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Old 07-24-2011, 11:14 AM
 
56 posts, read 74,095 times
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Would the selling price of a condo vary depending on the type of sale? With all things been equal would a equity sales have more value than a SS or REO and if so why.
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Old 07-24-2011, 01:24 PM
 
Location: Here and there, you decide.
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Not really because you price according to comps
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Old 07-24-2011, 02:20 PM
 
Location: NW Las Vegas - Lone Mountain
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There is about a $10 per sf differential to classic over REO. About a $2 to $10 per SF for shorts over REOs.

The difficult part is that part of this is the basic value of the unit and its condition. Not all condos are created equal and not all developments have equal rates of foreclosure. For instance the late condo conversion have a very high foreclosure rate and are seen as much less desirable than the nicer purpose built condos.

So on average you will pay more for a classic..but it is partially due to more value...and partially due to the banks selling cheaper.
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Old 07-25-2011, 01:15 AM
 
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You get what you pay for. In most cases, REO properties need a lot of refurbish, it all adds up.
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Old 07-25-2011, 09:37 AM
 
56 posts, read 74,095 times
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I was trying to understand if the property was exactly the same but buying from a owner or a bank or SS would be the price be any different. I think all three prices should be the same.
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Old 07-25-2011, 12:05 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 35,521,940 times
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Quote:
Originally Posted by mike886 View Post
I was trying to understand if the property was exactly the same but buying from a owner or a bank or SS would be the price be any different. I think all three prices should be the same.
There is a price differential if the property is exactly the same. It is however not the only differential. So you end up having to do it case by case.

It has been my experience that shorts are often the best buy. That is you can get a house in very nice shape in a nice neighborhood and pay 5 or 8 dollars a square foot less than a similar classic. the tradeoff is of course that most shorts don't close.

I have also seen at least a couple of REOs in perfect shape at a really great price. Pretty rare though.

In some neighborhoods classics completely dominate. You buy a classic and pay the premium or you don't live there.
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