Has the Time Come to Get a Smokin’ Hot Deal on a Short Sale? – Short Sales Ventura CA

by Gary and Lisa Schoeffler on April 7, 2011

in Short Sales

Is it possible that the time has finally come for investors to buy short sales and get smokin’ deals? Over the past year or two, it has become increasingly more difficult for investors to purchase short sales for cents on the dollar. Banks see the properties listed for short sale as pristine and scarcely want to give them up for a song.

However on Wednesday, March 30, 2011, bank regulators and the Attorneys General met with regard to a proposed settlement associated with the robo-signing debacle of 2010. You may remember that in late 2010, some servicers (most notably GMAC) were foreclosing on properties without verifying the validity of the debt.

As reported by dsnews and the Los Angeles Times, those servicers involved in the robo-signing settlement may now be forced to permit modifications, principle reduction settlements, and short sales. While the terms of this proposed settlement are still being negotiated, the impact of the settlement could have some positive effects for both short sale sellers and purchasers of short sales. As a result of the settlement, it would seem that banks would have to be significantly more flexible with respect to their determinations of value.

Property value in a short sale is always the sticking point… investors are often located in other parts of the country, nowhere near the Ventura, CA properties, and don’t understand the market here. They obviously are looking for the highest value for the property and often don’t have the best information to rely on since they contract with appraisers who are also from out of the area. It will be interesting to see if this mandate will help.

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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