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Answers (3)
- Stacy Nelson, "StacyNelson"
- Contributions:21
I know this question was from a while ago but it's asked quite a lot about vacant homes and is worth answering. The banks currently own about 1500 houses in Temecula alone, with a comparable number in Murrieta. They have been repossessed but have not been put on the market yet.
There are theories as to why the banks are holding on to their homes. One is it's a ploy to get more money out of the homes - by dripping them on the market they have created an inventory shortage and bidding wars drive prices well above asking price.
The second theory is that the banks just don't have the staff or organizational procedures in place to handle listing the sheer amount of houses in their portfolio. I think this is probably the driving reason with a lucky end result of the first reason!
That said, many houses, like this one on Sattui are indeed owned by the bank but have yet to be sold or even listed in the first place. Hopefully this will start changing in the near future.
There are theories as to why the banks are holding on to their homes. One is it's a ploy to get more money out of the homes - by dripping them on the market they have created an inventory shortage and bidding wars drive prices well above asking price.
The second theory is that the banks just don't have the staff or organizational procedures in place to handle listing the sheer amount of houses in their portfolio. I think this is probably the driving reason with a lucky end result of the first reason!
That said, many houses, like this one on Sattui are indeed owned by the bank but have yet to be sold or even listed in the first place. Hopefully this will start changing in the near future.
- Lisa and Goran Forss, "TeamForss"
- Contributions:341
It is bank owned.
- arlenn
- Contributions:2
I live just up the road. This house never hit the market. It was probably a deal between the folks renting the house and the bank directly, or something like that....Probably a short sale deal. Most homes in Sattui are 1/2 off original because the a lot of the sales were at the height of the market to flippers and people who really shouldn't have bought in the area anyway. Homes are very well built by Shea and the people moving in are all families in upper income bracket....very nice place...
was this house on 33650 sattui st temecula, ca 92592 ever on foreclosure?
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