Posted by Randy on October 01, 2003 at 12:59:46:
You?re getting the asking price from the ?Realtor?. Most REO?s when listed with a realtor the agent pulls the comps just like you did, and then takes 85% LTV as the list price. Many banks are selling their REO property just like any other seller, not just for the defaulted balance + costs. If you can demonstrate a good reason for offering less, do so?never know they might take it.