“For example, note the house on Bolero in 92009 that recently went pending (the modern, white one with 1/2 acre and view). The flipper bought it for ~$645K, IIRC, and without doing any renovations (I prefer they NOT do renovations, for the same reasons stated by other posters in this thread), put it on the market in the high $900K range and it’s pending. Now, if the bank took it back instead, they could have listed it for $750K. The bank/taxpayers would have saved $100K, and the buyer could have saved $200K-$250K.”
If it is pending now for the high $900k range then how on earth would a buyer have bought it for $750k as a REO?
REO’s sell for more then flipper properties because everyone wants to “steal” one from the bank. BTW, the house on Bolero has a vacant lot sitting to the west of it. Still, if someone bought it at $645k than that was a great price.
