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Foreclosures & Short Sales

Here in No. Virginia we are seeing lots of foreclosures and short sales. A lot of the homes I have been seeing are in really bad shape. Some of the prices seem to be high for the condition. Buyers are taking longer to make decisions. Our unemployment is low, economy strong. What are you seeing in your area?

Posted by Cindy Royster on 11/11/2007 10:53 PM

Comments (4)

4 Comments on Foreclosures & Short Sales

NOV

2007

All over the place in Southern California ... there are several services that can help if you are not up for the process ... please look into these because the process is tricky

I just wrote a blog today about alternatives to foreclosure and one yesterday about short sales. In some of my areas short sales and foreclosures are almost non-existent. In other areas it seems every other house is bank owned or a seller in distress. If you're working with buyers, I'd say don't let the price stop you from making offers. Banks are getting more and more realistic and I've seen some pretty amazing concessions. Just remember a seller in a short sale really shouldn't be making any major repairs as if they could afford that , they should be able to afford the payments. And a bank, well , you know a bank won't do anything. Good luck.

NOV

2007

Hi Cindy, we are seeing much of the same in parts of Santa Barbara County. One thing I have been tracking is the number of loans that are adjusting every month and that number is beginning to slip a bit. I think that down the line that will mean less foreclosures and REO's on the market.

NOV

2007

Cindy, we are seeing some here in the Birmingham area but not nearly like other areas. We, like you, have great employment rates and good economic growth. We are actually on track to have our areas second best year ever.

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