Shorts sales are a good opportunity for real estate investors. The timing of completing this type of transaction involves an understanding of all the various components associated. From who the lender is, who actually ownes the loan (investor) to the types of mortgage insurance associated. These are just few of the topes we will discuss in the property selection process. I have attached a good short sale investor video on this topic on my site. Give it a whirl or just give me a call.
A judge in Brooklyn, NY, who has tossed out nearly half of the foreclosure cases brought before him over the past year, because the lenders have such messy paper trails that they can't prove ownership anymore.
Read the rest....
.Because of higher than expected inventory levels of Form 1040X, Amended U.S. Individual Income Tax Return, the processing timeframe is temporarily extended to 12-16 weeks instead of the normal 8-12 weeks. It is not necessary to contact the IRS regarding the status of a return; returns are being processed as quickly as possible.
This often gets confused with 16% of all properties so let me be clear. This is 16.4% of all resale homes sold and closed in the 2nd Qtr of 2009. 26.4% were bank owned. If you combine the total that would be 42.9% of all residential resale homes were of a distressed nature.
Obviously as a home owner and broker I would prefer this number be much, much lower. However the good news is that for the past three months this number has seen nearly no change. So we are currently hit some stability in the market. My sources at FannieMae also believe the number is stable as well.