Posted by David on April 20, 2003 at 18:33:56:
The only reason they will discount it, is because they know they cannot sell it for full value. If a bank thinks they will get appraised value for a home, they will not discount it. Also, I talked to several people in charge of loss mitigation, and they said they only discounted houses that have been on their books 90 days or longer
REO’s - Posted by Mike D
Posted by Mike D on April 19, 2003 at 23:14:46:
Why would a bank sell an reo for a discount?
Because it makes them no money to hold!! (nt) - Posted by Rick in Erie
Posted by Rick in Erie on April 20, 2003 at 11:22:45:
nt
Re: Because it makes them no money to hold!! (nt) - Posted by Mike D
Posted by Mike D on April 20, 2003 at 14:43:08:
I understand that part, maybe I worded my question wrong. From my understanding the bank must hold back something like 7x the amount of the reo. Is this true? By the way thanks for the reply.