Question Details

Donna Joseph, Home Buyer in 10025

Why are foreclosures so difficult to find/purchase/own, don't the banks WANT to get rid of them?

Asked by Donna Joseph, 10025 Thu Feb 28, 2008

Help the community by answering this question:


Hi Donna,

Banks are interested in selling – only under their terms. Realize that the bank employee really does not care at the end of the day if you go under contract on one of their properties or not. They all get the same salary at the end of the month regardless of how fast they respond to purchase offers.

In reality, bank REO departments take anywhere from 30 to 60 days to respond to any written offer. Realize that during all this time, other people can be also writing offers on the same property. I guess it is their way of making sure they do not react too fast to accept any offer. If they have several offers, it is a lot easier for them to know they are getting the top market value for the property. They are also in a better position to show their board and investors that they minimized their loss on their REO properties.

Bill Kosena, ABR. CRS. SRES
1 vote Thank Flag Link Thu Feb 28, 2008
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