Quote:
Originally Posted by marketsmart
thats not 100% true.. the govt allowed banks to shift toxic debt off their primary books, its still there, but the new accounting rules allowed them to shift that without taking an immediate loss..
i am trying to buy 2 foreclosures (triplex) from 2 separate banks and they didnt want to budge on the price..
fortunately for me, one is a freddie mac and they keep dropping the price $7k every 30 days, so hopefully i will get them both for less than my original offer...
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There is a house across the street from me that is for sale by the bank. It was a foreclosure so it is just sitting there empty. They have had three different offers on it. Twice the people buying it got sick of for the bank. The bank accepted their offer and the process started. Two months later the bank still hasn't done anything they need to to so in two of the three cases the people just pulled the offer and bought another house. The third person made the offer and it was accepted then they are in a holding pattern. I spoke to the realtor about a month ago when I saw her out there mowing the lawn. She told me the story of the house. Since then the people haven't moved in so I assume the bank is stalling again.
So clearly they aren't in any big hurry to move these things off their books. If they were it would have been sold six months ago.