The nation is sitting on over 19 million vacant, abandoned pieces of residential real estate.   And, that number is growing.  As these homes languish on the market, and prices are further slashed to the deteriment of all property owners, many people are asking, “Why aren’t these properties moving?”  We have one answer, but it isn’t very pretty.  The answer is Filth. 

The ridiculous truth of the matter is that Bank Owned (REO) property is often left in a disgusting condition.  And, we aren’t talking about worn carpet or peeling paint.  Some of the homes owned by the banks are in such a vile state that no one could ever envision themselves living in them, after taking one step inside.  

Buyers and real estate agents, alike, report that banks place homes on the market for sale with feces smeared on the walls, rotting food everywhere, animal waste covering the floors, and with odors so strong, that they actually stick to people and their clothing hours after the encounter.

As the taxpayers continue to bailout the financial sector, maybe we should demand to know why the banks are allowed to own homes that are in this type of condition?  In addition to the fact that no one will buy them at any price, and they continue to drag down the values in otherwise good neighborhoods, they present real health risks for the entire community.

Sellers, do you feel better about your “for sale” competition now?  

Thank for you visiting Why 6 Percent.  We are the MLS and Realtor.com connection for thousands of owners, builders and investors.  Call us at 1-800-381-9496 to reach millions of real home buyers each month!!