Foreclosure Mess Leaves Some Buyers in Limbo
An increasing number of buyers of foreclosed homes are finding that they can’t close on the property because the foreclosure — and the sale — is derailed by a problem with the foreclosure paperwork.
“Many of these transactions will probably never close,” said Greg Rokeh, a manager of bank-owned real estate in Longwood, Fla., for Watson Realty Corp.
Rokeh said he has about 25 pending sales that are tied up in the document reviews. He predicts that most of buyers will give up and purchase a different property.
“We understand it is a huge inconvenience to buyers,” Freddie Mac spokesman Brad German said.
--- Source: Bloomberg, David Henry (11/24/2010)
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