Banks as tenants: Cleaning and maintaining foreclosed properties bad for banks, good for specialists

Banks as tenants: Cleaning and maintaining foreclosed properties bad for banks, good for specialists (access required)

By Paul Dagostino, Arizona Capitol Times correspondent

Published: August 23, 2011 at 6:21 am

The time, effort and money required to upkeep a home that normally would have been put in by the homeowner shifts to the bank when occupants desert their house. Lenders have to pay to clean up their sometimes-trashed properties to get them ready to sell. These properties, which will sell at a drastically lower price than when they were new, are putting a great strain on those institutions’ profitability, which affects their ability to make new loans.

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