Re: Bank owns property but is not listing - Posted by Frank Chin
Posted by Frank Chin on September 23, 2004 at 08:53:52:
You’ll have to wait till the bank follows its own internal procedures to determine its time of sale.
When I was active with REO’s during the last down market here, banks would sit on a bunch of properties till its time to auction it off, or list them with agents. This is not the case in the hot market today where REO’s are sold at or even above market, according to recent news reports.
These procedures are designed to prevent fraud and collusion between investors and bank employees. How would bank management know that a 300K property, short sold to an investor for 150K, was not the result of a 25K bribe to the banker??
Now, things might be different if you were offering at or above market price.