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Mario Burnias' Blog

By Mario Burnias | Broker in San Jose, CA

Lenders are turning to Auction houses! Watch the Trend

The lenders are tightnening up on shortsale approvals and are swiftly to foreclose and sending properties to auction houses and trustee sales. This is trending now. The reason being is at these auctions and trustee sales are being sold for market. 3rd party investors are paying what they would pay as if they were buying in shortsale or foreclosure. This allows lender to avoid realtor commissions and relocation assistance and of course time. It will be interesting as this trend continues to deepen because you will literally so no inventory in the market.Good luck to MLS who are now altering their requirements in order to compete. The banks will always find the loopholes to save money!

Real Estate Broker
Mario Burnias

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