Banks want to do deals…

Banks want to do deals…

Here’s a quote from Wells Fargo’s Portland, Oregon community development officer, Judith Olsen. “The foreclosure and resale process is expensive — it’s expensive for the bank, but it’s also expensive for communities. We really don’t want the houses back, trust me. We’re not in the real estate business, we’re in the lending business.”

Interesting.

There has been so much talk about banks not wanting to do deals, but the fact is this:

Many banks do want to get those properties off their books. Banks don’t want to be landlords, or property managers.  They’ll be the first to tell you that. And in fact, for every property they take back there’s an inherent cost to that.  In addition to limiting their ability to lend. Sometimes we forget that because many of us are landlords and real estate investors and once you learn how to do it you just rinse and repeat…

- Jeff Kaller