What Is Going On With Banks And REO?

A bank has a REO that they are asking $98K for. The property needs about $35K of work to make it liveable. The bank foreclosed at $66K. I offered them $68,9K.

In the area small houses like this go for around $105K but larger ones sell very well.

The bank countered with $98K - same as their asking. I explained to the real estate agent that $98K in that area for a property that is not liveable is riduculous. She agreed but claims the bank is firm. I told her I was also firm. She practically begged me to let her help me find something because she has not sold anything in over 4 months. THis for a realtor that was moving as many as 15 properties each month no so long ago.

I talked with some others that are running into the same thing. Are you experiencing this also?



Comments(2)

  • sickofcallctrwork6th November, 2006

    Wow, has the market in NM softened that badly...

  • linlin6th November, 2006

    Right now I am in South Florida

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