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Hi, rnrnI have looked at a REO property that has a huge amount of water in the basement. The bank had owned it six months when I made an unsuccessful bid on the property. Now I am preparing to bid again. It will be three months later, but the interior now has mold growing inside and if they wait another month or two, then the mold remediation costs will render the property worthless. My real estate agent is dealing through their realtor representative. I have seen several properties whose value has dropped below $0. Some started out at $130,000 and now are worthless due to the bank holding out too long.rnrnWhat makes banks wait too long to sell REO property? Is there any way that I can help them see that they are going to loose even more money if they wait much longer?rnrnThank you,rnrnWaynern
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