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Helen, Home Seller in Boca Raton, FL

Foreclosure: does closing price show in comparables?

Asked by Helen, Boca Raton, FL Fri Sep 19, 2008

Theres is a foreclosure in our building. I am worried that when it closes, the selling price will affect the comparables for the rest of the units in the building. Any ideas?

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Helen,

With technology access of today and 905 of today's buyers beginning their search on line using sites like Trulia, Zillow, Realtor.com, Homes.com etc. they will come into contact with sale prices..Unfortunately, there is no means by which to make a distinction between REO and normal sales.

With this said buyers will be influnced by the information they encounter...there is no way around it.
0 votes Thank Flag Link Fri Sep 19, 2008
in most cases banks ask appraisers not to use reo sales unless they are the majority of what is selling in the market or that specific complex. yes it will have some stigma affects when buyers are searching for homes there and use sales comps to base their offers on though. the offers will start to come in lower and this is where prices come down.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Sep 19, 2008
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