Silly Question: Will CitiBank expect to sell the Foreclosed home for more than they paid for it?

I know this question sounds ridiculos but I have no experience with the Foreclosure market.

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Permalink Reply by Kent Dills on April 12, 2010 at 2:44am

Joseph, my experience with banks in general - not just Citi - is they become very logical on the REO (post foreclosure) side and try to sell the foreclosed properties fairly quickly by selling them at a discount. I'm sure there are internal business reasons why they do this (for example, tax write offs, etc.)

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