[quote=ocrenter][quote=familyguy]Maybe I am just hoping it isn’t true (from an owners standpoint) but I just can’t imagine the bank would accept 895k for that house.[/quote]
I’m of the opinion that banks should get aggressive, take the loss now, get folks into houses at prices they can actually afford. This type of cleansing is actually much better for a neighborhood.[/quote]
I agree, ocrenter. The few properties around me that sold for lower prices as REOs in the last few years are now owned by people that have improved them substantially. This quick “churning” (foreclosure/new qualified buyer) lifts ALL boats in the neighborhood. I’m not concerned at all about lower sold comps (which reflected distress and condition upon sale). Those sold comps “disappear” after six months.
