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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (69159)	8/31/2006 9:13:59 AM
From: Ramsey Su	Respond to of 110194

Foreclosure laws are different from state to state. Florida is one state that is judicial vs trustee's sale. realtytrac.com Contrary to popular believe, lenders do not just dump REOs. Just imagine an asset manager doing the "right" thing by rapidly reducing price and taking good but low offers in anticipation of deteriorating market conditions. He/she would have bank examiners and auditors checking to see if properties are "sold" to relatives, friends etc., which had happened. The procedure is to market the property at around appraisal for at least 2 to 3 months, during which time the asset manager has the ability to accept a certain range, such as no less than 95% of appraisal. If the appraisal is way out of line, a good REO broker would be pushing for new appraisal as soon as possible and make certain that the new appraisal comes in at a sellable price. Then it goes into the marketing process again. Current market prices are deteriorating at a pace that appraisers, using sold comps of the last 3-6 months, are still appraising properties too high, rendering them unsellable. It will take time.