New York Times – A Window of Opportunity

Anecdotal evidence suggests that there is a dramatic increase in the number of homes that are being sold while still in pre-foreclosure.

For example, Ocwen Financial noted in a recent New York Times article that they modified half of their delinquent loans last year, foreclosed on one third, and most of the rest were sold pre-foreclosure for less than the amount owed.[1]

Typically, according to the National Association of Realtors, distressed homes sell for 20 percent below normal market price, although discounts of 40 percent or more are not unusual if the home is not in good condition.

[1] New York Times. “Modifying mortgages can be tricky.” February 19, 2009.

How many of you are seeing these kinds of discounts?

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