Not long ago I read an article on a site (not sure if I understood the article completely) that in my understanding, stated that REO agents could not sell the house for more than the fair market value. In my area I have heard many people who lost their homes to f/c comment on how much their houses were put on the market for. The sale of these f/c homes are making someone big bucks. So how can anyone say f/c homes when they are sold for many thousands of dollars more than originally owed are bringing down the neighborhood? In my case it was $28,XXX more than fair market value. I just got a 1099-A from Wells Fargo Bank, NA/Fannie Mae stating the fair market value of the property was $389,XXX. The house was put on the market by REO for $419,XXX and sold for $417,XXX. Did I misunderstand the article? Can REO agents sell the houses for whatever they want? Any input would be appreciated.