Hard Money Lenders to Fund Foreclosures and Short Sale By End of Year

Hard money lenders are poised and ready as many banks will be looking to rid their balance sheets of lingering short sales and foreclosures by years end. With less than 30 days before the end of 2013, most of these will be purchased with all cash or financed using hard money lenders.

Some of these toxic assets have been on the chopping block awhile, most banks have been reluctant to let them go. We’ve seen some short sales take over a year before a bank finally let them go. With all of the man power and other resources required to play the game of back and forth with potential short sale buyers, it’s a mystery to many as to why banks have held onto them so long. With prices having recovered in most markets, many industry observers are saying that banks are hoping to get more for these short sales than bidders are willing to pay. This is bad news for potential buyers who may have been waiting around for months and months to get the short sale acceptance. In the final quarter of 2013, many banks have turned over many already accepted short sale offers to the disappointment of many patient buyers.

As the year comes to a close, it will be to the benefit of many financial institutions to rid their balance sheets of toxic assets. The winners over the next 30 days will be those who can move the quickest to the ‘beck and call’ of the banks. Those holding cash and those with good relationships with hard money lenders who can fund nearly the same as cash, will be the winners over the next 30 days. Let the games begin!!

Posted by Corey Curwick Dutton