In spite of increased real estate values, there is still a boat load of homes in foreclosure, about to go into foreclosure or are upside down and the owners need to sell for one reason or another.
The present debt forgiveness bill is due to expire 12/31/13. If it is not extended, it will extend the real estate recovery a number of years. Homeowners will stop agreeing to do short sales and may choose to walk away or stop paying their mortgages all together.
The short sale process has improved in some situations, but we still have a long way to go to get it right. I am closing on a home next week that I first put on deposit 6 months ago. I can’t figure out the system, as the bank could have recouped the same amount 6 months earlier.
A foreclosure or short sale is not fun for those going through the process, so I hope the bill gets extended so these folks don’t have any additional heartache.
