Silver Lining in the Foreclosure Meltdown?`

Larry makes a good point to comtemplate here!  Anything that can speed up the short sale process is a good thing.  My parents recently sold their larger home to scale down and several of the homes they liked that they wanted to buy they couldn’t buy because of their closing deadline and because the homes they wanted to be were in the short sale process.   They were told by listing agents that it could take months to close, that there was no way to give them a timeline and they didn’t have months to wait.  

Via Greensboro, NC Real Estate Larry Story’s Blog of the Triad! (Total Care Realty):

Silver Lining in the Foreclosure Meltdown?

Now don’t get me wrong I do not want the banks to grind to a stop.  I really do not want the economic slow down to slow down even more.  This has the potential to put us behind on any kind of recovery for our markets.  MERS definitely needs to stay after school and be punished for the “robo signing” off on non vetted paperwork. 

Silver Lining In The Foreclosure Meltdown?` 

Now for the Silver Lining; The short sales on any homes that had sale dates set now just got a second wind.  Take for example I had a short sale listing for a home financed with Bank of America.  The homeowner had let the listing expire since the sale date had been set and even though we had another two months he decided to throw in the towel.  Well tonight I got a call from the very same homeowner that had actually been contacted by someone about his home.  He started thinking and called me.  Even though the listing use to be with my former brokerage he kept my cell number and called me.  I explained the fact that I had opened my own firm and that he had a choice of what to do.  Now first I asked him to find out about his file.  He called the bank to find out the status and sure enough everything was postponed and on hold.  There was not clear date as to when the freeze would be lifted and even then it would be months before they could set another sale date.

                                                              Silver lining - Silver Lining In The Foreclosure Meltdown?`

So needless to say I have another short sale listing.  I am emailing the paperwork out tonight to get signed and will have it back within a day.  

So while I would rather everything continue forward in order to clear out all of this inventory I will adjust to take advantage of any change in the market. 

 

 

 

The Author:

Larry is a Greensboro Residential Broker, Certified Relocation Specialist, luxury homes and farm/land specialist,  SFR, SRES & CHMS who can assist you with the purchase and/or sale of real estate in the Piedmont Triad Area that include but, not limited to Greensboro, High Point, and Winston Salem, North Carolina.  If you’re relocating to or from any other area of the country, Larry connects you with a member of our national team of relocation specialist in your destination or exit city of choice.  The destination service is of no cost to you!  As your Personal Concierge Realtor Larry provides customer service that is equal to none.  Your complete happiness is our top priority!  Larry Story — Total Care Realty, LLC — 336-327-1841 also at http://www.storybookhomes.ws or coming soon to http://totalcarerealty.org

 

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About Bill Cobb, Appraiser

The Baton Rouge Residential Appraisal Blog is an information source provided by local Home Appraiser, Bill Cobb, and Accurate Valuations Group. Bill has 24 years experience as a Baton Rouge Residential Home Appraiser and updates his local network of sites weekly with reports, videos and audio reviews of local housing market conditions! 225-293-1500