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Ready set Go No No No Wait No Go -?

By
Real Estate Agent with Renaissance Realty Group of Keller Williams Atlanta Partners

Has the ready set Go no Wait Game of self imposed foreclosure moratorium cost the lenders more than can be recovered in the sale  With the increase in aging, non listed, non sold, shadow inventory on the raise and total debt now exceeds the original loan how will banks clear the inventory offer the books ?  Will banks offer greater incentives to buyers in the form or repair allowance and upgrades or simply reduce the market price hoping for a quick sale to stop the bleeding?

It is surprising is just how old some of the foreclosures  are.

In Contra Costa alone there are 123 homes now scheduled for trustee sale, with loans originated by Countrywide, where the foreclosure process began in 2008.  That is 3 years of missed payments, interest and fees. In just this one county that totals $71.5 Million in original loans with balances now nearly $19 Million higher. Although all of these 123 properties have active sale dates many are still being postponed. In fact the largest loan, where the total debt now exceeds the original loan amount by more than 1 Million dollars, has been postponing since January, and was just postponed again until June.

 

 Shadow Foreclosure Inventory 

 

If you're buying or selling a home in Gwinnett County we need to be talking .

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If you or someone you know is thinking of buying or selling a home have them give me a call .. we will get it done ...right 

Eric Reid 

Associate Broker

Keller Williams Atlatna Partners
Team Leader 
Renaissance Realty Group

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