Bank of America Offers Free House When A Checking Account Is Opened

By
Real Estate Agent with William Raveis Real Estate
http://actvra.in/9ZB

OK, I'm kidding here.  I'm not kidding about the free house, but I am kidding about getting a gift for opening a checking account with Bank of America.Free House

Free HouseBank of America is offering free homes to 150 select people in Chicago.  In her article on Bankrate.com, Marcie Geffner writes about Bank of America's plan to offer homes for free to get rid of some foreclosures.  Their plan is to unload of some of their extra properties and help solve urban blight problems in the city.

 

What would 150 free homes do to home values in Chicago?  I could make a strong argument that putting solid homeowners in vacant bank-owned homes would actually improve home values in these neighborhoods.  While $0 sales may hurt appraisals, having a glut of abandoned, damaged homes will only serve to harm a neighborhood's long term home values.  Few people want to live next to or even near a vacant home, and a home that sits unoccupied will only deteriorate over time.

Free Toaster With CheckingI remember getting a choice of a toaster or a crisp $20 bill for opening an account with one bank about 15 years ago.  I took the money!  Imagine if they offered a house.

 

Posted by

Scott Silverstone, Realtor®
The Jacobson Team
William Raveis Real Estate
203-815-9118 (Mobile)
www.ctproperty.com

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Re-Bloggged 3 times:

Re-Blogged By Re-Blogged At
  1. Pamela Seley, REALTOR® 05/17/2011 03:50 PM
  2. Chris Spade 05/18/2011 11:27 AM
  3. Joe Lane Richland 05/18/2011 01:20 PM
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Topic:
Home Buying
Location:
Illinois Cook County Chicago
Groups:
31 Days of May Challenge 2011
Active Rain Newbies
Investors
Realtors®
Tags:
home values
foreclosures
bank of america
boa

Comments 76 New Comment

Rainmaker
1,162,105
Gene Riemenschneider
Turning Houses into Homes
Home Point Real Estate

I wonder how political this will be.  I have heard of connected people getting sweet deals.  Some of these housing organizations are very political.

May 19, 2011 04:28 PM
Rainer
280,423
Daniel J. Hunter
REALTOR®

trying to buy good will in the city of corruption.  phooey

May 19, 2011 07:27 PM
Rainmaker
572,294
DeeDee Riley
Realtor - El Dorado Hills & the Surrounding Areas
Lyon Real Estate - El Dorado Hills CA

Wow Scott, that is hard to imagine.  I don't think it would hurt the appraisals as those would just not be used as comps, I'm sure.  The biggest thing I ever won was an areal shot of my house.  Now that I think about it, I haven't used it and it's probably expired!

May 19, 2011 09:58 PM
Rainmaker
130,762
Liane Thomas - Corona & Riverside Real Estate
Bringing you Home!
The Jet Team, Keller Williams Realty, Corona Real Estate

Wow. I can see the line out the door now for a free home.

May 26, 2011 10:38 AM
Rainmaker
92,881
Marsha Cash
RE/MAX Advantage

It's interesting that it is so hard to get  a short sale done with them but they want to give houses away??? 

May 26, 2011 04:28 PM
Rainer
84,659

Scott Silverstone

www.CTProperty.com, Connecticut Luxury & Waterfront Realty
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