IF ALL FORECLOSURES WERE HANDLED LIKE HUD PROPERTIES, THERE WOULD BE NO BACKLOG! I haven't closed a HUD property in years, and this one was the first to get accepted on the electronic system. I have to say I was surprised how well it worked. Easy input, essentially a one page contract, contacts were available and helpful, efficient, received prompt responses. And icing on the cake, it pays 5%. I'd love to have several more!!!
Crescent Realty, Inc. Spanaway, WA. - Spanaway, WA
CNE, CRS, GRI
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert
FHA turns down short sale offers then sells the houses as REO's 6 to 12 months later for less than the previous short sale offer.
There's a difference between effectiveness and efficiency.
I'm glad you're benefiting from HUD's after-the-fact efficiency.
Oct 22, 2010 05:06 PM
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA
Vista Real Estate Bayou Vista - Hitchcock, TX
Galveston County Waterfront
Dave - I was just commenting on the HUD's electronic sales process, once it is already foreclosed on. However, I have heard many, many complaints just like yours. And the reason is the banks DON'T WANT TO WORK OUT A SHORT SALE! THEY MAKE MORE MONEY IF THE PROPERTY IS FORECLOSED ON. The foreclosure mortgage co is actually reiumbursed from the FDIC for the ORIGINAL LOAN AMOUNT, not just the amount of actual loss. It is a major scam that needs to be stopped. Don't forget to VOTE!!!!
Oct 23, 2010 12:58 PM
Rainer
19,449
19,449
Vicki Baggs
Galveston County Waterfront
Comments(4)