SB Buyer, Home Buyer in Lahaina, HI

Are foreclosures actually worth pursuing to get discounted homes?

Asked by SB Buyer, Lahaina, HI Tue Nov 17, 2009

I hope to buy in Santa Barbara, some time next year. I don't think prices will have bottomed, but there is only so long I can keep my wife sitting on the fence. We will be after value for money, and the lowest price for a nice home. Foreclosures seem shrouded in confusion and frustration, and I was wondering if it worth pursuing as, by all accounts there are still many in the pipeline. I have seem references to finding out about foreclosed homes before they are listed, from brokers that have an arrangement with bank.

What is so odd is that there is so much cash floating around trying to find somewhere to park itself, and so many foreclosed homes trying to find new owners, but never the twain shall meet.

Help the community by answering this question:


For some people, yes.
A problem with foreclosures is that you don't get to go inside of them before you buy, and you buy them As Is, Where Is. So you can't determine ahead of time if the floor plan works for you, if the systems are operable, a lot of things that would be useful to know about beforehand.
While you wind up not enjoying your life in that home, you can look upon the amount you saved as compensation for that discomfort. Whether it's satisfactory is, of course, up to you.
1 vote Thank Flag Link Tue Nov 17, 2009
In Los Angeles County the bank owned and short sale inventory is very high. If you are planning to pursue a purchase of this kind you need to work with an agent who has experience in this area. We are seeing the same market that we saw a few years ago in the higher end price points in this market of 700 or 800K and below. So a typical scenario in making an offer on one of these properties would be a mega multiple offer situation driving the price up at least 20-30K and in some cases more over the asking price, competing with all cash investors. So for example if you are qualified for an FHA loan chances are you will not even be in the game. And if your mindset is not wrapped around the concept of writing an offer well over the asking price initially then don't play in this sandbox. Good deals are to be had in this segment of the market but are not for the faint of heart.
1 vote Thank Flag Link Tue Dec 22, 2009
Arrogance? "Please refrain from posting further." Excuse me, but you do not own the forum.

There was nothing in any of my comments for you to "report." I responded to your generalized maligning of my honest and hardworking profession, to wit ". . . it looks like banks, Realtors, and speculators are the only ones gaining anything here." The only thing Realtors are gaining is compensation for their work. Banks are losing money, and "speculators" - I guess you mean real estate investors but I'm not sure - are risking their capital on their market knowledge and/or rehab savvy.

I further responded to your assertion that ". . . a foreclosure sale should be a heavily discounted home" with a question regarding why and how a bank is going to sell it for less than market price. Ain't gonna happen, and shouldn't.
1 vote Thank Flag Link Tue Nov 24, 2009
Dammit, I resent your continuing to lump me in as a bad guy. I'm just trying to do my job as a Realtor, which is help people who WANT to sell or buy a home do just that, and I represent my client's interests only. When I have done my job and go to close I get a commission. All my expenses - whether I sell or not - are upfront. Including, I may add, my Trulia account, for which I am helping you (though I'm not sure you appreciate it) for FREE.

WHY should a bank, or anyone else, sell something at a hefty discount off its market price - because YOU want a smokin' hot deal? If you can buy a home - not just a foreclosure - for 20-40% less than you would have had to pay 2-3 years ago, is that a good deal? Apparently not, for you.

Now, a foreclosure - which is these days usually a maltreated, sometimes vandalized property, and certainly has not been maintained - should not sell for the same price as its pristine, remodeled, well-kept and attractive but otherwise identical neighbor down the street. But there's no ADDITIONAL discount just "because." If that was the case, there would be people lined up screaming, "Where's MINE!" How are the banks, in this unlikely scenario, supposed to decide who gets the "special discount houses?" Huh?

Please don't speak of price-fixing as some sort of crime because that seems to be exactly what you want.
1 vote Thank Flag Link Tue Nov 24, 2009
No, it's probably not. The answer is more complex, but part of it is a little known accounting rule called "mark-to-market" which was officially modified in April. From Wikipedia:

"On March 16, 2009, FASB proposed allowing companies to use more leeway in valuing their assets under "mark-to-market" accounting, a move that could ease balance-sheet pressures many companies say they are feeling during the economic crisis. On April 2, 2009, after a 15-day public comment period, FASB eased the mark-to-market rules. Financial institutions are still required by the rules to mark transactions to market prices but more so in a steady market and less so when the market is inactive. To proponents of the rules, this removes the unnecessary "positive feedback loop" that can result in a deeply weakened economy.[19]
"On April 9, 2009, FASB issued the official update to FAS 157[20] that eases the mark-to-market rules when the market is unsteady or inactive. Early adopters were allowed to apply the ruling as of March 15, 2009, and the rest as of June 15, 2009.
"Companies can use the new guidance when issuing their first-quarter financial statements.[21] Such changes could significantly boost banks' statements of earnings and losses[22]. The FASB changes, however, are for acceptable accounting standards applicable to a broad range of derivatives, not just banks holding mortgage-backed securities."

So the banks don't HAVE to rush out and sell their REOs because they can count them as assets at a higher value than they might have before the rule was modified. The loans underneath them are no longer performing, but now they have an asset at a closer replacement value. They also don't have the staff to just throw them on the market. Some of them MIGHT also be bright enough to not flood the market which would lower the value of the assets, but not many.
1 vote Thank Flag Link Tue Nov 24, 2009
So, in answer to my original question, on balance the answer is "Probably Not". The only piece of the puzzle missing form this debate then is banks reluctance to swamp the market with foreclosures. Then the answer is "Probably Yes". This is smacks of price fixing. Any legal beagles here?
1 vote Thank Flag Link Tue Nov 24, 2009
This is what I tell buyers: It doesn't matter what you buy, you will pay the MARKET PRICE for that property. There is no discount; there is no "over market" price. There are bidding wars, but in the end the property is sold for its MARKET PRICE - the price a willing buyer pays to a willing seller.

The market price for each and every home is different. A beat-up foreclosure might appear to be a great deal, if you want to put in the sweat equity or bucks to fix it up. Even if you pay full price for everything you do to it, you may have a home worth more when you are done, principally because it's market price at purchase was partially determined by the potential buyers who see it. Most buyers can't visualize potential, so they don't bid or really lowball it. That only leaves buyers who understand basic value (sometimes we call it "good bones") and are willing to pay for it. Still, the fewer potential buyers, the lower the market price for the home.

That is why foreclosures can be a bargain. But you are right - they are not for everyone.
1 vote Thank Flag Link Tue Nov 24, 2009

Use Due Diligence and consider options...It all depends on your goals (What is the purpose of buying for you?)
1 vote Thank Flag Link Tue Nov 24, 2009
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Why does a property go into the name of Trustee Clark County Treasurer?

Per NRS 361.585 & 361.590, property which is delinquent three consecutive fiscal years is deeded into the name of Clark County Treasurer as trustee for the state and county. Once property is placed in the name of the County Treasurer as Trustee, the property is subject to be auctioned for non-payment of taxes.…

Delinquent Real Property Tax Auction
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1 vote Thank Flag Link Tue Nov 24, 2009
Yes, foreclosed homes are worth pursuing! In Santa Rosa, Ca, we have lots of foreclosed homes on the market and they do offer terrific buying opportunities for individuals wanting to get into the market for a home they could not afford a few years back. The competition is stiff because often there are cash investors to bid against and in this market, from the selling bank's point of view, cash is king. These homes are usually always vacant and available to be shown both the interior and exterior. Buyers in with an accepted offer will have at least 7 days for property investigations and 30 days to close escrow.
1 vote Thank Flag Link Tue Nov 24, 2009
So the general consensus is that it is better to buy from the banks, once they have failed to sell at auction. The banks then give then to realtors who pitch them 10% below market, which attracts bidding wars pushing the price back to market or over. Am I missing something here? Foreclosures don't seem like a deal for the average buyer, especially when you factor in choice and hassle.
1 vote Thank Flag Link Tue Nov 24, 2009
Kim, this is a good answer, and I especially like the reference to ethics, which it particularly fitting given all the fraud, corruption, and shenanigans that's been going on. Some of us thought we were doing everything right ie selling at the peak, moving into cash, and waiting for the reward, a handsome correction. The reward has been lost pensions, zero interest on savings, bidding wars, bailouts, cronyism on Wall Street, all at the expense of the tax payer. Is it any wonder that honest people who play by the rule book are starting to question the value in being ethical?
1 vote Thank Flag Link Tue Nov 24, 2009
True, a courthouse steps foreclosure is different - so different, in fact, that unless the buyer is an experienced real estate purchaser (investor) with cash in hand, they shouldn't even be there. It doesn't really become bank-owned until the courthouse steps process is over and the Bank takes over the property because no one bid high enough to cover their minimum.
1 vote Thank Flag Link Tue Nov 24, 2009
If it is in the hands of the trustee at the steps - it is bank owned. If it is in the hands of a broker selling a "REO" it is also bank owned. The only difference in Clark County Nevada is that generally it is cheaper to by direct from the Trustee but more risky - Meaning you get a clear title from a broker - if you buy from Trustee you have to get your own Title Insurance and pay off 6 months of back HOA's and property taxes.
1 vote Thank Flag Link Tue Nov 24, 2009
Someone better define Foreclosure so you can all talk about the same thing........

A Bank/Gov-owned property for sale or County Courthouse

Just sayin I do not think everyone's on the same page here.....
1 vote Thank Flag Link Tue Nov 24, 2009
In Arizona, most foreclosures are on a lock box so realtors can show clients, trustee sales, on the other hand, generally can only be given an exterior inspection and are purchased "as is."

Where new construction has been heavy, the floor plans, for some of the newer houses, are available from the builder.
1 vote Thank Flag Link Tue Nov 24, 2009
After reading the answers of my fellow Realtors I have come to the conclusion that everyone has a different opinion. Probably because things are done differently in different parts of the country. Can't say that anyone is wrong.

Here is my two cents. In Fort Worth, TX it is hard to actually purchase a forclosure. Most of them are apparently receiving multiple offers and the Lenders are making the most of the situation. Immediately after submitting an offer we receive notice of multiple offers with a request to submit your best an final offer. Funny thing is that even if you get the best and final offer you frequently get another notice with in a week or so saying the samething. The Lenders take their time in actually accepting your offer on the chance that they may get another better offer.

Your Realtor should have provided a market analysis so that you know what the house should sell for and so that you do not get carried away and over bid.

If you are lucky and get the bid and have performed your due dilligance on value then it is worth your effort and you will probably save a significant amout of money.

I have not heard of any Lender or Agent restricting access to the house until after you buy it but in different parts of the country that could be the practice. In that case I would not touch one of them.

Good Luck
1 vote Thank Flag Link Tue Nov 24, 2009
the deals and discounts are out there in every market. The trick is finding them as it's always that case. Generally speaking deals are somewhat harder ti find right now with all the government manipulation and intervention. If your definition of a deal is 25% or greater off market price you'd be well deserved to wait until the next wave of foreclosures hit next year. Unless the government intervenes more that is.
Yes you are also correct in your observation about alot of insider deals going down which does not help the consumer but that is your TARP and tax dollars hard at work. The headlines are correct with the great wealth transfer going on right now but it is not with who you might think.
I wish you all the best in your search for a great deal.
1 vote Thank Flag Link Tue Nov 24, 2009
Thank you everyone for replying.

Dunes, good advise ...explore all angles.

Joy, if I may, the last thing many buyers want to hear is "...prices are firming up, buy now." This actually deters, rather than spurs many fence-sitter like me. I'm not going to go into a lengthy diatribe of the why's and wherefore's, and would prefer to leave it at that.

Kimo, I am in the fortunate position of being an all cash buyer so price, not rates is king (above applies).

Gretchen, short sales sound good. What is the lag time averaging at now. Do all normal sales processes apply? To what extent can you haggle with banks on price?

First prize has to go to Mac for pointing out the major flaw. It is completely incomprehensible that anyone would spend a huge sum of money without at the very least an inspection of the goods.
1 vote Thank Flag Link Wed Nov 18, 2009
Oh good, I did find the Question and Advertising Forum.. ; )

No spam please! When in doubt, please refer to our Community Guidelines.

Sb Buyer

I think the answer is fairly simple...Yes and No

A Buyer is looking to find the best deal so looking at all the possibilities is always the best approach. That means if you are just looking at Foreclosures then you are not looking at all the possibilities just as not looking at Foreclosures is limiting your choices.......Look at all the Properties available that fit your criteria so you can avoid the day you find yourself saying "I should have....".

1 vote Thank Flag Link Wed Nov 18, 2009
Hi SB buyer,
If you have all cash you can possibly buy a foreclosed home from the trustee sale. You just have to do your homework and see what liens the property has besides the property taxes and second mortgage.

There aren't that many bank owned homes out there. Investors are snatching them up with all cash offers.
Or, potencial buyers are driving up the listing price from 5k to 30k plus over the listing price.

Wish you the best of luck in your home purchase next year.

Best Regards,

Jes Sierra, B.Sc.
Century 21 Beachside Realtors®
Chino Hills, CA
1 vote Thank Flag Link Tue Nov 17, 2009
Every answer first requires a carefully postulated question. Most homebuyers are looking for a good fit: without it, there is no great deal. Period. Investor/flipper/opportunists are a different equation.

A good value on the right fit does not require a foreclosure or other distress sale. Distressed properties usually carry baggage, some you can quantify, some that may remain invisible.

Enjoying life in a home you chose is an attainable goal. Chasing the pot of gold at the end of the rainbow is a different story. Pick your path (and guide) carefully. Good luck!
0 votes Thank Flag Link Tue Jul 27, 2010
Sorry to get back to you so late after your question submittal. I just signed up on Trulia yesterday.
Foreclosures are typically 10% under market and can be a great deal. In the last 4 months there have been quite a few less because the market has picked up. Unlike short sales, the bank owned property response time to an offer is much faster.
If you wish to explore the SB market on your own I have a web site with the MLS search engine on it, Check out the "Bank Owned" button. I also SPLIT my commission with my clients and in this town that can be 1000's of dollars. Call me if you need any help.

Don Zurlinden
0 votes Thank Flag Link Sun Mar 28, 2010
Understood. Paper is not for the novice. It is an intrical business that requires strategy. There are multiple variables when buying paper. I would suggest doing your research on the topic. It is not anything that can be explained in a brief paragraph.
To work paper plays is a masters degree where as working real estate investments is to an associates at a community college. In order to broker paper a series 7 securities licence is most often required in most states as well as a series 63, 65 & 66 licensure. Here it is a Series 7 & Series 66. Anyone can buy but not broker.
So, If it takes a real estate broker 64 hours of classroom time in a community college - go fiqure on the licensure required to broker paper.
This is the brokering aspect. However the complexities of the transactions are also equal by comparison.
0 votes Thank Flag Link Tue Dec 29, 2009
Corey, SB is one of the few places on the coast I would consider, that hasn't been as sticky, or costly as places like Pacific Palisades, Santa Monica, and La Jolla. St Maria is too far out for me. I can't buy before the summer of 2010 anyway because I'm traveling, and I don't believe the upper tiers have seen a bottom yet, or will do for some time. That's based economic data, such as unemployment, growth, foreclosure rates, credit availability, confidence and so on. My philosophy is never believe what you are told, always follow your own instincts, and always err on the side of caution.

It's only within the last 12 months that many high end places seem to be showing cracks, and the other problem is inventory. So many potential sellers are just refusing to put their properties on the market, because they believe prices will recover soon. I personally think that is doubtful, so the stand off continues. I am in the fortunate position that if 'value' does not return, neither will I. I'm glad to say that in the case of SB relative value has made some inroads. Another 5% to the summer of 2010 and I'd be happier.
0 votes Thank Flag Link Tue Dec 29, 2009
Ashley, it would be useful to have a bit more background on these investments; risks, returns, composition, how they function etc
0 votes Thank Flag Link Tue Dec 29, 2009
I just bought a foreclosure here in Santa Barbara

Yes they are worth pursuing if you find the right one. Housing prices in here are down to half of what they were in the heat of things back in 2006/2007. For the most part prices have bottomed out here and may start rising ever so slightly next summer.

I'm not sure what your price range is but a home in Santa Barbara can run you anywhere from 200k for a small 2 bed 1 bath in a not so nice part of town up into the millions for a nice home in Montecito.

Another area to consider is the Lompoc/Orcutt/Santa Maria area only an hour north of Santa Barbara but your dollar to value ratio will go much further. (People in Santa Barbara have big heads and think everything they own is worth more than it actually is)

Consider Vandenberg Village in Lompoc or parts of Santa Mara/Orcutt.

Overall now is the time to buy in this area. Prices are very affordable and it won't stay that way for too much longer
0 votes Thank Flag Link Tue Dec 29, 2009
Yes - I hope this answers your questions. Contact me directly if you want to discuss this further.
0 votes Thank Flag Link Tue Dec 29, 2009
Ashley, the NPN's and SPN's usually have a minimum portfolio of $10m with PAC's and COM's and isn't suitable for most individual investors so does your company buy tapes and sell slices to individual investors?
0 votes Thank Flag Link Mon Dec 28, 2009
This is correct. There are several ways of tackling these NPNs & SPN's . We can buy and foreclose and do as we wish with teh property, we can restructure the note w the existing borrower ( since we are buying at a significant discount & translate to a performing note) We can offer to sell the note for profit to the guarantor ( if we want - generally this seller financed ). We can also resell the paper for profit. There are a number of things one can do. There is a lot of flex - more so than in Real Estate, I hate to say.
0 votes Thank Flag Link Mon Dec 28, 2009
Notes, sir. These institutions find it more attractive to sell their securitized instruments backed by the real estate ( notes - paper ) and let the buyer of the paper foreclose on the guarantor.
The business model works for all involved. I hate to cut myself short as a broker, but it oliminates us and our fees, property preservations fees - the fee list is long and the time frame in its longevity to foreclose is averaging 18 months, if all goes well.
Paper can be picked up NOW and for cheap because the banks are buried in non performing notes and sub performing notes yet to be addressed by note holders now ( there are piles of files not addressed), foreclosures recently begun in the pipes on these NPNs & SPNs now, and plenty of defaults on the paper to come in the future.
Ultimatly the owner of the first trust deed sets the bid price on the collateral at foreclosure..
For banks to dump at discount now is to thier advantage - it is also to the investors advantage if one is sophisticated enough to follow through the process.
Even in a BK - the investor owns the note and gets paid through the trustee.
0 votes Thank Flag Link Mon Dec 28, 2009
I believe she means Selling the notes at a discount, then the new owner of the note can workout with the homeowner or what is in their best interest
Web Reference:
0 votes Thank Flag Link Mon Dec 28, 2009
What do you mean by paper plays?
0 votes Thank Flag Link Mon Dec 28, 2009
The best deals have come and gone in the tsunami of late 2008 REO. Paper plays are the way to buy deals now.
There is no question that there will be a REO drip through 2013.
The financial institutions will sell their paper for discount to oliminate the headaches of the steady stream of defaults. However, the REO's come without risk to the banks - they have title insurance and the banks have spent time & dough on the foreclosure process.
To fast track getting the debt off of the balance sheets, I see them already discounting heavily thier notes - in portfolio style.
This is the new era of real estate investing for the upcoming few years ...
0 votes Thank Flag Link Mon Dec 28, 2009
We're not going to see the wave of foreclosures in one wave, but they will continue to trickle through, probably until 2012-13.
0 votes Thank Flag Link Mon Dec 28, 2009
You are not going to see the wave of foreclosures. You will only be paying more per square on more expensive homes.
By sitting on idle - the best opportunities have already come and gone.
Paper plays are the wave for 2010 - Mark it in your calendar and look back one year from now and see that my forecast is accurate!
0 votes Thank Flag Link Mon Dec 28, 2009
Yes they are, as well as all homes in todays market where the sellers have "equity" are very good to look at. Have your broker investigate sometimes foreclosures are actually equity sellers.
0 votes Thank Flag Link Sun Dec 27, 2009
There is so much chatter about another tidal wave of foreclosures coming in the first quarter of 2010, and nearly everyone I speak to is going to wait it out, albeit more in the higher end. I still think prices have a way to go, and even looking at Santa Barbara, where price declines have not been insignificant, nice homes that you would expect to draw the crowds are still selling below asking. What amazes me is that the San Gabriel Valley still has this huge gap between buyer and seller expectations. There are some nice areas there, especially San Marino, but I would never pay even today's asking prices to live hemmed in by bone dry mountains, smog and freeways. As far as foreclosures offering a deal are concerned, I'm still not convinced it offers the buyer much, for the simple reason, the market it being deliberately drip fed to avoid massive hemorrhaging occurring in bank balance sheets again. So, as many replies here suggest that, together with the tax credit, and low rates helps inflate prices. Next year when the Fed stops buying MBSs, rates will go up which will impact prices. Couple that with more foreclosures, and the lag factor from unemployment, and I think 2010 is going to be another tough year. I don't know how many fence sitters there are out there, but it would be interesting to find out. I know many buyers would be lured back into the market if prices were allowed to fall to where they ought to be, which is probably somewhere between where they should be historically, and an over correction. In my view, if that happens a normal market will return more quickly, and then we'll all be happy. It's clear that Congress doesn't know what the **** is going on.
0 votes Thank Flag Link Tue Dec 22, 2009
If your looking to get lists of foreclosures my husband is a mortgage loan officer. He works for a banker/broker that gets reo's hey can set you up, or agent for that matter if you are looking for that type of info. I have to be carefull for spam and that type of info.

But as long as you get a good deal and it is a home you can live in for at least 5 - 7 years I say take a plunge. Just dont buy beyond your means.

JoAnna Jensen
Pleasanton, CA
0 votes Thank Flag Link Tue Dec 22, 2009
Hi SB Buyer,

A couple things to think about.
1) it is impossible to know when the market has bottomed out. Actually you will know when prices are going up. Then you will be buying on the up swing.
2) You need to also be concerned about interest rates. When interest rates are also low you can buy more.
3) What you really need to be concerned with it value. Can you afford what you are buying. If you like the home, like the area and can afford the home, even if prices drop a little further which they may, they will go back up. But if prices drop as long as you can comfortably afford the home you will be ok.

The people who regret their purchase bought a home they couldnt afford, with a neg am loan. Then when the values dropped they were not just in a little trouble they were in a lot of trouble.

Make sure you have savings etc, etc, etc. Your mortgage payment should only be 35 % of your income.

Best of luck.

JoAnna Jensen
Realtor Legal Assistant
0 votes Thank Flag Link Tue Dec 22, 2009
Just a P.S. to my last response, while the cash investors were holding out for the "great deal" earlier this year, to some extent that is still happening in the lower price points, They are stepping up to the higher end reo properties. There has been such a devaluation in the higher range, they really are good deals now.
0 votes Thank Flag Link Tue Dec 22, 2009
In Los Angeles County I have seen properties as high as 900K sell with multiple offers coming from cash buyers. While there still are not as many reo's at this price point there seems to be more on the way. The average price range for these multiple offer scenarios is generally up to about 650K
0 votes Thank Flag Link Tue Dec 22, 2009
Addora, are saying you are getting bidding wars in 7-800k range? Why is that happening? How many people can get loans, or qualify in that price range? My sense is that cash buyers in that price range are holding out.
0 votes Thank Flag Link Tue Dec 22, 2009
Absolutely, but the pain of dealing with the banks aren't for every buyer! Start searching, check:
0 votes Thank Flag Link Sun Dec 20, 2009
Foreclosures can be a great deal. Short sales take a long time
Web Reference:
0 votes Thank Flag Link Sun Dec 20, 2009
For investers and buyers who have extra cash after the sale or buyers who dont have to live in the house right away , foreclosures are good values, however if you are a first time buyer who or someone getting an F.H.A. mortgage, foreclosures may not be for you. Mostly all foreclosures are sold as is, so the buyer is responsible for any repairs the lender or the township/boro requires. If repairs are needed by the lender, you would have to make them before settlement out of your own pocket. If the township/boro requires repairs they will usually give you a certain amount of time to complete the repairs than fine you or make you move out. I hope this was helpful.
0 votes Thank Flag Link Sun Dec 20, 2009
Buy after the bank takes title and you will have clear title and a great price and get to preview the property
Web Reference:
0 votes Thank Flag Link Wed Dec 2, 2009
I am in Maryland and have sold several forclosure homes. You can visit the home just as any other listing so you know what you are getting. I recommend that you get a professional inspection before you enter an offer. There may be faults that you as a buyer did not see but are obvious to a professional inspector. The rel problem is delay. If you are buying a REO (home owned by a bank and listed for sale) it can take a very long time to have your offer considered, accepted and the property transfer settled. There are good buys available especially in "fix up" homes. Take your time, have patience and persist in viewing homes that may be of interest to you. You will find a "deal"
Chuck Miller, Centuyry 21 Diana Realty, Bel Air, MD 410-979-0178, 410-893-1200 Ext 45
0 votes Thank Flag Link Mon Nov 30, 2009
Absolutely Gretchen, absolutely. Some asset managers will have a mandatory DOM. Most banks want their NNN and could care less about going "highest and best" - this being said - this is where most business models of the banks lie.
0 votes Thank Flag Link Sun Nov 29, 2009
Agreed! Excellent alternative! I am finding that although time consuming, my short sales are better deals, aside buying from the Trustee.
Depending on the skill level of the listing agent AND which investors hold the notes, the short sales can be picked up for less, in some cases, for less than the REO's.
Our short sale dept is flooded and we are closing excellent deals for prudent and patient buyers. There are really some smokin' "shorts" in the market if the stars are in alignment with the banks and working w a talented short sale listing agent.
0 votes Thank Flag Link Sun Nov 29, 2009
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