REO Didn't Fail, Then Failed

Posted by Dave Fratello on Wednesday, June 22nd, 2011 at 4:21am.

Trying to track the bouncing ball that is 217 Seaview (3br/2ba, 1400 sq. ft.) could make anyone dizzy, so we won't spend too much time on the latest news.

We asked early this month: "Can An REO Fail?" The issue was the high $925k start price on a home that last year was up (short) at $849k.

Sure, that short sale failed – the whole story around 217 Seaview is about failure. But the silver lining, if you will, is that there's always some glimmer of hope. People always seem to be almost buying it. Then it fails.

So it was news of a sort that the home posted a deal on Friday. And it's news again that the deal flopped. Unexpected? No.

Seaview is back now at a reduced price of $899k, ready for the next chapter.
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