GMAC announced today that they are halting all foreclosures and issuing a hold on selling all REO (Real Estate Owned) properties! What doe this mean? It means that they have finally seen the light!!! They have figured out that the more foreclosed properties they flood into the market for sale, the less money they will make on these properties because of market saturation. Is this a good move on their part? I say No!
My logic is this, a little bit of something, is better then a whole lot of nothing. What I mean to say is, that what are you going to do with these properties, hold them for the next 25 years, waiting for the housing market to improve? The way I see it the housing market will not rebound until unemployment retracts, government clues us in on the tax structure after January 2011, and we start supporting and encouraging small businesses to flourish.
So, in conclusion, I would say that short sales are still possible with GMAC you just have to be at the top of your Negotiating game.
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Until next time - be well.