OK Bugs, Pain Train it is. Allan, you are dead on with your analysis, my apologies for hijacking another thread with football.
Bugs, I am glad that you also noticed that certain banks are dumping while others are not, I thought I was taking crazy pills because I can almost see a pricing trend based on the bank. I have been trying to figure it out. One bank lists all of it’s stuff with one real estate company and everything is listed at what they repo’d it back for. Another has everything listed within a few thousand of it’s zestimate. Then I’ll see all of the heavy discounts all come from a single realtor and they are all from the same bank. I don’t know if it’s bad analysis of the market by the bank or the particular realtors are giving the banks different info. I have to think that a bank in Europe has to rely on whoever they have representing them locally. I saw a house in the MLS and the tag line said “priced lower than the repos,” and they were. Of course I took it upon myself to e-mail the repo’s realtor and ask them why a dialed in model match is cheaper than their brown lawner, funny, they never responded and then two days later they dropped their price 10k but are still 40k over the resales and a 100k over new from the builder. So much for “must sell” inventory.
