Would you rate your home a 10?

On a scale of 1 - 10, 10 would be the very best number rating you can receive.  Sometimes referred to as a perfect 10, this number is often associated with a sport like gymnastics or  used to describe people.  Earning a perfect 10 is not limited to people or sports.  You can rate almost anything from 1 - 10, including your home.

The Census Bureau's 2009 American Housing Survey reports that 28% of householders rated their home a 10 on a scale of 1 to 10.  Knowing that beauty is in the eye of the beholder, each of us will have our own reasons to rate our home a 10.  Perfect landscaping, the architectural style, the location, or the memories created in the home could garner it a 10 rating in the home owner's eyes.

How would you rate your home?  What makes it perfect to you?

photo credit by woodleywonderworks

Bank of American statement on stopping foreclosure sales.

Bank of America released the following statement on Friday, March 8th regarding their decision to stop foreclosure sales throughout the country.

“Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for our past foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.” Link

While the long term impact remains to be seen, initially the stopping of foreclosure sales has placed many homebuyers in a distressed situation with closings postponed and dates extended indefinitely while everyone waits for the lenders involved, including Bank of America to resolve the processing issues. 

Closings on foreclosed properties being delayed

Many buyers who have accepted offers in place on foreclosed/REO homes are receiving information from the Title Companies handling these transactions that the closing will be delayed if the lender involved is GMAC Mortgage, a division of Ally Financial, JP Morgan Chase and Bank of America.

On Monday I received information that title companies had growing concerns about the insurability of the title of properties listed, by several lenders. Until these defects have been remedied, they would be unable to proceed with the sale or closing of the foreclosed properties.

Throughout the day yesterday and again today, my agents have received word that pending foreclosure transactions involved would need to be extended.  The extension time requested has been for at least 30 days.

Buyers and agents have good reason to be concerned as this situation unfolds throughout the area.  Additional lenders could become part of the slow down as questions about their process and procedures arise.  During our meeting on Tuesday, pre-foreclosures and short sale transactions were discussed as being an alternative for buyers who want to avoid the uncertainty facing the foreclosure market.

As additional information becomes available I will share it here.  Please feel free to contact me if you are considering selling or purchasing a home in Central Florida and want to be updated on all related real estate news.

Florida Title Companies Halting REO/Foreclosure Closings

Following announcements that lenders were suspending foreclosure sales, Title companies were emailing real estate agents today alerting all that closing of REO property owned or serviced by Bank of America, Wells Fargo, GMAC and others would be halted until issues dealing with the insurability of the title were remedied.

A local Title representative notified Watson Realty associates of the situation.  On Monday, October 4^th, a memo was forwarded from Old Republic National Title Insurance Company detailing the situation and the Title rep said in part;

“We have become aware of potential defects with affidavits submitted by the servicer, in foreclosure actions, which raise concerns about the insurability of the title of the subject property. Until these defects have been remedied, we are unable to proceed with the sale or closing of the foreclosed properties.”

The sale of REO/foreclosure property has been a significant part of the resale market in Central Florida.  There are over 3600 REO/foreclosure homes in Orange and Osceola County either pended or active in the local MLS.  While not all bank owned property are affected by today’s news, until ironed out, these events will seriously impact the local market.