New Foreclosure Solution for Banks ...

[James H. Bushart]

Why pay to maintain them while waiting for them to sell as the values continue to decline?

Simply throw the family out and tear the building down. Fewer homes in the area will increase the value of those homes that remain.

It's funny how the house was worth hundreds of thousands when they were selling it to someone else. Now that it belongs to them, it is more cost effective to tear it down. LOL.

[Joseph Hagarty, CMI]

There is a new tactic.....

A recent Foreclosure Inspection brought this to light for me....
An Estate.....
Homeowner passes on.....
Family (inheriting) Refinances Home for $450,000 to make repairs for sale....

then never makes a payment......

Bank forecloses
Sells home for $205,000

The $450,000...
stays with those that collected and divided
pretty slick....

[Bruce A. King]

Maybe some cities are putting pressure on these banks to maintain the properties or pay fines.

Make sure you guy's include in the report the presence of fresh paint in these dumps since the banks are now paying people to go in and cover up defects such as ceiling water stains and mold. Once the bank does this they could be held liable for non-disclosure by a savvy attorney hired by a buyer that knows how to read an inspection report.

[Eric C. Van De Ven]

Originally Posted by bking

Maybe some cities are putting pressure on these banks to maintain the properties or pay fines.

Make sure you guy's include in the report the presence of fresh paint in these dumps since the banks are now paying people to go in and cover up defects such as ceiling water stains and mold. Once the bank does this they could be held liable for non-disclosure by a savvy attorney hired by a buyer that knows how to read an inspection report.

Or this:

[Gary Farnsworth]

We should double our fees on foreclosures and vacant properties.

[Joseph A. Ferry]

No insurance cost, no maintenance cost, no vandalism issue. It all makes sense in the bizarro world of Obamanomics.