Thursday, July 12, 2012

New site helps banks unload foreclosures

The N.C. Bankers Association has started a website meant to help lenders across the state unload their inventory of foreclosures.

The site, REOdeedwagon.com, allows banks to post listings of the houses, land and commercial properties they own as a result of foreclosure or forfeiture. Launched this spring, the website gives banks a channel to promote those properties and consumers an easy way to search listings from multiple lenders, bankers association spokesman Brandon Wright said.

"It never pays for those properties to sit and be vacant," he said. "It's a win-win."

The association is expanding the effort to Georgia and Nevada with the help of bankers groups in those states and hopes to bring more states on board in coming months, Wright said.

Banks pay a nominal fee to post properties. The site is free for potential home buyers, offering detailed property descriptions, photos, prices and contact information for the broker or banker managing the sale. So far, 30 of North Carolina's roughly 130 banks have signed up, with about 240 listings on the site, Wright said.

4 comments:

aaaaaaaaaa said...

yeah right with someone that is a 1st time home buyer trying to buy a foreclosed home has been a nightmare.... ( no debt ) but it seems like they are more interested in getting more for it then its worth or they just jocky you on a string for months just to tell you no... you would think that common sense they would want them gone asap.

Castle Rock said...

This is indeed a very helpful tool for people who have been looking for foreclosure houses. They can easily access the site and eventually find the perfect house that they want. For those foreclose home buyers.

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