TheSquealer

Because they are sitting on a huge inventory of foreclosed homes that in many areas of the nation continues to grow. My GF (a broker) mistakenly accepted a dozen foreclosed homes from BofA to list. I went with her to a few of them. In most cases they were totally trashed by the owners on their way out - taking appliances, light fixtures, knocking holes in the walls everywhere etc. This is why they have a program called "cash fr keys" where they authorize agents and brokers to give the owners of the foreclosed property 2-3k to turn over they keys and leave without trashing the place.

That said, they are cunts to deal with and something she almost instantly came to regret when she accepted to properties to list. They pay the mon commission allowed ny state law... But whatever if youre not doing anyhtjing other than listing it. They require the agent/broker to connect the utilities at their own expense which remains connected until the property sells. They require the agent/brokers to pay a lot of repair expenses upfront to be reimbursed later. The list goes on and on. She has to end up financing BofA, interest free, with her own money for the 6-12 months it takes to finally bitch and complain enough to get reimbursed and last time I asked her, she had a few grand tied up in each, can't get reimbursed. On some she cant get reimbursed because the asset manager at BofA for those properties either moved, quit or was fired and no one at BofA knows who to talk to. Many of the homes are in the 120k-150k or so range and I think they were paying only something like a 2.5% comission (I want to say 2%).

Anyway, when you see it all from the other side and see how a huge bank is trying manage 1000's and 1000's of foreclosed properties and how terrible they are at it combined with how much damage previous owners do to a property in addition to the fact the value may be falling daily anyway in many areas, it's pretty easy to understand why they would bend over backwards to avoid foreclosing on more properties