There's a very simple answer.  I don't much like banks.  And, did you know, that banks often get paid twice on the properties that they have foreclosed on?  It's absolutely true.  When a borrower defaults on a loan, banks that are members of FDIC get paid an insurance settlement for the loss.  Then, the banks turn around and sell the property, getting paid a second time on the same property.  If I have the opportunity to buy a property below market value, and I'm gonna beat the bank at their own game, then, by all means, I'd love to do it.  Banks are not in the business of hanging on to properties, but they evidently like to flip them.  Getting a good deal and still "stickin' it to the man"...It's like a double scoop of mint chocolate chip, rather than just a single.  And who wouldn't want that?

  Abe