It happens about once a week that we see an out-of-town realtor input a new listing in their hometown MLS, thinking that it somehow magically transports in our San Diego MLS here. But it is probably due to their assumption that just because the rest of SoCal is on...
We already know that virtually all sellers of short sales are behind in their payments, and have lost interest in keeping their house. Expect the same for home maintenance - most short sales end up needing work. Here's an example:
Hat tip to KK for sending this along, from the Huffington Post - a story that follows people through the loan-mod maze, and highlights how the servicers are making the walk-away problem worse: While walking away is a frightening and dangerous step into the unknown,...
Ronald McMansions asked about the state of short sales. When HAFA was rolled out as the government's answer to short sales, the servicers said they'd be pre-approving candidates, but I still haven't seen, nor heard, of any around here. So it's been more of the same...
From HW: Notices of default, the first step in the California foreclosure process, dropped 17.5% in the fourth from the year before, but the decline may not have come from borrowers improving their financial situation, real estate data provider DataQuick said. Lenders...
From the Boston Globe: Even when faltering homeowners and their banks would both benefit by modifying mortgage terms or arranging a so-called “graceful exit’’ from an unsustainable loan, such negotiations haven’t become standard practice — and the arduous foreclosure...
Observer left this comment this morning: I CAN TELL BY THE NATURAL EVOLUTION OF THIS BLOG FROM REAL ESTATE CHAOS AND DROPPING PRICES TO FLOORING SAMPLES THAT STRONGLY SUGGEST THAT THIS REAL ESTATE MESS IS WINDING DOWN. THE BLOG USED TO FOCUS ON REAL PROBLEMS AND THE...
Within a 24-hour period..... 1. The short sale investor allegedly involved as the middleman in two sales (that I thought looked like fraud) revealed his transactional practice here, 2. I heard of an REO listing agent who owns a separate company which is purchasing the...
A double, double escrow on the same street by the same broker! The big benefit to him is to make the both sides of the commission paid by the bank on the short sale. He probably made $70,000-$80,000 total - more than the investor made flipping the re-sales. This...
From our friend Nick at the WSJ: In April, the Obama administration formally rolled out a new program, called Home Affordable Foreclosure Alternatives, that was designed to spur more short sales, where banks allow homeowners to sell their homes for less than the...
