Kirk, too, said, "Short sales, probably 90 percent of the time, are not good investor deals. The reason is because the banks are going to do their own valuation on the property. They will do their own appraisal and determine what they feel is realistic value."
Surely he means that the banks "will do their own appraisal AGAIN"? Did they not do an appraisal before they made the loan?
-raghu.
