Foreclosure - Bank Owned Homes

by: Kathy Kuyoth -  Broker/ Owner

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National and Regional Experts are saying that we should see an increase in inventory of homes for sale in October and November 2011. Many of these homes are being held by banks and mortgage companies. They  have been tied up because of concerns regarding improper signing of foreclosure documents.  This is on a national and regional level as well as the Toledo area market.

           

We are also being told that there is not a large shadow inventory of homes that will be marketed by these banks and mortgage companies in early 2012. Most of these homes are in the short sale process or have already closed by short sale.  A short sale exists when a seller, because of hardship can no longer make payments and owes more than the current value of their home. The banks and mortgage companies are usually willing to negotiate a short sale with the owners because it’s much less expensive than going through the foreclosure process.

           

If you have questions regarding short sales or want to see if you qualify call

RE/MAX Preferred  and ask for a short sale specialist. 419-720-5600.

            For more information regarding short sales and foreclosure go to

http://www.SavetheDreamOhio.gov/aspx