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Nothing wrong with probing questions to better understand what is going on to better educate yourself.
At this point, there is no requirement for any bank that holds "shadow inventory" to provide disclosure.
Leigh
@
2009 Dec 6, 10:26pm
I have to head to work at the moment but Wells Fargo and their acquisitions of a few banks with heavy toxic loans on the book as an interesting start. It is an issue with resets and recasts and from what I remember Wells modified many of these loans to Interest Only for an extended time to let the loan owners and the market work things out but I'll check into the details later today. Sorry I can't recall the details at this moment.
I personally know two people who haven't made payments in about a year but the foreclosure process has not begun. Are the banks backlogged?
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My wife and I are looking to get into a larger home. We currently rent a very modest size cottage in the south SF Bay Area. While we think we will end up finding a new rental, we thought we would give buying a shot. You never know, right?
Well, over the last several weeks every single real estate professional we have talked with, including a mortgage broker, has commented that no one (i.e., real estate professionals) knows what the banks are doing with the growing "shadow inventory". Because four different real estate professionals have said that to us in the last week, it really hit home. If the people whose business is to sell real estate don't know what is going on, then what the hell is going on??? Does anyone have any thoughts? Are banks just holding properties or are they selling them to investors? Why aren't they being released for sale?
A colleague recently suggested that we start contacting banks directly and asking for a list of their REO properites for sale. Are banks receptive to being contacted directly? Has anyone had any luck with this?
Oh, BTW, don't worry that we are out there trying despartely to buy something. We are avid partrick.net readers!! We are simply trying to get a more sophisticated handle on what is going on with the growing inventory of REO properties (NOTE: Over 100 homes in Santa Clara County scheduled to be sold at foreclosure sale this week alone). Any insight is welcome. Thanks.
#housing