Posted on: 28th Oct, 2009 08:32 pm
why want these large banks who already have stimulus money allow the sale of foreclosure homes? Why are they hurting the economy by not selling these homes when their are buyers trying to buy?
Hi BoBo,
Banks do sell foreclosed homes as real estate owned properties. Otherwise, why would they waste their money and time in pursuing foreclosure, if they do not sell the homes to recover their loan amount? However, since the property value is on the decline, many of the banks are not being able to sell homes at a price that would help them recoup their foreclosure costs as well as the loan balance. This is why, many banks are deciding against selling the homes, unless they are getting a considerable amount of money from the foreclosure sale.
Banks do sell foreclosed homes as real estate owned properties. Otherwise, why would they waste their money and time in pursuing foreclosure, if they do not sell the homes to recover their loan amount? However, since the property value is on the decline, many of the banks are not being able to sell homes at a price that would help them recoup their foreclosure costs as well as the loan balance. This is why, many banks are deciding against selling the homes, unless they are getting a considerable amount of money from the foreclosure sale.
Paying for listings is a scam---- Call a few Real Estate agents tell them what you are looking for and they will gladly help you. I have agents that E-mail me free listings as soon as they hit the market. Proceed with extreme caution--because of the recession we are in--I think its going to be difficult to flip a house for a profit.
weird...where did paying for listings come into this discussion?
okay...there are tons of foreclosed properties being held by the lenders at the moment. if they were to flood the market with these homes, that would have devastating results on the overall real estate market. there'd be too many foreclosed pieces and that would drag down values throughout the nation. they cannot afford to do this. homes are being held back as a result of governmental request. you'll see the peak hit sometime during 2010, after which it will begin to recede (number of foreclosed for sale, that is).
okay...there are tons of foreclosed properties being held by the lenders at the moment. if they were to flood the market with these homes, that would have devastating results on the overall real estate market. there'd be too many foreclosed pieces and that would drag down values throughout the nation. they cannot afford to do this. homes are being held back as a result of governmental request. you'll see the peak hit sometime during 2010, after which it will begin to recede (number of foreclosed for sale, that is).
