In the early 1990’s I knew someone who did quick remodels for REO’s that were about to be put on the market…paint, carpet, landscape type work. He said that there was a standing policy that every couple of weeks they would just knock $5K or $10K off the price until it sold. None became rentals. He said that people would low ball, get rejected and then 6 weeks later the banks were comming back to the offeror to see if they still wanted to buy!!
