I just have to share what many already know...Banks are crazy.
When they are lending on a property they want a recently sold comp to be higher than the subject property. This creates a perpetual declining market which in and of itself is crazy when there are buyers getting into bidding wars for the property.
When the bank is the seller, in the case of this REO, they want a price that is way out of line with the market and will therefore never appraise by the current lending standards.
Figure it out banks...you can't have it both ways!
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