Comparing Comps

[Jocelyn Thompson]

Hello,

I am comparing comps for an REO that was listed several months ago for around 35K it has now been reduced to around 16K. I am looking at comps the realtor sent and I cannot believe my eyes. The comps for the last 60 days for 3/1 houses are 15K, 16K, 11K and 9K.

If all of the houses in the area are being sold as bank REOs does that mean I need to look for a new area?

Has anyone run into this problem?

BTW, the realtor is the listing agent. She told me there is a little wiggle room. Looks like there would need to be a great deal of wiggle room for this to work. :D