In the case of foreclosures banks are willing to deal to get the house off their hands, correct?
I would like to know a little more about this process... I'll bet we get a whole bunch of those around here!
It depends, 15 years ago when banks were in the banking business, the first thing they wanted to do was get the "REO" [Real Estate Owned] off the books. When the property is foreclosed, the loan has been written down.
Now and over the last number of years, with the banks allowed to be in the re business by glass stegall revoked, or by fiat of alan greenspan, they will play with the house.
Since the are federally insured, the taxpayer, in effect guarantees the stop loss, so they take their own sweet time and the price they ask maybe higher than the market.
List of foreclosures are available on the internet, use google.
But beware, since the forclosure market because of what I said above is full of fancied opportunities, some of these lists are not "real" in the sense that they are not really useful.
You must also consider the effect of cmo's. It may be that the "bank" does not own the house, but has reserved the right to dispose of the collateral to satisfy the loan obligation. This would make them even less motivated to sell it to you. |
