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Life On Ferenginar@livingonferenginar.bsky.social |
But where does the loss come from? It seems like selling a property, even a "distressed" one, is free money. Does the amount of time & effort expended by bank staff really cost that much? I'm genuinely curious, not being twitterish
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J Frederick
@jfrederick.bsky.social
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Very generally speaking, the missed interest payments (which cover day to day bank overhead/staff/compliance costs), and then the additional staff/legal expertise needed to take ownership of/auction the property based on local regs. It’s a mess, which is why they offload it if they can at a % loss.
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