Silver Lining in the Foreclosure Meltdown?
Now don't get me wrong I do not want the banks to grind to a stop. I really do not want the economic slow down to slow down even more. This has the potential to put us behind on any kind of recovery for our markets. MERS definitely needs to stay after school and be punished for the "robo signing" off on non vetted paperwork.
Now for the Silver Lining; The short sales on any homes that had sale dates set now just got a second wind. Take for example I had a short sale listing for a home financed with Bank of America. The homeowner had let the listing expire since the sale date had been set and even though we had another two months he decided to throw in the towel. Well tonight I got a call from the very same homeowner that had actually been contacted by someone about his home. He started thinking and called me. Even though the listing use to be with my former brokerage he kept my cell number and called me. I explained the fact that I had opened my own firm and that he had a choice of what to do. Now first I asked him to find out about his file. He called the bank to find out the status and sure enough everything was postponed and on hold. There was not clear date as to when the freeze would be lifted and even then it would be months before they could set another sale date.
So needless to say I have another short sale listing. I am emailing the paperwork out tonight to get signed and will have it back within a day.
So while I would rather everything continue forward in order to clear out all of this inventory I will adjust to take advantage of any change in the market.
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