Foreclosure suspension (Sarasota, Port Charlotte: bank owned, short sales, foreclosures)

[yellowsky]

Any thoughts on how the moratorium on foreclosures will effect the Port Charlotte/NP area? The honorable mention in the press about Charlotte County still being one of the worst in the country probably doesn't inspire confidence for new buyers.

[Racelady88]

Dunno about Sarasota/Charlotte but I am listing this afternoon in Manatee County. My agent feels that my house will sell faster and at a slightly higher price without the competition from REO listings.

My agent also feels that this is a calculated maneuver orchestrated by government and banking interests to help the market correct. Not much of a conspiracy theorist myself, but it does make sense in a twisted kind of way.

[SoFLGal]

If that is true I believe your house will sell at a slightly higher price and will sell quicker if there are no or few bank owner properties.

I represent many of the big name banks and I have not had one listing pulled from me yet nor have I seen any slow down or canceling of the foreclosure auctions. I often see things in the news or newspaper which is quite different that what it is in reality. As of yet I haven't seen any evidence that the foreclosures are stopping.

I'll let you know if I see any "red flags" in the near future.

[SoFLGal]

I just looked in Sarasota and Charlotte counties and from Sept 14-Sept 28th there were 100 foreclosures listed. From Sept 29th-Oct 12th there were 119 foreclosures listed in the MLS. Like I said previously, what the news is reporting they are doing and what is actually happening are two different things.

The foreclosure filings are staying pretty even as well. It's just not happening yet as far as I can tell.

[bbronston]

SoFLGal, I heard (albeit second hand-one broker telling another broker kind of stuff) today that Bank of America has actually pulled some short sale deals because of this paper trail problem. Have you heard anything like that?

[SoFLGal]

***update*** This afternoon I called one of my big named banks. I have had a contract in for about a week on one of my listings and I was inquiring as to what the hold up was. I got an email back from the title company saying that they have orders not to issue title on any foreclosed properties. I called up the title agent and asked for clarification.

She said that no banks in FL and 23 other states can close on foreclosure properties. She said that the banks are hiring tons of attorneys to sift through paperwork right now. She said that this could take 1 week, a month, a year. She really wasn't sure. Right now it seems as though no foreclosures can go through.

So, there you go. This is my first glimpse of anything on the inner workings. I'll let you know what I know as things progress.

[SoFLGal]

Originally Posted by bbronston

SoFLGal, I heard (albeit second hand-one broker telling another broker kind of stuff) today that Bank of America has actually pulled some short sale deals because of this paper trail problem. Have you heard anything like that?

Looks like we posted nearly at the same time. I have several short sale offers in on various properties. One with BoFA, one with Suntrust and one with Wells. I'm going to call on them this afternoon and see if I can get any updates. If I get any news I'll post it here.

Not crazy about Re/Max but they did a pretty good job on this video: http://www.thinkbigworksmall.com/myp...ve/9213/53930/

Just talked to one of the agents on the other side of a Regions and Chase deal I have and she told me that the short sales won't be affected because the owners still actually own the property. Not sure if that is true or not.

[Big House]

Originally Posted by SoFLGal

***update*** This afternoon I called one of my big named banks. I have had a contract in for about a week on one of my listings and I was inquiring as to what the hold up was. I got an email back from the title company saying that they have orders not to issue title on any foreclosed properties. I called up the title agent and asked for clarification.

She said that no banks in FL and 23 other states can close on properties. She said that the banks are hiring tons of attorneys to sift through paperwork right now. She said that this could take 1 week, a month, a year. She really wasn't sure. Right now it seems as though no foreclosures can go through.

So, there you go. This is my first glimpse of anything on the inner workings. I'll let you know what I know as things progress.

Banks are not foreclosing, short-selling, selling, or closing on any bank owned properties. Private sales that are going forward are not effected, according to a title company that I spoke with. Although, banks are still difficult to deal with when it comes to getting any kind of financing. Correct?

[SoFLGal]

Originally Posted by Big House

Banks are not foreclosing, short-selling, selling, or closing on any bank owned properties. Private sales that are going forward are not effected, according to a title company that I spoke with. Although, banks are still difficult to deal with when it comes to getting any kind of financing. Correct?

Yeah they still have very stringent requirements for lending. Here's another thought. If banks can't push the foreclosures through then they will be sitting with a lot of bad debt. This will surely affect their ability to write new loans.

I'm unsure how this whole thing is going to play out. On one hand you would think that the lack of foreclosures on the market will make the prices rise. On the other hand if few banks are able to lend money then that will effect buyers ability to buy.

This is going to be interesting...

[SoFLGal]

Alright, I sent this question to many of my big name banks and/or title company's. Here's the questions and here's the responses. Doesn't seem like anyone knows for sure what's happening:

Question from me:
With all this foreclosure attorney mess in Florida, will we be able to close quickly if we get an offer?

Bank #1: Not sure
Bank #2: If you get an offer enter it in the system and we'll go from there
Title Company #1: We are still moving forward at this time.


My question to the title company's. Two different banks and two different properties that we have offers on: I guess this is one of those properties caught in the foreclosure attorney mess. Should the buyers just move on?
Title company #2: We have the title commitment and are all set to close
Title Company #3: If they want the property, they should hang on. All foreclosure properties in Florida are tied up right now. So if they want a foreclosed property they need to wait it out.