Hey BP Community! I'm over here scratching my head and I thought I would reach out to all of you to see if you can help me answer my question.
I have my eye on a property that is owned by a bank, but instead of listing it for sale, it has been tax delinquent for 4 years and they are not planning on listing it. If nothing happens, they will lose it at the tax sale. Does anybody know why the bank wouldn't want to list it and get it off of their books?
If the property has massive liens that exceed the value of the property they may be willing to just let it go, because if they try to sell it either they or the buyer would have to pay off the liens.
@Maggie Mendoza Are you sure it is owned by the bank? Just because the property has bank notices or neighbors say so, doesn't mean it is really owned by the bank. Banks often abandon mortgages that they don't think are worth foreclosing on.
If the bank does own the property see @Aaron K. 's answer. That would be the most typical reason, but there could be other reasons. A problem with the title is another possibility.