Short Sales: Banks pushing back on values

Troubled Assets

Negative EquityZillow says it is 12%, Case Shiller says 9%, CoreLogic says 16%. Either way, Portland area home prices are up, up, up. And banks know. What we have been seeing lately is a number of short sales falling through because banks are beginning to push back on the values, they are not approving the lower price that the listing broker thinks the bank should take, but instead, coming back with a much higher value. This leaves buyers with a tough decision to make, who don’t have much to choose from in regards to inventory on the market. Banks are going to have their way and they know it.

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