The expected drop in future home prices over the next few months could depend less on mortgage rates and buying trends than on how banks manage their OREO (other real estate owned) portfolios, know as REO by investors. The huge number of foreclosed homes being reclaimed by banks, is starting to occupy a large portion of most banks’ balance sheets. Continue reading
Thinking that a foreclosure is the end of the rainbow for your stressed financial situation? Wrong, it’s only the beginning. You have lots of hurdles to face once the foreclosure occurs and you no longer own the house. It’s not as easy a fix as you may think. Continue reading
Short sales are far more complicated than conventional home sales. One of the reasons for the additional complications is the intimate involvement with the bank. The bank is almost as involved in the transaction as the seller. They have to approve the price and they have final approval of the sale. This added involvement complicates the home selling process by adding additional approvals, additional delays and could result in the rejection of many offers the seller wants to take. Continue reading