In regards to the current real estate market this video link below says it all. This is a quote from a real estate blog that I agree with:
Here’s the general run down on REO properties under $400k.
1. The asking price means nothing.
2. FHA loans? Fa-get-about-it. Banks don’t want them.
3. You’ve got all cash? We can talk.
4. Communication? You’ll be lucky if the listing agent even calls you back.
5. Offering over the list price? Be prepared to remove your appraisal contingency.
There’s one REO broker , OCWEN/Altisource, that out sources the deal to India and you can’t even talk to a human who’s ever seen a house in America.
"Buyers need to take a step back and not drink the realtor kool aid that tastes like 2003. The “shadow inventory” is estimated at 7,000,000 properties. You’ll have plenty of chances to buy without overpaying to get the $8,000 tax credit."
http://www.youtube.com/watch?v=SM7oWKgCVo4
Submitted by: Jim Wagner
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2 comments:
Thanks Jim, as a mortgage broker you are saying mortgage money is available to the borrower without going through OCWEN. And, is OCWEN Federal Bank the only source from which to receive the $8,000 tax credit?
Googling www.ripoffreport.com shows class action lawsuits filed against Ocwen Federal Bank for racketeering, breach of contract, unfair debt collection practices, overcharging borrows bogus service. How did this happen?
New York Times article "Fraud Reported in Program to Help New Homebuyers" 10/22/09 post, cut and paste to web browser if interested in following this issue which affect all of us directly or indirectly http://www.nytimes.com/2009/10/23/us/politics/23housing.html?_r=1&nl=us&emc=politicsemailema1
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