Banks are quickly accepting bids and
writing contracts for foreclosed homes, but buyers are complaining that
settlements are taking too long.
Real estate pros say purchasing a
bank-owned property is different than dealing with a regular home
owner, considering that banks have to check claims on the property and
problems can arise at closing. Plus, in some states, banks also need
court approval of the foreclosure.
Although banks are swamped by the record
number of foreclosures, the bank-owned homes will have to be sold to
help stabilize residential prices and boost the housing market.
Source: Washington Post, Dina ElBoghdady (04/13/09)