Wholesaling REO's (foreclosure, housing, banks, prices)

[2bindenver]

Bank of America is making it easier for states and cities to buy foreclosures before investors purchase them.

The program is a result of the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program, which aims to encourage redevelopment of neighborhoods hit hardest by foreclosure and the resale of properties to home owners.

REALTOR® Magazine-Daily News-Bank Gives Cities, States First Shot at REOs

[chet everett]

Call me crazy but somehow I doubt that BofA's "no haggle" prices are going to be appealing to cities / towns with major revenue problems...

[Flat2MT]

Originally Posted by chet everett

Call me crazy but somehow I doubt that BofA's "no haggle" prices are going to be appealing to cities / towns with major revenue problems...

I bet BofA is thinking that the local govt will pay their 'no haggle' price because afterall, it's not their money so why should they care or try to negotiate the price?

Local govts will have no skin in the game until they buy these properties....until then all the risk is with the bank. The local govts don't care as long as the bank continues to pay the property taxes - that's all that matters.

Just another gimmick where these banks try to wash their hands of this mess and hang their poor decisions / festering problems on the backs of the taxpayer.