powayseller, they would, if they could. Granted, I’ll be honest, I’m not a foreclosure guru, but these are my thoughts.
The problem is housing is by nature, illiquid. Typical DOMS are 90-120 or more in a regular market. The question really isn’t who will buy it, but is who will buy it in the timeframe needed? Keep in mind that closing takes takes a normal buyer 30-45 days to complete. Once you’re NODded, the clock is running.
The sale has to be closed before the the last right to reinstate ( 5 days) before foreclosure sale. The foreclosure process from NOD to setting the foreclosure sale date is only 90 days.
So in reality, the NODder, needs to go from getting the NOD to realization that they need to sell, sell right now and then do the sale in under about 80 days.
How fast is someone that is stressed and trying to juggle the missed payment thing going to decide that the home they think, maybe even know, is worth $630K needs to be sold for $550K giving up $75K when they’re going broke as is?
