Aldo Svaldi of the Denver Post has written a detailed article (Dec 18th / Business Section):
detailing outside investors may be a better option, but few are found at auctions to purchase REOs. Mr. Svaldi’s article covers:
- Lenders are taking back bulk of properties, causing all kinds of expenses to carry properties,
- Properties sit empty for months,
- Empty properties drive down their home prices, and hurting prices in neighborhoods,
- Why not get properties into the hands of investors quickly, and off the Bank’s books?
- There is the Bank’s perspective too.
Mr. Svaldi does a great job of detailing all the pros and cons of Banks holding properties.