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45502 : Real Estate Advice

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Sun Aug 10, 2008
Steveandjoan answered:
Hi,

One ot the things to wait for is not just for prices to finish falling, but when will the bank regulators begin to compel REO holding institutions to begin liquidating at any reasonable price or run the risk of being taken over by the Feds. Just because the banks 'write-down' the loans on the books, the carry costs are quite real to them too - insurances, taxes, utilities, risk-of-damage, and on and on and on.
Once the financial instituions feel the squeeze of reduced depotis, lowed levels of ability to borrow and the like, they will then begin to act much faster to take your reasonable offer and not play the game of waiting to see how much they can milk you for. You are in the drivers seat, so drive a hard bargain and come up the winner.
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