BiggerPockets

The gist of that article is the reason I commented as I did in this other thread:
http://www.biggerpockets.com/forums/16/topics/55779-problems-at-final-walkthrough-

The North Carolina attorney general has asked 14 lenders to suspend foreclosures in the state until they can show their process complies with the law. It's just political posturing right before the big mid term elections.

thanks for the insight brian..i can see suspending foreclosures while homeowners are still living there if the paperwork was rushed or not properly documented...however, do you think this includes taking REO's that have already been foreclosed and are on the MLS back off the market?

This could easily spread to other states and banks. There was a recent lawsuit that I read about that may have helped prompt this as well as political reason.

The article I read talked about a bank exec that was just doing very cursory reviews and signing foreclosure papers. As it turns out there were a number of problems with the paperwork.

The other banks saw this $#!+ hitting the fan, and quickly jumped into checking on their own affidavits.

brian, are you seeing any more of this in our area?? so far, i've put out a couple offers this week, and this was the only REO that vanished off the mls...btw, it was a screaming deal so i hope it pops back up soon

will, that's great advice....except the agent part...lol i already list my rehabs with a flat fee service, so i've shut my preferred agent out of the sell side.....but yes, in this case, you're prob right that it's best to give the listing agent both sides to get the deal...thanks for the idea

ya i understood what you said...maybe i wasn't clear...what i was saying is that i alraedy shut my agent ouf of the sell commission by using the flat fee...i'd hate for him to lose out on the buy commission as well...i've used this tactic before going direclty to the listing agent and he didn't seem thrilled...probably bc i drive him crazy looking at houses and sending me comps!! then again, agents are so territorial!!!

My opinion:
Be friendly with listing agents. They can give you the lockbox combo so you can get in and perform your due diligence. You can even have your offer all written up and in their hands to await the re-listing go ahead. Be ready to beat everybody else to the punch, and you've improved your chances of bagging one.

yea, banks like Bof A, GMAC and a few more, are holding off filing FC right now. At least 60 days. We talked to BofA and according to the manager they don't have the man power to foreclose the homeowner because there's too many of them and they don't have enough staff to do that and it would costs them more. I saw an article about this..If i find it i will post it here. there's a few more banks that are doing this.