Foreclosure Freeze Creates Waiting Game for Realtors

Claims of insufficient or even inaccurate documentation filed with foreclosure courts have hit lenders hard. But it’s also taking a toll on real estate practitioners who turned to bank-owned home sales as a strong source of revenue in tough economic times. Now, large portions of their listings have been frozen.

Dealing in real estate-owned sales, or REOs, is different from traditional home sales as agents are typically responsible for rehabilitation and regular upkeep of foreclosed homes, adding financial liabilities that means a payday and reimbursement could take months.

Survival, however, depends on diversification, and a little optimism that the holds on foreclosure listings by the banks won’t last long, and inventory can move again.

Read more: Foreclosure freeze creates waiting game for Realtors – Tampa Bay Business Journal

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About Blick Law

Public Relations Specialist
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