Banks Razing Foreclosures

[missmanors]

I've read several articles on banks new way of getting rid of homes that they have foreclosed on. Instead of re-selling the homes, they are bulldozing them down because they don't want to go to the expense of fixing the homes up for resale.

I just don't understand this way of doing business. I know for a fact that there are people out there who would be willing to fix up those homes if they were put on the market at a price that was affordable.

It's my opinion that the people who lost the homes in the first place would be willing to work with the bank to buy the home back from them at a lower monthly payment. I guess this is why I'm not a banker, lol - I'd be thinking of a real solution to the problem instead of just "grinding it into dust" as it were.

[flippinout]

Its a shame that they have chosen to do things this way. It seems to me that it would make better business sense, as you said, to sell them for less and at least make a profit of some kind on these homes.

With the economy the way it is, it isnt likely that someone will have the money to buy the lot and rebuild on it.

But, its all about whats good for the banks and I guess they think the hell with the general public. And thats a real shame.