House Poor: Pumped Up Prices, Rising Rates, and Mortgages on Steroids: How to Survive the Coming Housing Crisis One of the latest twists in an already topsy-turvy real estate market for agents and buyers is this — if a mortgage company owns a lot of property from foreclosures, then where or to whom does a buyer make an offer to purchase such property since the holder of the house no longer exists — at least in a healthy state. The short-sale market (better known as pre-foreclosure) is alive and well around the country. But now we have the next challenge on these properties — buyers in the midst of a transaction with an entity whose status is questionable at best, and totally phased out at worst. Anyone involved in such a case or anticipating such a deal should be ready to wait a while for word from the bankruptcy court or the receivers of such a lender to determine what will happen with the properties. If the lien holder has filed bankruptcy, then its creditors will want to know how much cash or assets the company has to fulfill its debts. The houses may be considered such an asset and you may not be first in line to take over such a property if you’re in a contract with them.

click here for article

search for :