Banks keep houses like this on their books at “book” value, because other wise it show up as a loss. It’s how these people can live for free.
Perhaps you have some knowledge and can answer my questions:
I live in a semi-rural area that has quite a few vacant houses. I assume that most of them went into foreclosure at some point. There is one on my street that was foreclosed upon. Many of these, including the one on my street, have sat vacant for a number of years. These are not high end properties. Modest houses on rather affordable land here.
Questions:
1) Why does the bank just leave the property to rot instead of trying to sell it?
2) Why does the bank not pay for electricity so that the sump pump will, at least, keep the basement from becoming a swamp and a mold factory for the rest of the house?
I am just baffled by this phenomenon. Thanks for your time.