Category Archives: Short Sales
“Suspicious” Short Sales Could Cost Lenders More than $375 Million
Although short sales are a great way for homeowners to avoid foreclosure and lenders avoid having to write off an entire loan if they cannot move the property in question in a timely fashion, they are costing banks more and more money each year, estimates data firm CoreLogic[1]. Last year, lenders, servicers and investors lost … Continue reading
Foreclosure, Bankruptcy Properties Still May be Shadowed by HOA Fees Owed
Most people believe that when they go through foreclosure or file for bankruptcy, their debts will be resolved or forgiven during the process. And, for many, this is true. However, the issue of homeowners association (HOA) fees continues to haunt many former property owners thanks to the massive delays in the foreclosure process that have … Continue reading
Close to Half of Short Sales Fail in California
According to California realtors, a little under half of all short sales fail to close thanks to slow response times on the part of lenders[1]. Despite state regulations governing how quickly banks are required to respond to short sale inquiries, some real estate agents report that it routinely takes one or two months to get … Continue reading
Banks Failed in Foreclosures for 2010, Make Up the “Slack” in 2011
Banks and lenders repossessed more than 1 million homes in 2010, but more than 3 million homes actually entered foreclosure last year. As a result, 2011’s foreclosure numbers stand to be far worse than 2010’s as banks attempt to “catch up” on properties that have been delinquent far longer than would usually be permitted[1]. Lenders … Continue reading
Short Sales Improve in South Florida
If anyone ever says that it is still a bad time to become a real estate agent, point him over to South Florida. That part of the country is proving that perhaps it’s time to start thinking of a career shift into the real estate market - particularly if the short sale transaction is your … Continue reading