This story published by the Charlotte Observer on Sunday, January 1, 2012 has generated much discussion. Housing glut looms behind region’s ‘shadow inventory’ Slow-developing foreclosures create a vast market of shadow homes, dragging down prices. By Kerry Singe and Gavin Off Read the article here. Interactive Map: Showing Inventory By County For more information on how the [...]
While Realty Trac has recently reported a drop in foreclosure filings they also warned their readers to “take the progress with caution”. The low foreclosure numbers are not an accurate reflection of the massive reservoir of distressed properties that have accumulated over the past few years. They also reported that 31 states saw foreclosure starts increase. North Carolina (up 47%) is 1 of the 5 states posting the largest monthly increases. Eventually these properties will have to be released into the market. Hold on to your hat because the wild and crazy ride we call real estate is not over yet.
Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days.
The Fannie Mae Short Sale Assistance Desk is open for business and promising to speed up the time it takes to get an answer on a short sale offer. The help desk will address issues such as second liens, mortgage insurance and responsiveness of loan servicers, with the goal to review the case and respond [...]
What impact does a short sale have on FICO® Scores? How about a foreclosure?
I hope this message finds you well. There has been a very important change that you need to be aware of.
I attended the 2011 NC Real Estate Commission’s Educators Conference in Raleigh on March 7th and 8th. The NCREC explained to all attendees that there are 2 negotiation in a short sale. The 1st negotiation is between the buyer and seller in coming to an agreement on completing the blanks on the Offer to Purchase and Contract which is exactly what real estate agents are suppose to do. The 2nd negotiation is getting the lien holder(s) to agree to settle for less than what is owed and what will happen with the loss (deficiency judgments, 1099, and credit reporting) which generates stacks of legal documents that must be signed by the seller and therefore is considered to be the practice of law.
In some markets home prices are stabilizing and even declining rapidly in combination with adjustable mortgage rates increasing. Many homeowners and banks are considering a short sale as a solution to what seems to be unsolvable financial problems—Is a short sale a good solution?