Real Estate - Can we talk short-sales?

[mosesbotbol]

I heard there are banks sitting on so many properties that they have a 10 year plan to slowly release them not to flood and de-value the market.

If anyone is interested in short-sale or foreclosure in the Boston area, my friend works for one of the largest Real Estate law firms locally. He has an inside track on many, but he lacks investors who can sign a check in short order.

[SvilleKid]

Originally Posted by mosesbotbol

I heard there are banks sitting on so many properties that they have a 10 year plan to slowly release them not to flood and de-value the market.

Unfortunately, you are 100% correct in the huge inventory story. It is a big worry for many related industries as well as the federal government as to what will happen when the economy turns around and these homes are released on the market! Unless the banks want them as a drag on their spreadsheets forever, they will probable be released for sale at a quicker rate than the market can absorb. I've been on the bank's side of this in the early 1980's, responsible for (at the height of that recession) foreclosing, valuing, repairing and selling over $40 million in OREO (Other Real Estate Owned). But that amount is nothing compared to the lender-owned ORE out there today. Scary, at the best!

[billybarue]

Any recommendations on the best resource(s) to find short or foreclosed residential real estate in any specific location?

[forgop]

Originally Posted by billybarue

Any recommendations on the best resource(s) to find short or foreclosed residential real estate in any specific location?

Before I bought my house a year ago, I really wanted to consider foreclosures and short sales. Problem is that there are a lot of sharks in that segment and getting any information on listings online requires subscriptions from what I could find out.