Foreclosures & Short-sales
Foreclosures & short sales are popping up like crazy in our region. I was out showing homes to a client and 3 of the 5 we were viewing were short sales. It's a trying time for a lot of homeowners right now. Whether it's a mortgage that's resetting or too much equity taken out, it's a difficult scenario. Home ownership is the American dream yet banks are taking homes back in record numbers.
The Pendulum has swung the other way. Lending guidelines & appraisals are not just conservative but amazingly conservative. I recently had my own home appraised. I was shocked when it came in grossly under value! I could have disputed it easily with comps. If I were selling, I would list it substantially higher, (not just 20 or 30K) and the market could bare it! It just made me even more aware of the lenders crunching to make sure they're underwriting responsible loans. That's a good thing though, within reason of course!