Take a peak at this video, these guys keep me up to date on all the mortgage lending issues pertinent to the real estate industry! Sounds like Wells Fargo won’t be sitting on their foreclosure inventory like many of the other banks have been doing…. I agree that we need to rip the band aid off and get through this market.
The BIG news is that Wells Fargo is saying they won’t extend foreclosure dates on short sales. This is a big one guys, this means if you write an offer on a short sale it is even LESS likely that you will make it to the finish line. The banks, Wells Fargo included, do not respond to short sale offers promptly as it is, if they aren’t going to push out the foreclosure date then that not only leaves the listing agent scrambling to find a buyer in shorter time, but means it’s even less likely that if they do find the right home buyer, that everything will come together before the drop dead foreclosure date.
On a positive note I will say that we are experiencing an increase in successful short sales overall; I think the bank’s are starting to figure it out! Close one just last week in fact! -Kristie, Your Portland Oregon Short Sale Realtor!
If you are needing to sell your home “short” (a short sale) there is always the question as to whether you will have to pay taxes on the difference of what it sells for and what you owed… when the bank forgives the difference it is often referred to as a “phantom” income in that you never see it but it’s there when the bank forgives it so that the home can be sold.
If you are interested in seeing what bank owned properties are looking like out there, send me the area, zip code, school district, or whatever your area criteria is and I’ll shoot you off a report with pictures, addresses, etc…
