I little dose of common sense would be great! Does it make sense to spend 10′s of1000′s of dollars in attorney’s fees and lost interest (over a two year period, the average time to foreclose a Florida property) to foreclose on a property to then sell the home for a song! How about working with the current owner, many homeowners could keep their home if you reduced there principal by half of the amount it cost you to foreclose and the minimal profit you realize from the sale, all the while driving prices down even further so that you get less for your next foreclosure. It has been over fours years of record foreclosures, what have you learned?
I sold a home back in April of this year, a week before the foreclosure sale. Freddie Mac agreed to cancel the sale and review the file for approval. It has been sitting on the desk of someone at Freddie Mac since April 29! Over 4 months for someone to spend 15-30 minutes to say yes or no. What should this teach you? Maybe your foreclosing on too many homes? Maybe you need to hire a few more people? (Jobs?)
I have a listing that has been reduced over $250,000, why? Because 30-40% of the homes selling are foreclosures. Stop blaming Bush, stop blaming the greedy, stop blaming the few that bought more than they could afford and plug the leak. Until you start with a major plan for principal reductions and working effectively with short sales, we are in for a LONG ride.
Anyone else have another idea?