Are banks selling REO properties directly?

[waitingtobuy]

Someone mentioned to me that with too much of REO homes in hand, banks have started advertizing and listing them on their web-sites.
However, I didn’t see any such listings for banks like citi, HSBC and chase.

Also, does this mean that banks will now be more willing to dump homes or reduce prices?

May be a very naive questions for a lot of you folks…

[nostradamus]

I was wildly speculating on another thread that banks are holding onto their foreclosures (of which there are something like 13.5 million someone else posted) so the inventory of for-sale homes is kept artificially low(er) thus prices will stick as much as possible. To further speculate I’d say that the banks have the housing market by the huevos! If they decide to dump their foreclosures onto the market we’ll be in for one wild ride. Does anyone think this would happen?

[nostradamus]

I was wildly speculating on another thread that banks are holding onto their foreclosures (of which there are something like 13.5 million someone else posted) so the inventory of for-sale homes is kept artificially low(er) thus prices will stick as much as possible. To further speculate I’d say that the banks have the housing market by the huevos! If they decide to dump their foreclosures onto the market we’ll be in for one wild ride. Does anyone think this would happen?

[nostradamus]

I was wildly speculating on another thread that banks are holding onto their foreclosures (of which there are something like 13.5 million someone else posted) so the inventory of for-sale homes is kept artificially low(er) thus prices will stick as much as possible. To further speculate I’d say that the banks have the housing market by the huevos! If they decide to dump their foreclosures onto the market we’ll be in for one wild ride. Does anyone think this would happen?

[nostradamus]

I was wildly speculating on another thread that banks are holding onto their foreclosures (of which there are something like 13.5 million someone else posted) so the inventory of for-sale homes is kept artificially low(er) thus prices will stick as much as possible. To further speculate I’d say that the banks have the housing market by the huevos! If they decide to dump their foreclosures onto the market we’ll be in for one wild ride. Does anyone think this would happen?

[kewp]

This is what pisses me off more than anything. The fed is cutting interest rates so the banks can borrow money more cheaply, while they are already sitting on billions of dollars of RE assets.

If they need liquidity they should get it the old fashioned way, via liquidation of assets.

However, they are in the unenviable position that each foreclosure sale is going to lower the comps for all the other REO’s in the area. A real classic Catch-22.

The thing is, though, they *have* to get rid of them at some point in time. They can’t carry non-performing assets forever. Which is why I’ve been saying for awhile that the worst is yet to come.

The banks don’t have anybody by the huevos, if anything the FB’s are calling the shots now. They can threaten bankruptcy, sue for predatory lending or just stop paying and wait for the bank to evict them.

[kewp]

This is what pisses me off more than anything. The fed is cutting interest rates so the banks can borrow money more cheaply, while they are already sitting on billions of dollars of RE assets.

If they need liquidity they should get it the old fashioned way, via liquidation of assets.

However, they are in the unenviable position that each foreclosure sale is going to lower the comps for all the other REO’s in the area. A real classic Catch-22.

The thing is, though, they *have* to get rid of them at some point in time. They can’t carry non-performing assets forever. Which is why I’ve been saying for awhile that the worst is yet to come.

The banks don’t have anybody by the huevos, if anything the FB’s are calling the shots now. They can threaten bankruptcy, sue for predatory lending or just stop paying and wait for the bank to evict them.

[kewp]

This is what pisses me off more than anything. The fed is cutting interest rates so the banks can borrow money more cheaply, while they are already sitting on billions of dollars of RE assets.

If they need liquidity they should get it the old fashioned way, via liquidation of assets.

However, they are in the unenviable position that each foreclosure sale is going to lower the comps for all the other REO’s in the area. A real classic Catch-22.

The thing is, though, they *have* to get rid of them at some point in time. They can’t carry non-performing assets forever. Which is why I’ve been saying for awhile that the worst is yet to come.

The banks don’t have anybody by the huevos, if anything the FB’s are calling the shots now. They can threaten bankruptcy, sue for predatory lending or just stop paying and wait for the bank to evict them.

[kewp]

This is what pisses me off more than anything. The fed is cutting interest rates so the banks can borrow money more cheaply, while they are already sitting on billions of dollars of RE assets.

If they need liquidity they should get it the old fashioned way, via liquidation of assets.

However, they are in the unenviable position that each foreclosure sale is going to lower the comps for all the other REO’s in the area. A real classic Catch-22.

The thing is, though, they *have* to get rid of them at some point in time. They can’t carry non-performing assets forever. Which is why I’ve been saying for awhile that the worst is yet to come.

The banks don’t have anybody by the huevos, if anything the FB’s are calling the shots now. They can threaten bankruptcy, sue for predatory lending or just stop paying and wait for the bank to evict them.

[SD Realtor]

For sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.

Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.

http://www.countrywide.com/purchase/f_reo.asp

Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.

SD Realtor

[SD Realtor]

For sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.

Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.

http://www.countrywide.com/purchase/f_reo.asp

Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.

SD Realtor

[SD Realtor]

For sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.

Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.

http://www.countrywide.com/purchase/f_reo.asp

Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.

SD Realtor

[SD Realtor]

For sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.

Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.

http://www.countrywide.com/purchase/f_reo.asp

Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.

SD Realtor

[asragov]

You can find the REO’s on their respective websites, but note that they are usually sold through realtors who specialize in this sort of thing:

http://bankofamerica.reo.com/search/

http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do

http://mortgage.chase.com/pages/other/co_properties_landing.jsp

http://www.premierereo.com/reo/consumerSvlt/nav/ConsumerNavL1.jsp/requestPage/consumer/PropertySearch.jsp

http://www.us.hsbc.com/1/2/3/personal/home-loans/properties

Clearly banks are “managing” the process of getting these properties to market.

[asragov]

You can find the REO’s on their respective websites, but note that they are usually sold through realtors who specialize in this sort of thing:

http://bankofamerica.reo.com/search/

http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do

http://mortgage.chase.com/pages/other/co_properties_landing.jsp

http://www.premierereo.com/reo/consumerSvlt/nav/ConsumerNavL1.jsp/requestPage/consumer/PropertySearch.jsp

http://www.us.hsbc.com/1/2/3/personal/home-loans/properties

Clearly banks are “managing” the process of getting these properties to market.

[Author]

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