The number of completed short sales has dropped this year, and the agents who specialized in them are scrambling around trying to figure out how to be regular realtors. Hopefully the short-sale business will conclude when the debt-tax exemption expires again on...
These are the short-sale scams mentioned in yesterday's comments that deserve their own post as a resource for people to use to protect themselves. If you have seen other tricks, include them in the comments so we stay aware! The most common packages: 1. The listing...
Here is a glimpse behind the curtain of short-sales, and a very typical example of what is happening in the field. Comment on what you think occured here: http://piggington.com/short_sale_advice_needed
What makes me think the frenzy is slowing down? 1. List prices have gone from 'exuberant' to "hit-the-lotto" range, generally speaking. Have you seen it too? It's not enough to just get more than the last guy, some sellers list so high that they must be thinking of...
Most mortgage fraud takes place in the short sales and REO space, according to Rob Hagberg, associate director of fraud investigations at Freddie Mac. “This area is ripe with fraud,” he said during a webinar hosted by CoreLogic. While servicers and others in the...
A bill that would extend for one year state income tax relief provided to homeowners who receive mortgage relief from their lenders was temporarily put on hold in the Legislature on Monday. If enacted, it would align state law with federal law, which has been ...
Equity sales, that is sales of non-distressed properties, now constitute two-thirds of all home sales in California, compared to less than one-half only one year ago. A report from the California Association of Realtors® (C.A.R.) puts the share of equity sales in the...
Wouldn't it make sense for banks to be unloading REOs when all we see are bidding wars everywhere? Initially we thought that the drop-off in foreclosures was because banks were pushing people to short sale instead. With this being the last year of debt-tax exemptions,...
Yesterday I attended the Bank of America REO/Short-Sale seminar for agents on their preferred list. They haven't sent me a new REO listing in about a year, so I thought I better attend, just in case it improves my chances. They mentioned that they've cut 1,200 agents...
Andreea Stucker thought she made a good investment when she bought a Huntington Beach condo with her boyfriend in December 2005. But then she and her boyfriend split up. He moved out just as the housing market crashed, leaving Stucker broken-hearted, and broke. With...
