Here's a thought.. why don't banks think OUTSIDE the box for ONCE (money, state)

[TristansMommy]

I just read an article about how there are still repossessed homes that have yet to hit the market.. and that it takes up to 6 months for banks to get it to market after repossesing them

6 months.. and they wonder why they are bleeing money!!

Here's a thought..

Why isn't anyone thinking OUTSIDE the usual box. These high paid CEO's should be brainstorming.. heck. I came up with a basic idea with a snap of my fingers.. and here it is.

I know banks don't want to be in the business of real estate.. I get that.. BUT.. times are NOT usual and you have to kind of mend and bend with the times...

More inventory would make it WORSE , not better for the banks and for all involved..

So.. rather than go through the usual.. why don't the banks TAKE that inventory.. hire an outside Real Estate Management Firm on local levels and RENT out the properties!! RENT them ..

A great idea because

a) the property won't sit idle for months and deteriorate.
b) house is occupied and rather than COSTING money, will atleast have a stream of money coming in.
c) the potential renter could one day be an owner.. rent to own situation or similar.

NOw.. not all foreclosed properties are actually liveable.. some people do damage.. so those that are damaged could either be excluded from the "rent" possiblity.. offered for a lower rent as an incentive to someoen that would come in and fix it up a bit OR a rent to own person...

And..if you know how rent to own works.. you know that the owner isn't leaving themselves in a bad position.. if the house doesn't get purchased the owner still makes out...

WHY WHY WHY.. with their big checks can't these "brains" come up with something innovative.. some out of the thinking type of thing..

Hey.. it would even create or keep some jobs going!!!

ANd.. it doesn't have to be FOREVER.. as the market levels and improves then the homes can be put on the market..

[delusianne]

Ka-ching!

I dont know why banks dont do that either - they didnt before this mess came along. Maybe ask in the RE forums.

There must be a reason, but if there isnt or it can be got around -I'll help you do it!

[Huckleberry3911948]

bek that would be a lot of work. what makes better sense is get the money from DC, free bailout, wait it out, sit on the houses and then sell them when the market goes up at a profit. that is why CEO's make the big bucks.