Why Do Banks Auction Off Properties With Unpaid Mortgages?

Why do banks auction off properties with unpaid mortgages, instead of selling them for full retail value with a real estate agent? When banks foreclose on a property, often they do try to sell the home for as much as possible using an agent. However, banks are in the business of lending money and collecting interest, not in dealing real estate.

Tagged as: article, auction-off-properties, banks-auction, banks-foreclose, dealing-real, Lending Money, off-properties, overages-exist, people-know, Retail Value, sell-the-home, term, the-business