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?
Wow, has the market in NM softened that badly...
Right now I am in South Florida