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17 Comments on Bank Owned (Am I Missing Something)
I guess what you are saying is that things have really changed. Those with pride of ownership are now losing their homes, unlike the days when it was only drug dealers, and irresponsible numb skulls.
You are missing that the bank is TOTALLY not making smart, educated decisions when it relates to properties they now own. I am amazed how little they will do to facilitate the sale of their property by having utilities on for inspections and appraisals and wonder why most buyers steer away from the properties. I am in the process of representing a buyer on a property like you described. In great condition, but no utilities. The buyer is going to turn on the utilities for inspections and the like. Why wouldn't the bank or the agent listing the property do this to ensure a fast sale? I am perplexed by their lack of thought sometimes. Sorry for the vent but you really hit the nail on the head.
It appears banks don't care. We as Real Estate Professionals try to do the right thing, after all repeat business is our bread and butter. Banks know that they are in the drivers seat, eventually we all have to go to them for something.
By the way, I love the music - I enjoyed the Deer Hunter too.
What I have noticed is that too often the banks are out-of-town and don't have an appreciation of the market, weather, etc. One of the things that I try to do when preparing a BPO for a property is give the bank as clear of an opinion of the property that I can at that time. It is painstaking, but it is something that has to be done.
Melissa - I didn't touch on it in this blog but it's a sad fact that a large portion of these homes were lost because of the difficult job market here. Inspecting a bank owned home with rooms decorated for the kids is especially thought provoking. I often wonder what happened to the owners and if they found gainful employment and a warm place to live.
Jason - Cancellations because of a misunderstanding in regards to utilities results in wasted time and money. This month alone I've had four last minute cancellations because someone promised the utilities would be on only to find on inspection day they are not.
Cynthia- It does appear as though they really don't care. I'm glad you like the music. The Deer Hunter is one of my favorite movies.
Dana - I didn't think about the possibility of the banks being uninformed. Your efforts are no doubt highly appreciated and hopefully equally rewarded.
Banks do not care -- and don't want to be involved with the details -- sad state of affairs .
Vince it is pretty simple really----banks care about "business" not "houses"
Bob & Carolin - It is sad especially when you consider how many of these homes are on the market.
Charles - The banks own the home. You would think that makes it their business.
I always wondered how a bank could sit around and let their assests depreciate at an ever increasingly rate. Then wonder why they can't get out of the property what they have in it.
These are the folks that control our financial system. The really sad thing is to see whole neighborhoods deteriorate beyond recovery.
Good Post.
Vince - I'm not sure who gets credit for it here in Minnesota, but when properties go in to foreclosure, things have become quite streamlined here. The water gets turned off, a 'trash out' company comes through and cleans the place up, and a bunch of out-of-work home builders come through and clean the places up.
We've come a long way in the last few years.
Jack - I've seen it time and again. It is a sad situation particularly in my area.
Reuben - Sounds like they have figured it out in your area.
Part of is probably which pot the money is in. The bank has to pay upfront for utilities and takes a loss at the end for the sale of the house. Things might be changing. I was in two bank owned properties today with power on.
Gene - I hope thing do change.
You're missing cities like we have here that require owners to maintain their properties, and that includes banks and foreign owners. If such is not done, the city will do it and put a lien on the property for the cost of doing maintenance.
Russel - I wish that were the case here too.
Vince,
This is a great point and we're not finished with this mess by a long shot. HABITEC frequently inspects bank-owned and foreclosed homes in Nashville and Middle Tennessee and, despite specific language in our initial email to the Client and their agent, and their subsequent effort to get the bank to make sure all utilities are operational, we find some or all of the utilities shut down when we go out for the inspection. Everyone loses. Sometimes the inspection is cancelled. Sometimes we do what we can and then we are called back later to check features using the shut down utilities (at additional costs to the buyer), and sometimes the Client just walks away from the deal in frustration. And then the banks wonder why they cannot sell the home.
Thank you,
Richard Acree
http://habitecinspections.com
Vince,
This is a great point and we're not finished with this mess by a long shot. HABITEC frequently inspects bank-owned and foreclosed homes in Nashville and Middle Tennessee and, despite specific language in our initial email to the Client and their agent, and their subsequent effort to get the bank to make sure all utilities are operational, we find some or all of the utilities shut down when we go out for the inspection. Everyone loses. Sometimes the inspection is cancelled. Sometimes we do what we can and then we are called back later to check features using the shut down utilities (at additional costs to the buyer), and sometimes the Client just walks away from the deal in frustration. And then the banks wonder why they cannot sell the home.
Thank you,
Richard Acree
http://habitecinspections.com