The Utah Department of Financial Institutions recently announced that it took possession of Layton-based America West Bank. This is the second bank in Utah to fail this year.
Michael Jones, chief examiner with the state Financial Institutions department gave the following reason for the bank’s failure. “Their loan values were dropping, and the bank needed to raise its reserves to offset the fact that the value of its real estate loan portfolio was dropping because people aren’t repaying their mortgage loans and foreclosures were rising.”
This is the same dilemma for countless small banks around the country! THIS is why I am teaching about going to banks to get them to Seller Finance their properties to us, the educated buyers.
When we buy an REO property from a bank, it does an immense amount of good for the bank, especially in our current economy. AND, we are getting these properties at great discounts.
Earlier today, I had the pleasure of teaching a 2-hour Webinar where all I did was take Q&A about getting Seller Financing from Banks. I was very impressed with the thought that went into the questions my students prepared. The questions were top-notch.
If you missed the Webinar, you can find more about it on my Facebook group, called “Seller Financing Mastery with Mike Watson”.
