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Banks take too long to sell foreclosed homes, ruin over all neighborhood property values with "abandoned houses"

 
Anonymous Coward
User ID: 17090286
United States
10/21/2012 09:11 AM
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Banks take too long to sell foreclosed homes, ruin over all neighborhood property values with "abandoned houses"
Bank of America, for instance, takes almost two months longer on average to sell a foreclosed property than EverBank Financial does, according to new, nationwide data from the research company RealtyTrac Inc. And BofA, the lending giant that inherited many of its troubled mortgages when it bought Countrywide Financial in 2008, has been taking longer this year to sell its foreclosure properties than it took last year.

"Bank of America put a bright-blue tarp on top of roof rather than repair it," said longtime resident Richard Campanaro. "Half of it has blown off. It would make a wonderful haunted house if you wanted to do something for Halloween. It's terrible — I wouldn't even want to enter the property."

Last year, it took Bank of America an average of 5.3 months to sell a foreclosure, according to RealtyTrac. So far this year, it has averaged 6.7 months. Deutsche Bank, Wells Fargo & Co., Ocwen Financial and Citigroup have also fallen further behind in selling their foreclosed properties. Through September, all of them were taking at least 20 percent longer than they took in 2011, based on RealtyTrac's nationwide data.

[link to articles.orlandosentinel.com]
Anonymous Coward (OP)
User ID: 17090286
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10/21/2012 09:15 AM
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Re: Banks take too long to sell foreclosed homes, ruin over all neighborhood property values with "abandoned houses"
This is just criminal. Then I suppose they scoop up the cheap houses when the people who hate living in a crack house neighborhood the banks created decide to move.
Fred
User ID: 25488548
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10/21/2012 09:46 AM
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Re: Banks take too long to sell foreclosed homes, ruin over all neighborhood property values with "abandoned houses"
Banks shouldn't be allowed to bid on there own foreclosures. Auction on the court house steps, let real people buy them. Its all about cooking the books, pretending to have a high value asset when its actually a decaying home now worth 1/4th what's on the books.
Anonymous Coward (OP)
User ID: 17090286
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10/21/2012 12:36 PM
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Re: Banks take too long to sell foreclosed homes, ruin over all neighborhood property values with "abandoned houses"
Banks shouldn't be allowed to bid on there own foreclosures. Auction on the court house steps, let real people buy them. Its all about cooking the books, pretending to have a high value asset when its actually a decaying home now worth 1/4th what's on the books.
 Quoting: Fred 25488548


They let the homes decay and just sit there, and it makes all the homes surrounding it go down in value as well. It's a shame.
Anonymous Coward
User ID: 14206252
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10/21/2012 12:46 PM
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Re: Banks take too long to sell foreclosed homes, ruin over all neighborhood property values with "abandoned houses"
Having been a land surveyor for quite a few years, I can atest to this. I see more & more vacant/abandoned homes here. I would like to say I have been surveying more of them, but not as many as It would take to really say there are signs of improvement in the housing market at this time.
Most people only see the front yards of these places too. The backyards are horrible. Overgrown, usually dead animals floating in a dark green, neglected pool. Totally overgrown, feral cats setting up shop, standing water for mosquito breeding. Imagine 3 or 4 of those on your block. Banks dont want to lend it seems.
Anonymous Coward (OP)
User ID: 17090286
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10/21/2012 05:36 PM
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Re: Banks take too long to sell foreclosed homes, ruin over all neighborhood property values with "abandoned houses"
Having been a land surveyor for quite a few years, I can atest to this. I see more & more vacant/abandoned homes here. I would like to say I have been surveying more of them, but not as many as It would take to really say there are signs of improvement in the housing market at this time.
Most people only see the front yards of these places too. The backyards are horrible. Overgrown, usually dead animals floating in a dark green, neglected pool. Totally overgrown, feral cats setting up shop, standing water for mosquito breeding. Imagine 3 or 4 of those on your block. Banks dont want to lend it seems.
 Quoting: Anonymous Coward 14206252


That is really gross. Like I said, it just lowers the over all property value of the entire neighborhood and then that goes under. All because the bank wants to lag on selling.

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