I completely understand why they have stopped foreclosing on houses until the major banks are able to put procedures in place that are fair to home owners and to the states' economies. One thing I am not sure about is whether or not the banks will go ahead and continue the foreclosure process on houses that are sitting vacant. If the owners have already left the premises, then these houses need to go ahead and be sold so that the market can begin recovering from these low sale prices. Everybody knows that we cannot experience a sustainable housing recovery until … (0 comments)
short sales: There is nothing short about a short sale
- 11/12/09 08:19 AM
As an agent you hear of horror stories about short sales and how much of a pain they can be. I have closed several short sales but only recently have I understood what some of the agents were complaining about. Some banks will approve the list price of a short sale. When the bank approves the list price it is a much smoother transaction and the process does not take as long. If the bank does not approve your list price then it can be frustrating. Why would the bank approve a list price? They would order a BPO (broker price … (1 comments)
short sales: Is a Short Sale Your Only Option???...Do You Live in Charlotte, NC???
- 07/22/09 09:41 AM
Are you several payments late on your house? You, along with many others in Charlotte, may need to list your house as a short sale. The real estate market in Charlotte, NC is swamped with short sales and foreclosures and there are buyers out there looking at just these types of properties. Selling as short sale will hurt your credit...but not as much as if the bank decides to foreclose on your property. If you are selling your house short, you are selling it for less than what you owe on the mortgage. Banks will allow this because they do not want to have to force people out of their … (0 comments)
short sales: Short Sales in Charlotte NC
- 04/21/09 03:45 AM
You've searched your ideal neighborhoods, and you find a property which appears to be priced significantly lower that the rest. It might just be your lucky day if you are willing to work through the often long and tedious process of buying a short sale. A short sale is a real estate transaction where the seller's lender is accepting a discounted payoff to release an existing mortgage. It is typically done to prevent a foreclosure, but it is designed as the most economical way for the bank to recover the amount owed on the property, not to help the property owner. … (0 comments)
Will Stopping the Foreclosures cause a Slower Housing Recovery?
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