“How do banks price their foreclosures?”
***ANSWER:
Great question.
Typically, my bank clients will get price opinions from me, an appraiser, and another agent. They then analyze all three opinions and come up with a price.
Occasionally, the size of the loss the bank is eating impacts their pricing. Of course, this has nothing to do with today’s value, so that often explains why you’ll see some over-priced foreclosures.
Gary Kent’s San Diego Foreclosure Hot list
