FOR LENDER AND LOAN SERVICERS
In 2010, 75% of all resales were bank related sales which include: Short Sales, REO Sales, and Trustee Deed Sales (Foreclosure Sales). 60% of all sales prior to 2008 are still in the hands of those buyers and prices have declined dramatically since then. A large percentage of those pre-2008 sales have outstanding loan balances well in excess of current values.
While tremendous progress has been made in clearing the deck of the current defaults, approximately 5 - 10% of all sold units are currently in some state of default with a long line of units heading to default in the future. A large percentage of all foreclosure sales are purchased by speculators who in turn resell these units within 90 days at a large profit indicating that some proceeds are left behind.
You can look at comparable sales (comps) on an entire building, but the reality is that values can vary significantly within a building. Variations occur depending on unit type, orientation within a building, floor premiums, balconies, views, etc. Our detailed analysis breaks down all units within a building to determine the appropriate comps for that specific unit as well as comps from other similar buildings.
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