[quote=urbanrealtor]At a logistics level:
There is almost no legal way to remarket a property less than 180 days from first non-payment.
. . .[/quote]
UR, I see these properties being able to be marketed 145-150 days (max) after first non-payment.
Under a correct and timely foreclosure procedure, at the 115-120 day mark, the trustee’s deed CAN be recorded. Not EVERY defaulting trustor wants an eviction on their record. Some will leave voluntarily without the lender “bribing” them to. Ditto for tenants who received a proper 60-day notice or their lease was up.
I was in hundreds of properties which were foreclosed upon in a timely manner in “yesteryear.” Some were ready to move into and some were not. But the clean up, repairs and replacements to ready it for sale (no matter how much junk there was) never totaled more than $3K (mostly in cleaning svc and dump fees). More often than not, they were sold “as-is” and most of this “clean up” fell to the REO buyer. Clean up AND eviction fell to the buyer of the trustee’s deed. Other than fixing broken windows and draining swimming pools (code violations) or correcting HOA violations, spending additional money cleaning/repairing a property for marketing purposes is entirely the perogative of the foreclosing lender. There is no law requiring them to do so.
There is no doubt in my mind that there is a market for properties which need clearing out/fixing up in order to be habitable. Any property is saleable . . . for a price.
There is no reason to “pay” people who have been living for free for many months (or even years) to voluntarily leave. No reason at all. The law entitles an owner to possession of his/her property if they are not receiving rent payments and likewise if a lender isn’t receiving mortgage payments and each follows the proper procedure to obtain possession.
In your experience, UR, do the “settled debt” remarks on a successful short-sale seller’s credit report reveal the entire unpaid portion?? Just curious.
