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Answers (5)
- Andrea D'Amato, "nehomes"
- Contributions:59
Seems like answers for short sales are coming faster since the Foreclosure stay at least here in MA. Several of my clients just got their short sales approved. I guess this is a good thing all around.
- Nathan A. Reeder
- Contributions:160
The scariest thing this REO listing agent told me was that the people who bought foreclosures previously may own properties without valid title! If the chain of title is incorrect on REO homes that have been rehabbed it is not like the investor will just return the property to the bank and get their money back. They with be stuck with an unsaleable home. This is going to cause major headaches for title companies as well while they attempt to correct the title that they insured for the seller (banks).
- Shawn Spaw, "shawnspaw"
- Contributions:134
Just happened to me today. It was BAC that was involved and the deal just got killed. The listing was removed from the MLS. I was told that after the election it might come back on, but I have no idea what that has to do with it. I do know that the property cannot be sold, so if your buyers are willing to wait they should be able to get the home in the future.
- Dan, "the_country_hick"
- Contributions:4694
This has been a known issue for a few months now. One real problem is that banks do NOT own the mortgage. Only the mortgage holder can bring foreclosure action. MERS has handled these foreclosure actions and been found to be without legal standing. Since a mortgage was broken up into thousands of parts there may be no true legal owner which raises another concern. Will any foreclosures really happen when the mortgages were split up into MBS's?
- Valarie Kubacki, "nwihomes4sale"
- Contributions:144
Was talking with a title co agent last night and a few different agents and banks are calling off deals hours before closing is to take place. Title companies are nervous and not wanting to insure this could turn into a nightmare. However for those wanting to sell their home it could be a blessing in disguise.
For those on the foreclosure list this may give them time to do a short sale.
For those on the foreclosure list this may give them time to do a short sale.
Has anyone else found out their pending transaction was part of the bad foreclosure list?
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- 5.0/5.0
- (11 reviews)
Contributions:160My clients had an accepted offer on a $55,000 home in Hammond, IN. It was a cash deal and the title work had arrived. We were hoping to close later that week. Then the REO broker called. This home was one of the tens of thousands of homes that will have the foreclosure revoked due to improper filing / rubber stamping of the foreclosure documents. We were given the option of release from the agreement or extend the agreement for 90 days while the bank figures out how to correct this mistake. Due to the 10% earnest money deposit, my clients chose to sign a mutual release. We are now back on the prowl for a decent fixer upper in the area.
According to the broker, some homes that have already been purchased will be part of the list of foreclosures gone wrong. What a headache this will cause for Realtors and affiliates across the country. Have you felt the impact yet, and if so, how?
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