Short Sales in 23 States Are Starting To Look Far More Attractive Than Foreclosures
On top of this, the Attorney General in Florida is investigating 4 law firms for filing fraudulent foreclosure documents. And we have Title Companies refusing to issue policies on some of the foreclosures due to title risk. Richard Zaretsky wrote a great article about this yesterday.
To make matters even worse today I opened up my daily newsletter from the Florida Association of Realtors and found these two articles:
New legal tactic helps associations gain control of abandoned condos
- POMPANO BEACH, Fla. – Oct. 6, 2010 – After winning a lawsuit against Wells Fargo that claimed the bank purposely delayed foreclosure proceedings on a condominium unit for more than a year, a Pompano Beach condo association has been awarded title to the unit without owing a dime on the original $184,400 mortgage. READ THE ARTICLE
Judges revisiting foreclosure cases may help owners but clog market
- TAMPA, Fla. – Oct. 5, 2010 – On Florida’s west coast, where the housing bust has flooded courts with foreclosure filings, the chief judge of the 6th Judicial Circuit has little sympathy for lenders who have routinely submitted flawed and possibly fraudulent foreclosure cases. READ THE ARTICLE
Folks, we are in dire straights!!! As I expected lawsuits are starting to fly. People are getting pissed off at lenders who have been abusing the system for years and are starting to take action.
Foreclosures are no longer the property for buyers looking for a deal. They may get a deal but they will have no assurances that the property won't be taken away from them because the courts have rescinded the foreclosure. A foreclosure is a hostile take over and now these former homeowners have the legal ammunition to not only fight but to win the battle.
So what does all this mean for sellers looking to do a Short Sale? In my opinion Short Sales have just become easier to do. Lenders, not being able to foreclose, are going to be much more receptive to negotiating a Short Sale or settlement with the borrower. And since a Short Sale is a voluntary action on the part of both parties (lender and borrower) they will be a much safer bet for a new buyer. Chances are the Short Sale will not be rescinded and Title Companies will be able to issue a policy. A Short Sale has definitely become more attractive.
Of course this is just my opinion. What's yours?
Are you facing foreclosure in Florida?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
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Comment
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Comment by Deborah McGraw-McCormick on October 10, 2010 at 4:47pm
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As of today, 40 states attorney generals are requesting investigations in foreclosures. I watched Fox and CNN economic advisors. It looks very serious, so how will this affect short sales? since we have had some of the medias economic predictions lets get some of yours, the wisest ones!!! :) thank you.
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Comment by blb on October 8, 2010 at 5:39pm
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Yes short sales are more attractive for buyers and banks. Sellers will want to stop the short sale and live for free for two years while the courts get tied up. Prices will go up due to less inventory from foreclosures which will reduce the number of speculators. Banks wont get short sales done, because the whole bank staff is going to reviewing previous, current and future bankruptcies.
Its a big mess and anything could happen
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Comment by Teresa Lett on October 7, 2010 at 4:24am
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Bryant your words are a cool breeze on a hot summer night. I just can't see where your logic fails and we may finally see some justice for us rats in the short sales maze, huh. Take that BofA
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