I don't have a problem with it for 3 reasons.
1. In a non-judicial foreclosure state, why shouldn't the lien holder have to show the basic paperwork that proves they have the right to foreclose? It just seems like common sense...
2. I think the fear that it will create a massive back log of foreclosure homes, is just overblown.
3. I'm hoping it gives lenders another reason to be more cooperative with short sales, loan mods and deed in lieu.
AB284 is up for reconsideration right now (Feb 2013).
We are experiencing low inventory here in Las Vegas. The decrease is a direct result from AB284 that has caused banks to stop foreclosing. Since it was passed in Oct. of 2011, REO inventory has decreased dramatically. The bill is up for reconsideration (possibly adding some amendments to allow some types of foreclosures to resume) when the Legislature meets again in Feb. 2013. It will be interesting to see the new affects on the market once additional inventory is reintroduced. I for one think the market will soften slightly but not free fall like it was before. Right now, with inventory being as low as it is, buyers are in bidding wars often times competing with more than a dozen offers. With that being said people are paying above appraisal value and homes are appreciating again at a temporary rate that is way higher than it should be. A new wave of inventory would return the Vegas market back to healthy growth with perhaps 2 or 3 offers on each property, not a dozen.
Founder of The Adams Team at Rothwell Gornt Companies and LVrealestateHELP.com
The losers are the consumers who often get frustrated and drop out of the buyers seat due to frustration with the local real estate market/real estate agents who do not explain the pitfalls of AB 284.
If you are looking for a home, please call 702-217-1680 - I will be glad to explain what is happening in the current las vegas market and can offer some options that may surprise you.
Steve Harless - Haines and Krieger Realty
Realty One Group
I believe that our low inventory is more from extremely high buyer interest. We are going on our 16th month decline for inventory. Obviously our inventory decline is resulting from stupid low prices & interest rates. I don't think we will see extreme price increases like 2004 as buyers would rather retreat from the market since they are so price sensitive.
The lack of new REO's on the market combined with increasing demand is driving down inventory at a rapid rate. there is a buzz in the streets and everyone is buying again (if they have the cash or can get approved). The rental market is strong and investors are coming in from all over to buy positive cash flowing properties.
I would just like to add that the very low inventory and the very high demand right now should balance out when the REO mess gets sorted out and we have a new wave of REO inventory hit the market. A lot of people are saying that it will dip again when the REO invetory hits the market but I doubt it will (at least in my market Las Vegas). If it dips at all it will be slight and temporary as even before AB284 stopped NOD's, inventory was still decreasing monthly and demand was still growing monthly.
It is always best to have a back up plan with plenty of reserves and don't go too hard too fast. We are running a marathon here not a 50 yard dash. It is all about longivity.
Rothwell Gornt Companies
DAVID COOPER. BUYERS AGENT - INVESTOR - SALES ASSOCIATE - PROPERTY MANAGER
Since 1917 Realty 702-499-7037
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â€œBanks are nudging potential sellers by pre-approving deals, streamlining the closing process, forgoing their right to pursue unpaid debt and in some cases providing large cash incentives, said Bill Fricke, senior credit officer for Moodyâ€™s Investors Service in New York. Karen Farley hadnâ€™t made a mortgage payment in a year when she got what looked like a form letter from her lender. â€œYou could sell your home, owe nothing more on your mortgage and get $30,000,â€ JPMorgan Chase & Co. (JPM) said in the Aug. 17 letter obtained by Bloomberg News.â€ â€“ Bloomberg.com
David Cooper. Professional Investor with 35 Years Experience. Call Now +1-702-739-8820 for Free List of Bargain Homes in Good Areas or Go TO http://www.lasvegaswinner.org
There are many perspectives depending on what part of the field you play on. I wish more homeowners would stand up for their rights. I am finding some good Attorneys and Paralegals that are understanding the facts. The big issue to unravel is going to be the clouds on title. Forged paperwork,the banks who are merely a servicer foreclosing has created a disaster. This is a big issue that I could talk about all day. Most do not understand what and how the orchestrated Fraud by wall street and the major banks played out. It was a planned event then and now. Please never forget that. The banks admit they don't know who owns what.