Based on what I’m seeing, it’s not necessarily true that they will take a greater loss in foreclosure. With all the pre-arranged short sales, I think they might do better with foreclosure.
Sorry, the sellers might have the “legal” right to sell for now, but I think that might change in the future WRT short sales.
Dude,
No I do not get tired of this conversation, and think we’d be much closer to a bottom if the PTB mandated that all foreclosed properties (for which taxpayers will somehow be liable) be listed on a govt-run auction site — with national exposure — for a minimum number of days. The GSEs would pre-qualify the bidders, and every sale/purchase would be tracked. That way, the entire process could be transparent, and the taxpayers would be better protected.
