Riverside county Bank owned (sale, foreclosures, homes)

[iehomebuyer]

Has anyone noticed that banks are releasing fewer and fewer of their properties on the market--maybe one max 2 new listings a day in Riverside, Ca? Why is that? Any guesses?

[Katzy]

I live on a street of 14 homes. 4 are vacant. 1 has a sign and is on the MLS, 1 has a sign but was never on the MLS, another has the bank lock on the door, use to have a sign, but now the sign is gone. The final one was just vacated and the bank probably doesn't know it yet.

The two that are just sitting with no sale or anyting are irking me as if they were on the MLS I'm sure they would sell as they are great homes.

I don't know why banks sit on them like this. It looks horrible.

[dweej]

I heard someone explain is as a perceived value sort of thing. If they flood the market with hundreds of foreclosures in one day, then prices will drop on *all* of them really fast, so they're trying to manage the destruction. Also, I think some of them are overwhelmed and can't even keep track of what's going or coming. And finally, if a realtor knows or has a client who is interested in just such a home, they'll let them look at it before it goes on the market, so some things never actually get put on the MLS at all. I think all these factors combined make this already challenging market even more difficult, for buyers and sellers!

[iehomebuyer]

Makes sense! Thanks!

[dguz]

Yeah right the reason for them not even makeing it to mls, investers/realtor are snatching them up..there might be alot of homes on the market but anything good is flying the ugly beaten down homes are the ones sitting around.