I doubt we are unique.
We have no regrets, however. This deal makes financial sense for us for reasons other than capital gains or lack thereof.