Upcoming Foreclosures

Is it just me, or does this not make sense....?

Alright, so part of the big problem here is that banks have not enough money and too many houses (because there have been a lot of foreclosures) So wouldn't it make sense to have these houses like on the market at cost to help get rid of them? It's stupid that you have to pay for a listing of bank owned properties in MD. And if you don't have to pay for it... can someone tell me where you can find the listings for free?

Public Comments

1. Banks market their REO's through realtors. All realtors have web sites or mls listing sites call one
2. But what does "at cost" constitute? If the bank lent someone $200K to buy a house and the person only paid $25K of the loan back and it cost the bank $20K to foreclose on the person then the bank is still out $195K. Market value may only be $150K at this point, so the bank will lose $45K by selling at market value. You can find bank owned properties on the fannie mae website (for free).
3. No, it's stupid that you WOULD pay for a listing of properties. Any realtor can provide you with local sale listings for nothing. Banks do dump their properties as quickly as they can, which means as cheaply as they can. They are required, though, to make every effort to get 'fair market value' for the property, so they cannot sell them for nothing, nor would they want to.
4. First off only 9% of mortgages are in foreclosure. Only 4 states have an abundance of vacant homes. A foreclosed home is put on the market usually at the amount still owed on the mortgage plus 10% You do not have to pay for a listing. Just check with the local realtor. That is how the mortgage lenders lists foreclosed homes