November 2010: Miami is in the midst of a freeze on foreclosures. The reason? A number of lending institutions (Bank of America, GMAC, JP Morgan Chase and others) along with several powerful legal firms who were handling foreclosures on their behalf (David J. Stern among others) are under investigation for “questionable documentation practices“.
Foreclosures literally ground to a halt… for now. Much of what comprises the current pool of bank-owned REO inventory is sitting idle… and from all appearances apparently won’t be released for sale anytime soon.
Apart from the frozen foreclosure inventory, there are scores of other distressed property YET TO HAVE BEEN foreclosed on. That pool of distressed sales is what is commonly refered to as SHADOW INVENTORY…. “Real estate that hasn’t yet been foreclosed on”.
SHORT SALES could potentially be the NEW wave of available inventory that we are about to see… partly because of the freeze on REO’s.
If you are looking to buy property, you really have three pools of inventory to choose from: 1)Foreclosures 2)Short Sales 3)Non-Distressed Sales
This is unquestionably a buyers market! Whether you are looking for foreclosures, short sales, investment or non-distressed property, please don’t hesitate to contact us . We look forward to helping you! The Restivo Team 305 793-1365 or 305 632-0164
