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Home > Bank Foreclosure > Inside Bank Foreclosures > Bank Foreclosure - Property Disposition Bank Foreclosure - Property Disposition Lender practices and procedures vary greatly.
Some widely market their inventory of REO's, while others practically hide them.
We know of some banks that advertise foreclosures in daily newspapers, while others demand that you maintain an account with them (or better yet, become a stockholder) just to get their list of properties.
Lenders are in the money business, not the real estate business.
This is why most properties are marketed through recognized real estate brokers or agencies.
Some agencies specialize in foreclosures and may represent several lenders' properties.
Brokers may have several investors lined up just waiting for a good property to turn up.
Brokers can also assist the lender in determining market prices, suggest marketing strategies, recommend appraisers or contractors, etc.
Some lenders establish a set price for the property and will not allow the sales agent to consider offers for less.
Many lenders dispose of their own properties.
Depending on the size and complexity of its REO inventory, the lender may have one part-time clerk or a staff of special asset managers handling property sales.
Lenders with larger inventories often have a staff dedicated to analyzing and managing the properties, while at the same time coordinating and managing the brokers retained to market the properties.
The lender determines the strategy and the broker markets the properties accordingly.
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