I just finished our regional conference call this morning. John Farrell our regional owner spoke about the 2 sided effect of the bailout of the banks changing. We now hear that some of the money will not be for buying failing mortgages. This will, I am sure drive up the amount of foreclosures in all markets. They are up 25% from last month. Estimates say we could see 25% of the market being REO and short sales. When the buyouts were happening I thought it was going to hurt the REO/Short sale market. Not so now. I feel it is a good time to learn and educate our agents about short sales and REO sales. Interest rates have also dropped again, along with the stock market and oil prices. One of the bright sides is the deflation we are experiencing. Our money is going further than it did just a few months ago. What a time to buy a house!! More money for a home, low interest rates and home prices down!! First time buyers are getting a $7500 tax incentive.Can you say FREE MONEY! Get the word out to the buyers, Stop waiting and don't miss the boat. Educate the Market.
Area Homeowner Solutions - Latham, NY
Hey Donn:
I agree with you, which is why Ken and I (my business partner) decided to get educated on shortsales. We know several real estate agents who consider these types of deals to be nightmares. We decided instead of going the "traditional" investor route of doing shortsales by buying the property and then re-selling it after the shortsale, we would work with realtors instead.
Sincerely,
Babs Wagner
Jan 06, 2009 01:37 PM
Hudson-Mohawk Inspections, LLC - Clifton Park, NY
Dom,
I agree that forclosure and short sales are going to be amajor part of home sales for the forseable future
Jan 24, 2010 12:39 PM
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker
We invite you back to ActiveRain in 2017.
Much has changed since your last blog post.
Best to you!
Jun 05, 2017 03:47 PM
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