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It may now be a bit tougher for investors to flip short sales for big profits.
Attorneys' Title Insurance Fund notified its 6,000 member attorneys this week that it will not insure deals made with a popular – but controversial – method for closing flips of short sales. A short sale occurs when a lender agrees to allow a home to sell for less than the mortgage owed so that foreclosure can be avoided.
Thanks for posting that, lol. Again, you've given me something to pass on in a discussion elsewhere.
Personally, I think it's great and I think the argument that the bank would lose more money is bogus.
If these optioners wouldn't get in there first and lock it up there is NOTHING to say that someone else wouldn't come in and do the short sale at a higher price....after all, the flipper is doing it, no? Why wouldn't the seller/agent be able to do the same thing without a middle man and the bank getting more of their money back? Makes sense to me to have this in place.
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