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The Real Deal Miami

Mums the word for PBC banks trying to unload foreclosed homes

March 05, 2012 03:00PM

Banks who own foreclosed homes in Palm Beach County are asking agents marketing the properties to keep that fact under wraps.

While much of the country requires bank-owned properties to be listed as such, according to the Palm Beach Post, the regional listing service that serves Palm Beach County does not require that foreclosure. As a result, banks such as Wells Fargo tell real estate agents to list the owner as “Owner of Record” rather than categorize it as a bank-owned property.

Real estate agents say that bank-owned properties have a negative connotation, and come with the perception that the property is in poor condition or is damaged. Banks try to hide the status of the house just to get potential buyers through the front door.

“Obviously, at first blush it looks like we’re trying to hide behind something and a game is being played,” said Tyler Smith, vice president of REO Community Development for Wells Fargo’s Premiere Asset Services. “But [by selling foreclosed homes] we have the interest of the community (in mind), to preserve the property and stabilize the neighborhood.” [Palm Beach Post]