Foreclosure is not a good word to a bank, they really do not want to take possession of the property. Banks are not real estate companies, and when they get a property back it means that they are now not getting interest from the money they put up, and now they also have new expenses that involve the maintaining and selling of the property. Of course they have to keep paying the property taxes so that there’s not a lien put on it by the local county or town, and if the property happens to not be in the same same state you can imagine the headaches that are involved with having to find a local agency to care for the foreclosed property. This means that the bank has to hire a local real estate agent and pay any fees and commissions that they will get on the sale of the house, and will also need to have someone internally in the bank monitoring the situation of the property to make sure it gets taken care of and sold as fast as possible and stays maintained. And by the way, this is where the real estate investor can really get a deal on a short sale from the bank, this means they will sell the property short of the actual mortgage that is owned just to get it off their books.
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