Picking your Spots and Having Patience for it to Surface

November 27, 2011

Foreclosures

The State of Nevada has made it very clear that it will not tolerate improper foreclosures by making it a felony to not follow foreclosure procedure.

This is simply a good thing.

Removing someone from their home is a very serious business and has deep emotional and social implications.

Until recently, foreclosures were being handled with the care of Home Depot cashier frantically flashing a barcode scanner.

Foreclosures scrutiny came to light with the MERS robo signing scandal. And while the result has been / will be good on a social level, the impact to the housing market has not yet been felt.

There are currently about 10 million homes estimated in the foreclosure pipeline. Many of these homes have been held from processing due to the foregoing scandal and the reviews that were subsequent to its discovery.

As these homes are now moved onto the market, sellers who have found it necessary to visit their liquor cabinet because of current market conditions may find it necessary to ask their doctor for some Prozac.

The market will no doubt be affected negatively and prices will not only dip, but may in fact nosedive. Dependent on where you stand, this may present a dilemma or delight.

And with the new incentives afforded to foreign investment by congress, we should have reasonably good market for realtors, MLO’s, and appraisers, etc. In other words, we can expect that there will be an improvement for industry insiders.

And it does not really matter if other states adopt the law or not. Some idiot banker somewhere is going to appeal an accusation and that will send the case to Federal Appeals, which will set legal precedent for lawyers and judges everywhere to follow.

Again, a good thing.

You simply must be prepared to ride things out and pick your spot. And turn lemons into lemonade if you wind up on the dilemma side of things.

Appraisal Source is a New York based residential real estate appraisal firm. Their highly-qualified appraisal staff of New York City and Long Island real estate appraisers provide independent residential real estate appraisals for a variety of purposes.

Here’s the original article…Nevada Makes Illegal Foreclosures Felony

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