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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (100119)	1/14/2008 4:17:55 PM
From: Tradelite	Respond to of 306849

<<almost every one sold at the steps is going back to the lender. REO's is where the action will be until we get some stability.. >> I'm under the impression that virtually every courthouse step sale is only a formality in deed-of-trust states (as opposed to mortgage states). If no obvious bidder at a good price appears, the lender bids and wins, and this officially transfers to the lender the right to sell the property any way it can. The trustees have to grant this right to the lender, and this is merely the process for doing so. After the lender gets control of the property from the trustee(s), it can then engage in whatever is necessary to get the damn place SOLD! This MIGHT include some creative financing of one form or another if someone would propose a workable deal, but little is being said about this outside-the-box deal-making, so far. We shall see what the future brings as things get worse for the lenders.