Quote:
Originally Posted by Cedwards38
For foreclosures in The Villages, you'd think those would be a "flippers" paradise.
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I'm not sure what legalities apply in The Villages. I'm only speaking about Ontario where I was a Real Estate Broker for 20 years. But I suspect the Bank obligations are similar.
One the unique and frustrating problems that the Banks have with marketing foreclosures and power of sales, is that the Bank is under an obligation to get the highest possible market value for the property. A lot of people think the homes are just sold for the "best offer". But the Banks aren't legally allowed to just "fire sale" the home to cover the amount of the mortgage. So it usually ends of being a long, draw-out process.
First the home is marketed at a price similar to other homes in the neighborhood, even though it's been neglected. And then the price is reduced, and then reduced again and again. Thus the Bank can prove to the owner that they tried to get top dollar and failed. And when the Bank finally accepts an Offer, then the owner has to be notified and allowed a certain period of time to reclaim his property. The amount of time and frustration involved is a PITA and often eliminates all but the most dedicated of buyers.