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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Valuepro who wrote (263879)	7/25/2010 2:49:07 PM
From: Smiling Bob	Read Replies (1) \| Respond to of 306849

I'd think the end user is more likely to bid higher than the middleman.

To: Valuepro who wrote (263879)	7/25/2010 4:05:08 PM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 306849

It's not at the expense of the banks....they have an unstated reserve, and can (and do) reject any bids.......it's just another marketing tool. Throw in a few sham-wow bidders, and it can be a real trap for the aspiring homedebtor (who has very limited home inspection rights prebidding....and a lot of these foreclosures have, shall we say, major structural deficiencies). There are plenty of foreclosures in Maricopa County, and banks have not been eager to push inventory on the market. Understandably, as long as they don't have to hold them on the books at the real value. This is where mark-to-market made a hell of a lot of sense, in terms of getting the market cleared. Banks have reduced incentives both to lend or to clear off/mark down bad assets. So they do nothing. Just like the Jap banks before them.