Tuesday, October 12, 2010

Foreclosure fun

this foreclosure mess is a whole lot bigger than anyone wants to talk about in my opinion. First there are the buyers who cant buy: click then there are the lost commissions to the used house salesmen, and oh yeah what about the non performing asset on a banks books?

could this indeed bring down the banks? could the overload of inventory when it finally... reaches the market, over stress the court system and put prices in a death spiral?? good questions.

then there are the title issues. click

we read about some guy that bought a house in Dade I believe that was a short sale only, paid cash and the bank still proceeded to foreclose because of faulty paper work. He ended up with expensive legal bills and still no house. be careful out there. we wouldnt be surprise if this happens again due to faux paperwork.

Foreclosure law firm in question: click

Foreclosure mess could unhinge market... gee ya think ? click

old news still relevant: foreclosures could ruin florida:click

1 comment:

Anonymous said...

Here is a tract home McMansion with a major price in a death spiral. This baby sports a rather modest 3400 sq ft.

Purchased: 11/2006 for $862K

ON MLS: M1429700 asking $400K

That is a $462K (54%) loss.

How does unloading at $400K affect the adjacent.

Purchased: 10/2006 for $826K
Purchased 10/2006 for $987K

2500 sq ft Max.