Just drove by a listing I have here in Big Rapids, MI to make sure everything is looking good for the weekend and the house next door has also came up for sale. Not unusual for two houses on the same block anymore but the sign in front left me wondering. The home next door is yet another in a long line of foreclosures but this one is being advertised for sale by the bank itself. Even the sign in the yard has their Name and contact info on it. My Borkerage doesn't list foreclosures so it doesn't affect me either way by them selling it, I just haven't seen that many Banks selling their own foreclosures. Sign of things to come?
Trans State Commercial Realty Inc. - Fort Lauderdale, FL
FLorida Real Estate Connector
Scary thought Randy. Banks now in real estate business. Banks are in the money business and they should stay there. Look at how many files have been sitting on their desks for the past two years with no action.
I live in the tropics and you may as well mow some of these properties down right now. No air causes lots of mold. Mold redmiation is expensive. Banks should be giving us, the experts, the listings to move the inventory and hiring more people to process on their end. The longer they wait to make a decision, the worse it gets.
May 14, 2010 12:48 AM
Chipola Realty - Chipley Office (850) 638-2777 - Sunny Hills, FL
Washington County, Florida
Oh wow. I can't even begin to wrap my mind around all the nightmare scenarios this presents!
Who will show the home? Will the offer compensation to a brokerage? Are they even the true owner of the home or are they servicing the loan for investors? (I believe that would put them in the position of having to be licensed as a broker).
Since they do such a fine job of taking care of their present customers, it will be interesting how they handle todays style of buyer.
Banks have long wanted to be in the Real Estate business, maybe this will give them a taste of why they need to stick with what they do and let us do what we do best.
May 14, 2010 12:52 AM
Captain Bill Realty, LLC - Gilbert, AZ
Broker/Owner
We know that they have been trying to get into the real estate business. Hope they don't succeed.
May 14, 2010 01:41 AM
CR Property Group, LLC - East York, PA
Serving York and Adams County, PA
If the consumer is savvy at all about purchasing a home, they should know better than to call the bank directly, as they have no representation whatsoever. I pray that this is not a trend or they will be boycotted from Realtors suggesting to use their services for any loan or even savings when asked by our clients for recommendations.
May 14, 2010 02:10 AM
RE/MAX Coastal Properties - Destin, FL
Your Real Estate Resource!
All it takes to sell a home is a sign in the yard. A local bank here has "listed" a luxury home for the past nine months. When I called on it (actually had a potential customer) I was transferred FOUR TIMES. No one at the bank even knew the correct price.
So buba loan officer called me back five days later. He was more than a little pissy that my clients did not wait for him to purchase a property. Some folks/organizations are clueless...
May 14, 2010 03:27 AM
United Country-Michigan Outdoor Properties - Northern Office - Wolverine, MI
I seeing advertisement in the paper for Bank Owned properties by the bank. Again, who will show them. Buyer Beware!
May 14, 2010 01:22 PM
Rainer
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Randy Ostrander
Real Estate Broker, Serving Big Rapids and West Central MI
Real Estate Resources
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over 11 years ago
Author Bio: Randy Ostrander, Broker/Owner of Lake and Lodge Realty in Big Rapids, MI covers all of West Central Michigan. He does work weekends so he can be there wheneve you are ready to handle all of your real estate needs.
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