Peter Mohylsky, Beach Expert, Call me at 850-517-7098 (PMI. Destin)

Spam prevention
Rainmaker
580,010
Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor" RETIRED

I'm having a thought we're heading that way, especially when I'm starting to see more advertising gearing towards help for Short Sale!

Jan 06, 2023 10:57 AM
Rainmaker
2,775,511
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Someone is always caught short as there are always defaults, lien sales, taxes in arrears caused by job loss, health issues or mismanagement. I have to make a small effort to stay objective when up close & personal with these products. Why? I do not like anyone suffering especially in shelter with kids

I'll never forget a Trustees sale/foreclosure where we were sent out to take possession of a property via court order. Standing there, on the curb, not interfering is husband, restraining his sobbing wife, who is screaming and yelling between sobs along with a child all holding on to one another and me saying I was sent out to do this please I have nothing to do with it

Jan 06, 2023 11:43 AM
Rainmaker
706,832
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Yes.  The fed stopped all foreclosures during the pandemic - and that has now been lifted.  We will see more. However, most homeowners have also seen large increases in their equity and even if they are in pre-foreclosure, they may be able to sell their homes, pay off their debt, and walk away with money in their pocket.

Jan 06, 2023 10:53 AM
Ambassador
3,339,049
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Well, let's define "soon"?  

I do not see a cycle of reo's and short sales in the first half of this year. 

If the economy continues down the proverbial 💩💩💩 it makes sense that we could experience another wave of those fun transactions. 

UPDATE:  Curious I checked my MLS.  In my county (Santa Clara County) there are two (2) active reo properties and one (1) short sale. 

Jan 06, 2023 09:59 AM
Rainer
373,770
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

soon? no, but after two more years of the same kind of government spending and inflation we will.

Jan 06, 2023 09:33 AM
Rainmaker
1,294,276
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I just checked our mls. The total listings cover a VERY wide area. There are 29,595 active listing. 9 are REOs and 5 are short sales.

In Fremont, where my office is located - as city of over 200,000 - there are 89 current active listing with no REOs or Short Sales.

Not exactly the tsunami that many predicted.

Equity is a big slice of current home ownership in our area. Sellers in financial difficulty mostly sell and walk away with cash.

Jan 06, 2023 02:35 PM
Ambassador
3,159,909
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Still don't have any in our local MLS.  The classified saying "we're coming for your house if you don't pay" are pretty slim too.

Jan 06, 2023 11:03 AM
Rainmaker
2,373,124
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I don't know why Peter Mohylsky . Current interest rates do not affect those who have already purchased and if we are to believe our government and press there is a huge labor shortage.

Jan 06, 2023 10:52 AM
Rainmaker
678,768
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Hard to say.  I don't see any increase in short sales or foreclosures in my area.  Only time will tell!

Jan 06, 2023 10:29 AM
Rainmaker
1,189,102
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Hard to say. If the job market tanks then the answer is yes

Jan 06, 2023 10:09 AM
Rainmaker
1,529,574
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

We have 2.5% = 68/26,593 homes for sale. No more than the average for San Diego, which hovers around 3% of our inventory. Our % is "low to no" because there is sooooo much equity in these San Diego homes!

Of course they will hype it. If we go from 34 to 68 the media will only say "FORECLOURES HAVE DOUBLED THIS MONTH!" and omit the context, yeah, out of 3.5MM homes in San Diego Proper, 68 are in foreclosure.

Jan 07, 2023 06:21 AM
Rainmaker
5,848,364
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I just looked in the Denver metro area, no short sales, and 6 local bank owned properties, still very minor.    With the home values way up over the last few years, I do not expect a surge of distressed properties.

Jan 06, 2023 10:23 AM
Rainmaker
5,190,916
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

N matter what the condition of the economy is, foreclosures and short sales will have a presence. Don't see them on a large scale in the near future.

Jan 07, 2023 04:43 AM
Rainmaker
1,498,148
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Absolutely.

Jan 06, 2023 09:47 PM
Rainmaker
897,818
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Absolutely! Easy money leads to reckless buying.

Jan 06, 2023 01:07 PM
Rainmaker
1,839,786
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

There will always be 'some' out there but not the same amount as years before.

Jan 06, 2023 12:34 PM
Rainmaker
2,168,165
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

With 2/3’s of America living paycheck to paycheck, it’s bound to increase

Jan 07, 2023 03:08 AM
Rainmaker
908,508
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

There are always some, but yes, I think we'll see an increase.

Jan 08, 2023 09:50 AM
Rainmaker
760,353
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Short Sales and REO"s have been steadily on the rise over the past year.  They are still very low but with rising interest rates and a crashing stock market we could be in big trouble as people continue to lose jobs.

Jan 07, 2023 01:08 PM
Rainmaker
4,898,962
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I am not planning on any since low interest rate last year.

 

Jan 07, 2023 11:11 AM
Ambassador
6,352,545
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

We may, life is complicated for a lot of folks, some were borrowing money when they shouldn't have, others just had unforeseen life changes.

Jan 07, 2023 09:39 AM