Just had a comment left on one of my earlier blogs that the banks and REO are stalling on the forclosures. Can this be true. I know that the process can be long and tiring and I feel that there are houses sitting that could be occupied or off of the books and new owners could be fixing them up. But the paperwork and red tape to get these house sold is somewhat crazy. Now with the info that they are sitting on them so that they can show they have more on their books so that they can get bail out money is crazier yet. I do hope that this is not the case.
Solutions Real Estate - Chandler, AZ
Associate Broker, GRI
I would not be surprised if this was true. In the last 6 months or so what we have seen happen within Arizona never ceases to amaze me. Now our dilemma is our short sale, we think that they are stalling to get the house back and keep it on the books. Our loss mitagator is one difficult person to get a hold of!
All the Best,
Cheron Lange
Mar 26, 2009 08:17 AM
Natick, MA
Real Estate Law From A Practical Perspective
Just like the media was a thorn in our backside for casting a dark shadow over the reality of the real estate market, now the media is focusing on the back-up of foreclosure inventories and broadcasting stories of those who are holding off on foreclosing to try to work out a modification with homeowners who want to stay in their homes and those well-greased machines that are going full throttle ahead with foreclosures. The truth is, foreclosures are a reality now and for many months to come. The tip of the iceburg has arisen from the waters below. Wait until the option arms start defaulting...
Mar 26, 2009 08:19 AM
Realty One Group Cascadia - Vancouver, WA
Homes for Sale Vancouver Washington
Here in Vancouver Washington experienced has been just the opposite. Banks seem to be much quicker to decline short sale offers which pushes the home closer to forclosure.
Mar 26, 2009 08:37 AM
Fowler Realty Quad Cities - Davenport, IA
Broker, Owner Fowler Realty
Teresa,
I saw this on CNBC that banks are holding off on selling a portion of their inventory until the market gets better. I love to be a part of bailing the banks out when they can raise cash by selling some of those properties.
Take care,
Mike
Mar 30, 2009 06:58 AM
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