How Long before the Banks use This Market to Try and Get Into Selling Real Estate

By
Real Estate Broker/Owner with The Lafferty Group Real Estate & Consulting

I'm surprised that with all the foreclosures in the last year and what is coming this year that the Banks haven't said they want to be allowed to sell Real Estate.  Banks have been trying for years to get legislation passed that would allow them to sell Real Estate and now they have a slightly opened door.  I'm sure they will argue that they would be the best to sell the properties that are past due or in foreclosure.  They could make the loans to the new buyers and give discounts on appraisals........  This would then open the door to selling all Real Estate.

 

I'm also surprised it hasn't been hidden in this stimulus bill.  The banks would have to hire Brokers, associates, processors thus creating jobs and getting rid of the bad debt.

 

Keep your Eyes open.

Comments (4)

Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

In Canada, they entered the insurance industry in the past decade, it is only a matter of time and they will staff their own property sales force for minimum wage.

Feb 06, 2009 01:07 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Scary....banks selling on their own behalf. Isn't this how we got into this mess?

Feb 06, 2009 01:17 AM
Steven Keefe
Coldwell Banker Sky Ridge Realty - Lake Arrowhead, CA

Not going to happen.  Ever talk to a banker?  They wouldn't be able to convert the properties to performing assets.

Feb 06, 2009 01:19 AM
Simon Mills
Mills Realty - Toluca Lake, CA

They've been trying for years and this is NOT their time to get this through.  The conflict of interest would be overwhellming.  They would be accused of foreclosing, so they can profit from the sale.  Can you imagine the backlash?

Feb 06, 2009 09:22 AM