Thursday, December 27, 2007

Big & Little Banks

Here in the Northern Virginia Real Estate Market we are seeing REO Listings from huge Banks among the largest financial corporations in the world all the way down to REO Listings from little regional and even local Banks. Bank foreclosures from major banks are handled a bit different from foreclosures available from smaller lenders. The big Banks have REO and Asset Managment Departments or they have outsourced their foreclosures to an Asset Management Company.

The big Banks have more money, have mortgaged more properties and therefore are holding mortgages from more high-risk bad-credit clients. The local Banks are still (often) using inside staff to handle disposition of their REO properties. The big Banks have more REO inventory and are either more motivated to sell or less concerned about taking a loss on property "A" when they can make up for the loss on property "B". Whether you are an investor or home buyer, checking out major Bank REO's is a great option if you are interested in distressed properties at or even well below market value.

JT

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