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bank owned properties: A warning from Consumer Affairs on Foreclosures - 01/04/08 06:21 PM
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bank owned properties: Which Lender has the most (REO) properties for sale? - 01/02/08 10:25 PM
With an estimated half a million foreclosures on the market at the end of 2007, one might wonder why they are not more aggressively advertised. You would think that lenders would do everything they can to get rid of the properties as soon as possible as every day they keep a house on the books, it costs them money. Banks are not in the business of owning homes; they are in the business of financing properties.
As of today (January 2, 2008), the nation's largest residential lender, Countrywide Home Loans shows only approximately 15,000 properties for sale on its REO site.Wells Fargo shows … (11 comments)
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bank owned properties: Who is to blame for the Real Estate market downturn? - 12/29/07 12:29 PM
Who is to blame for the Real Estate market downturn?
Consumers for buying homes they could not afford with loans that were bouond to get them in trouble? Lenders for allowing consumers to buy homes they could not afford at terms they knew were going to cause trouble? The government for not having enough oversight? Wall Street for buying the Mortgage Backed Securities without understnding the risks? Rating Agencies for "overrating" mortgage companies and investment companies heavily invested in risky mortgages? All of the above?
Check out overviews of all Bank Owned Properties on http://myneighborhoodforeclosures.com/
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bank owned properties: Pricing REOs – a double edge sword - 12/28/07 10:21 PM
Overpricing REOs is a risky move for both agents and investors because of the consequences associated with vacant homes and time on the market. Some of the problems we can expect to see with overpricing are loss of interest due to time on the market, recurring maintenance, vandalism, and decrease of value. The most common of the problems of overpricing REOs is the loss of buyers' interest. Buyers and their agents realize that most of the activity on a listed home happens within the first few weeks. Homes that have been on the market a long time cause potential buyers to … (2 comments)
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bank owned properties: REOs aren't good for the market but can help FTHBs or investors - 12/26/07 10:52 PM
With today's number of REOs rizing reaching record numbers, it is no surprise that they add to the crisis in the real estate business. Banks try to "dump" their properties as soon as possible as they are not in the business of owning and managing properties. Every time an REO sells, it drives down the prices in the area as they are based on comps that now include an artificially deflated price on a property the bank wants to get rid of. That's the bad news.
The good news is that prices are coming down to levels where FTHBs can afford homes again. The frenzy … (2 comments)
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