I’m kinda new to the foreclosure market and I’m looking for some input.
I’m located in the heart of the banking industry in Charlotte, NC. The foreclosures here are being intially marketed at FMV even though they may need thousands of dollars of repair, very unrelaistic expectations from the banks in many peoples opinion. It’s not uncommon to find properties that have been listed for a year or more with several different agents with seemingly no hope for selling at the prices they are asking. Somebody somewhere is taking a bath on this stuff.
Having met with and talked to many investors from other markets who have relocated here, I get the feeling that our foreclosures are marketed at higher prices and the banks are less willing to negotiate because we’re in the banks backyard.
I was hoping to get some input on how foreclosures are initially priced and eventually sold in in other markets.
Thanks for your time!