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Where are All The Foreclosed Homes For Sale?

Posted by OReilly and Associates in Dallas-Fort Worth-Arlington, TX on Oct 14, 2009

Where are all the Foreclosed Homes For Sale In Irving Texas?? Or Coppell, Dallas, Bedford?? How about all the REO's (Bank Owned Properties) we hear about. On the news we keep hearing about record breaking foreclosed homes for sale in Texas and throughout the States. Everyone losing their homes and the fortunate few who buy Texas homes for sale or estates for sale for pennies on the dollar?? Where oh where art thou?

This is becoming one of the great mysteries of life up there with why do banks charge a fee for insufficient funds when they know we have no money or why do we just push harder on the remote button when we know the batteries are out...if I just hold it in the right position!!

According to Rick Sharga, vice president at RealtyTrac, where are all the REO's is a fair question. Usually when a lender takes back a home the bank can process it through to the real estate companies listing agent in thirty days. So in a very short time span every marketable foreclosed home for sale lands up listed on MLS. Mr Sharga says that is not happening in this market. He states that it is likely that 450,000 and 500,000 properties taken over the past year are still not on the market!! So what is the problem??

The banks and the people who service the foreclosures say it is taking longer to do the process than in the past. Why is it taking so long??

* Every State has different laws pertaining to the foreclosure process. Some of these states are giving the owners more time before they evict them. They do not want the property back and are being creative to help out the owner stay in their home.

* Some Foreclosed homes for sale are in bad shape. Maintaining the home wants the owner chooses foreclosure is not on the top of their list. A lot of owners are bitter and angry and the house bears the brunt of the anger.

* Some of the houses for sale have Title issues that must be cleared before being sold.

* The volume is ten times the numbers of foreclosures than the last normal year of 2005.

* The Conspiracy Theorist think the banks could be holding the foreclosed homes for sale off the market so that the banks can defer the loss. Think about it. The banks don't have to post the correct asset price until the asset is resold.They could be holding out hoping the FED will step in and buy the estates for sale for 50 to 60 cents on the dollar as opposed to 30 to 35 cents that the market would pay. In order to prevent a flood of foreclosures that could hurt the housing market again, that may be what they have to do.

If nothing else this is not a dull time to be in the real estate business. Never a dull moment!!

To find information on Bank Owned Property in Irving Tx or to get a list of Foreclosed Homes For Sale in Irving Texas..click patohomes. This is a great time to buy your Irving, Coppell Home for sale. Mortgage rates are low, there are plenty of homes for sale in Irving and Coppell to choose from and if you are a first time home buyer, there is still time to get the $8000 tax credit before the programs expires on December 1st, 2009.