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Originally Posted by getdul981
I imagine it's because of the sheer volume of foreclosures that they have. There's probably lots of legal stuff that has to be done on each and every foreclosure and that takes time and manpower.
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Agreed. It's usually held up in court proceedings. The bank does not get the title to the home right away so its hands are tied. The bank is owed money but can't do anything with the property because it doesn't own the property.This is a slow process. Once the home goes up for sale, the opening bid is usually the amount owed to the bank, so the bank will usually get its money back. This is very oversimplified but if you want to read more, here's a good explaination of the requirements of foreclosure and things that may hold it up.
Foreclosure - Wikipedia, the free encyclopedia