I wrote last month about a bank that was walking away from $71K in loans on a house, thinking I had lucked into a great deal . Turns out that this is more widespread in Buffalo than I thought. Here's and article in todays' Buffalo News about the problems of banks starting to foreclose and then just abandoning the house.
From a banks perspective, it certainly can make sense to walk away from a liability of a vacant house that is being vandalized. The cost of one lawsuit can more than offset the mortgage owed to them. This looks like one more opportunity to make some money, but these is always risk in any business venture.
Maybe I paid too much for the property I bought? I haven't really had much interest from buyers yet (I'm trying to wholesale flip this property). I tried the FSBO route first and am now trying to use a "flat fee" listing service.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment