So now what with the foreclosure moratoriums?
I suppose everybody has heard about the short sale foreclosure auction moratoriums by now. Will more Lenders join in out of moral conscience? Or because a government entitly or the President 'points a finger'? Or not. another quandry and major disruption in the Recovery.
I'm glad foreclosures are halting or at least slowing down... for the sake of the people losing their homes. At least they will gain a little time (maybe 30 to 90 days extra) to re-group. And fight, if they are so inclined. But I'm also concerned that the nice supply of REO (Real Estate Owned, bank-owned or Corperate owned ) properties for sale- will dry up. What will the buyers do ???????????????
REO's are currently the biggest source of inventory, especially for forst time home buyers. But we have relocaters, baby boomers, investors are dipping in to the supply of REO's which has been ever increasing. These properties are actually easier to sell (I am speaking as a Realtor now.) But, they are also easier and faster to buy, than short sales. and there are some genuine bargains out there. (I'm speaking as a Realtor in Palm Beach, Florida.
So, what do you all think will happen in the weeks and months to come?
Marsha Montoya Mayer- Realtor
Paradise Properties of Florida, Inc.
Email: email@example.com Cell: 561-329-0428