The other complication with these alleged “deals” is that they can make buyers feel they are sitting in the driver’s seat for investment opportunity. But if a buyer is a investment novice, then they need to work with an agent who specializes in investments and who can run the numbers to determine all sides of the equation to ensure the buyer comes out on the right side of the calculation. Additionally, educating oneself on the intricacies of these bank-owned and short sale transactions will provide a better idea of what the buyer is in for and what kind of time frame it will take to get to the closing table.
Not since the mortgage industry got shaken up with the Home Valuation Code of Conduct (HVCC) that changed the way appraisals were conducted has there been such a spectacle. The headline act of the latest Barnum and Bailey sideshow is the flawed foreclosure paperwork now plaguing the real estate world.
Steve Harney brings his 20 year history of success to the table and offers his take regarding “… why banks are not foreclosing on borrowers even after they do not make mortgage payments for many months.” Puzzled Banks Now Buying Time by Steve Harney on March 3, 2010 “Often I get asked why banks are… Continue Reading Why is the Housing Market “Like a Rubik’s Cube”?