Quote:
Originally Posted by Porsche-O-Phile
I think trying to squeeze a potential buyer for $6k on a $350k sale when they're undoubtedly sitting on thousands of unsold properties losing value daily, with few if any buyers is a very stupid move.
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Well, if you were a bank that didn't try to recoup as much of your loss as possible on every pre-foreclosure or REO, you would sink (more) rapidly. It's funny how a lot of folks think that they can (or should be able to) get bank owned or approved RE deals at substantially less than current market value. As mentioned previously, the only way that works is by bringing a LOT of money to the table and buying bulk REO portfolios. Here, a single SFR REO that is turn-key (and able to be financed) in a desirable area will sell at market value (which is typically over the asking price), and generally
will have multiple offers.