With there being so many foreclosures and short sales coming into the market, wouldn't it be more financially sound to offer the current owners to refinance their homes at a more reasonable interest rate of around 8% then to lose the current owners and go through the cost of repo, selling and so forth?  Yes, many notes have been resold and the current owner of the note invested x amount with the hope of making a profit at 12-14% interest, but in my limited mind I think that 8% of something is better than nothing at all, or selling it for less than the original sales price and getting only 6.25% interest on that if they get the loan again.  Perhaps it is much more complicated than this. 

Fortunately here in Texas there is less repos than in many other states.  However there are a few.  About 4 months ago I helped my buyers purchase a home that originally sold for $132,000 the previous year and paid only $107,000 and the appraisal came back in the $120,000 range.

 

5 Comments on Bank Repossessions

SEP
05
2008

Welcome to the Active Rain Community!  This is a great site to network, learn, and share ideas with others.  Have a great day!
10:05am • #1

Welcome to Active Rain!! This is a great site to network and share ideas!! Have fun with it!!
10:51am • #2
262,420 Points

Hi and welcome to Active Rain, a great site to network, share, learn and have fun.

Good Luck...
8:54pm • #3
SEP
06
2008
132,741 Points 1 Featured Post Outside Blog

I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here. I am from Charlottesville Virginia and using Active Rain has really increased my business!

My main blog on Active Rain is here: Charlottesville Real Estate Blog, not the link at the bottom of this post. 

I hope you will look into the many groups as there are some great group both local and broad based,.... 

enjoy!
8:27am • #4
SEP
07
2008

Welcome to Active Rain, Enjoy blogging with the rest of us. you will love it. it's addictive!!
6:24am • #5


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Deb Anker

Bulverde, TX

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Home Team of America

Address: 16719 Huebner Rd., Bldg 4, San Antonio, Tx, 78248

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