I don't like working the foreclosures on the MLS, but many buyers feel there are great deals to be had. Until the buyers are introduced to Asset Management Companies and/or Loss Mitigation departments.
Then it is 'Why don't they respond?' I wrote an offer on a property listed at $39,500, my buyer offered over $50,000, after 2 weeks of no response, I received an email stating we were rejected. The listing agent was a bit annoyed several times I contacted him about the status of our offer. Excuse Me!!
If lenders/asset management companies would be a bit more reponsive, and have competent people making decisions on the offers, the foreclosure crisis could be shortened by a year or more.
This doesn't even begin address the issue of the lenders/asset management companies blatantly breaking Federal and State laws in regards to disclosures.
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