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(English) Distressed Properties: Discounts and Difficulties

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6 comentarios
  1. Joan
    Joan Dice:

    I wanted to ask you this at the Leading RE conference because so many people I know are pointing to the variance in sales prices of short sales vs. REOs as one of the reasons banks will be more willing to negotiate succcessful short sales (as they will capture more return): Does the data compare all properties that closed at the same time? I ask, because in a declining market, contract dates are going to have a real impact on this. If you look at all sales that closed in say, December, and the short sale contracted in June, and the REO in October (kind of typical time frames for SS vs. REO) a monthly market decline could account for at least some of the differential, couldn’t it? Does this make sense? When training my agents to prepare a BPO I ask that they look at contract dates as well as closing dates, and evaluate the days from contract to close, and possible impact of a continuing decline. Advice?

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    • Steve Harney
      Steve Harney Dice:

      Hi Joan,
      It was great seeing you in Vegas. As far as your question:
      1.) If you are advising a client when doing a BPO, your thoughts make sense. However…
      2.) As far as the banks are concerned, we must realize that to foreclose on a house right now takes, on average, over a year. They can get a short sale on the market immediately. That more than compensates for the extra contract time for a short sale. As you mentioned, in a declining market, time definitely matters.
      Hope this helps.
      Steve

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  2. ralph@foreclosure information
    [email protected] information Dice:

    As someone who actually bought a flat from a mortgage company, I can attest that, while it needed a good clean, no obvious trashing was done. The previous owner had done a runner on his mortgage and now lives in Australia. The biggest annoyance was actually getting an old charge from the managing company off our account – stupid bank didn’t bother paying it and it sat there until we took possession as they did not declare it to our conveyances. Yes there are pitfalls but also advantages the previous owner left us some decent dining room furniture and up-lighters.

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  2. […] The first thing you should do before splashing around in the foreclosure pool is YOUR HOMEWORK. http://kcmblog.com/2011/03/25/distressed-properties-discounts-and-difficulties/ This entry was posted in Uncategorized. Bookmark the permalink. LikeBe the first to like […]

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