Many bank analysts including Realty Trac are speculating that the lack of housing inventory and rising home prices will spur the banks to clear out some back logged foreclosure inventory this year.
Foreclosures are currently moving faster, many tenants who had remained in foreclosed homes are finding that they leases will not be extended as the banks are selling these homes sooner rather than later.
“Back when buyers were on the sidelines and prices were still falling, lenders’ had little incentive to speed up the foreclosure process. Doing so would only add to the large amount of empty houses that needed to be maintained. But now that prices are rising in most markets, the backlog of bank-owned homes is being trimmed quickly. With tight inventories of homes for-sale in many cities, banks are seeing opportunity in getting repossessed homes back on the market faster for a quick sale.” Reports Daily Real Estate News.
This means that buyers need to be poised to act with loan packages ready to go…..with the FHA Back to Work program in full swing many buyers who previously could not attain loans now can. Contact your local lender to see if you qualify and then set up automatic notifications on www.GoldCountryRanches.com so that you see the homes as soon as they hit the market.