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Saturday, October 9, 2010
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11 comments:
http://franklymls.com/DC7427625
taxed at 480K sells for 165K
20 DOM
Pat, it appears the property was first listed June 10, 2010, @ $218,900, then a price drop occurred in Dec.; if so, the DOM are probably not correct. Maybe it went under contract and the days weren't counted, then the contract fell through and it came on again.
In any case, you wonder why it was assessed so high...
Based on the comments it sounds like the inside is not inhabitable. The assessment probably assumes the place is in decent shape. Although even if it was in decent condition the assessment is probably way too high.
I've recently read about bank of american (and some other's) stopping foreclosures because of problems. Does this mean that some folks in MD, VA, DC that lost their homes might come back with a claim that they still own them or is this not a problem for our area?
In theory yes it could be a problem. Although it is unlikely. I doubt courts will give people houses because a bank made some paperwork mistakes
Jeff and hb,
This is a serious "wrench" in the works. Already, one major title insurer is refusing to insure foreclosures in some states. B of A freezing all foreclosures seems to be an over-reaction but this situation is unprecedented.
Do I think people will get free houses? No. But with all the pending litigation and future uncertainty, this is truly a wild card.
Friday, I heard from an agent friend (high volume reo agent) that he got almost 30 "short" approvals friday alone. This was a HUGE number. My guess is that banks are going to be approving shorts ASAP. These are not reo's. The owner/borrower is conveying title. No possibility of litigation, etc.
I'm supposed to close on a Florida reo in the next few weeks, but I am certainly not going to buy the place without a triple A title policy.
I just read Steven Pearlstein's column in today's wapo. I could have written that word for word (except for grammar and spelling!). Seriously; I had that same discussion with my husband yesterday.
There will be no free houses. The paperwork thing is benign. If there is a question as to who owns the mortgage and is entitled to the proceeds of a foreclosure, it's easy enough to go ahead and foreclose and put the $$$ in escrow until it can be determined who owns the debt.
As I said before, there is only one relevant question for a judge: did you pay your mortgage? If not, then get out of the house!
p.s. GO SKINS!!!!
VA
I agree about the judges. It looks like the skins will continue to make me cry
I take back my last comment go skins
I think if the purchasers of the foreclosures have title insurance, they are fine and it is the insurers problem.
That is what is causing all the problems now--title insurers are refusing to insure foreclosed properties due to the murkiness of ownership.
Happy Redskins fans over here, too!
I asked the checkout guy at the grocery whether sales go up after a Redskin victory.
"Yeah, beer does."
Have fun celebrating, everyone.
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