How do prices of foreclosures and short sales compare to regular listings?

Take a look at the bottom line. Most banks with REO properties price them just below market value in order to get the best price and a quick sale. Because there is competition and you may need to make a quick decision to purchase a particular foreclosure, it is very important to preview the property and then be able to estimate how much money and time it will take to make necessary repairs and improvements. This will help you determine what the property is worth to you.

Short sales are often priced similarly to REOs. Sometimes, though, they get listed at prices that seem absurdly low - prices that have little bearing on what the lender(s) will agree to. I'm not sure why some agents do this, but if a price seems too good to be true, it probably is. Call me and I'll get the scoop for you.