Several banks have halted foreclosures recently in Florida due to some potential defects in the procedures or documentation used in obtaining foreclosure judgements (including Bank of America and GMAC Mortgage). Also, some title companies have started refusing to provide title insurance protection for some foreclosures.
On top of that I see a memo this morning that indicates several of the REO/foreclosure lenders have instructed their real estate agents to remove foreclosures from the MLS listings. This was a heads up to let Realtors in Brevard County know why the number of withdrawn listings may be rising.
As a real estate agent in Brevard County who avoids, if possible, foreclosures I can now say with great enthusiasm...pursue short sales!
If you are considering buying or selling real estate in Brevard County, Florida, call me at 321-693-3850 or email me.
©Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida