You mean an REO sale? A foreclosure is a transfer back to the mortgagee and is a legal procedure, not a market transaction.
Jim,
No I mean a sale where the buyer buys the property from the original lender.
Thanks for the help.
Steve
In this particular market there are sales within the same subdivision that are REO's and then there are a few arms-length sales. If these competing properties are in similar condition there appears to be little if any differance in the final sales price.
You have just written your summary comments in defense of using the REO sales without adjustment. If your comments are challenged by a reviewer, I'm sure you can defend them. But that don't make you bullet proof!