For those of you not familiar with the lingo, a BPO is an estimate of value, like an appraisal, but is performed by real estate agents. They start the price at the highest value that might work and then start dropping the price some set amount (typically $5K- $10K) per [...] For the short sale investors who understand how to “play the game”, they get 1 out of 2 deals approved and their are some really good investors that are hitting 90% approvals. At the higher prices, frequently no house showings occur; i.e., nobody is interested.
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