Today's networking meeting was informative; we talked about the 100,000 homes that have been foreclosed on, However they are not on the market. So, we chatted on why are the banks are holding them. This is what we came up with.
1. They are so unorganized that they do not know what to do with them
2. They are waiting for the market to recover some for better price point
3. Maybe they have been told to hold them until a certain time, then release them slowly
4. Maybe they do not even know they have all these homes on their books.
(1-4 is not factual... just what we thought of)
You may not be aware that when the bank has these properties on their books it keeps them from lending, for every dollar they have on their books, they must have a reserve of seven dollars.
Lisa
A Better Realty .Net
480-655-0904
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