Southwest Florida Real Estate news - More banks are keen to let go of foreclosed homes as soon as they receive them and experts are starting to take notice. Some of these experts are now changing their stance regarding the matter. Experts observed that major banks are the only ones using this strategy since smaller banks can’t afford the losses they’ll receive.
It might have something to do with two major lawsuits with state attorney generals back in 2012, which seems to have an effect with banks increasing their foreclosure sales ever since then.
Banks are also changing their strategies since a year ago, and they are now setting their sights on cash buyers that have the available cash on hand rather than mortgage holders.
Banks state that they don’t want to be landlords, so they’ve been trying to get rid of foreclosed properties as much as they can to free up more capital for other uses.They’re targeting cash buyers to utilize the money sooner even if it doesn’t pay interest.They’re doing this so they can make up for the time and money that they’ve lost while holding the property.
Meanwhile, more and more homes are joining the market and appearing in multiple listing services (MLS). These homes are quickly bought as real estate investors and homebuyers noticed that the housing market is currently recovering, growing consumer confidence as a result. Several of these homebuyers particularly those looking for an excellent retirement home are focusing on some of the more popular areas like Cape Coral Florida
. Of course, realtors have already been alerted of the developing trend before then.