Banks are not making money on foreclosed houses. They foreclosed because the borrower did not repay the loan. They have written off tens and hundreds of thousands of dollars on each foreclosure. The ideas that a slight increase in the value of the foreclose houses â€œwill make billions of dollarsâ€ for the banks is ridiculous.
It takes a while for a bank to respond to an offer on a foreclosure because a bank is a bureaucracy. The offer is handled by clerks after it is received from the listing agent. The clerks bump it up the line until someone with authority finds the time to make a decision. Of course, once the bank makes the decision to accept your offer, you better be ready to skip quickly to their tune.... more