Just got a call from the lender on one of my short sale listings. Lender asked me to lower the listing price by apx $100,000. The property was listed at $329,900. They did their own appraisal and decided that the listing price was too high. Borrower is not yet behind on his payments yet. Lender is “concerned” at the “precipitous” decline in values in the area(Watts).

The interesting thing is, the “lender” is a small bank in Ohio who purchased this loan as part of a bundle. They have no idea about the local market, neighborhoods etc. They had no idea where the property was even located until I had them google it while they had me on the phone.

Crazy world…hope your day is going well!

 Respectfully,

 Mike Shapiro

Broker/Owner

The Shapiro Group