I have seen REO stuff priced higher than when it was in it’s last few weeks as a short and I’ve seen REO brown lawners in bad shape with no upgrades priced higher than model matches that are in good condition from private sellers. I had been chalking it up to out of town lenders using old appraisals and the amount owed to determine pricing, not the market. But the REO has the canned language about “no warranty, as is” why would anyone pay more for that little luxury. I also notice these overly priced REO’s always have a realtor with an out of town area code, I could have priced it better from an internet search of the MLS. The last thing I’ve noticed is that two of them were priced with a few hundred dollars of the ZESTIMATE. Sometimes I feel like I’m taking crazy pills.
