Posted on15 June 2011.
The robo-signing scandal from Fall 2010 is proving to have a positive side effect for real estate investors. Foreclosures were completely frozen for a brief time and it has apparently taken a while to crank up the foreclosure machine again. Foreclosure sales on courthouse steps has been down in some states. For example, in Nevada these sales dropped 19.7% and in Washington, 24.5%.
“The slowing foreclosure process has left fewer affordable homes available for sale,” said ForeclosureRadar CEO Sean O’Toole. “Foreclosure investors may be the only winner so far, benefiting by being able to resell homes purchased at foreclosure auction a little more quickly.”
Real estate investors are reselling the properties they previously bought at auction at a faster rate than the banks are getting rid of REOs, according to some sources. This is news to relay on to your current and potential real estate investors
Foreclosure Slowdown Gives Investors Advantage Over Banks for Resales
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