“Why do banks hold onto foreclosures?” I get this question about once a week. I like to refer to the time in between when a bank acquires a home to when they release it to put it back on the market as “FORECLOSURE PURGATORY” because that time period can be a matter of months to a matter of years. So, why do banks hold onto foreclosures instead of immediately releasing them for sale on the market? They hold these homes to refrain from dumping a large inventory of foreclosures on the market. If they did unload a ton of foreclosures at once, our housing market would crash again. Home prices would plummet! Now that the Jacksonville, FL housing market seems to be stabilizing, we definitely don’t want that!
So, if you are anxiously awaiting for more foreclosed homes to be released, keep a sharp eye open because they will be scooped up quickly. Your best bet is to contact me or one of my trusty associates here at North Florida Home Team to get set up for FORECLOSURE ALERTS. Once they hit the market, you are notified, and we get you in there to see the property! That’s a ton more effective than driving around looking for those white papers in the window, huh?