[quote=Waiting to feel the magic] . . . OTOH, I’m seeing some absolutely insane pricing by banks holding REOs. I don’t mean just high pricing, but like “we’re smoking crack in the back room” pricing. You’d think banks would be more objective about moving these things. These are vacant properties with tear out carpet, multi-color walls (holes are no extra charge), various green bodies of water, and dead landscaping being priced at the same level as a totally fixed up house that’s well maintained with tons of expensive upgrades. Not surprisingly, those properties aren’t moving.[/quote]
Even if the bank was in NY and wasn’t completely aware of the condition, you would think their *local* agents would be on them to get the price lowered, so they could make a commission . . . unless those agents . . . ARE NOT local.
The City of Chula Vista will not allow green pools, broken windows and weeds over two feet high and have two enforcement officers whose only job at present is monitoring the condition of REOs. It also seems like the banks owning South Bay properties are paying for dumpster-rental and cleaning crews – most of them soon after taking back property.
