Governor’s Foreclosure Task Force looking for Realtor input

Here’s a chance for you to get your opinions on foreclosures and the housing market to the governor’s ears.

John Powell — broker in Colonial Heights and past VAR president — is on the governor’s Foreclosure Task Force. And he would like to know, straight from Realtors’ mouths, the effects of foreclosure you’re seeing.

For example…

  • The impact of the foreclosure crisis on Virginia as a whole, on individual cities and counties, or on local communities
  • How foreclosures are affecting financial institutions
  • How housing markets — buyers, sellers, inventory, etc. are affected by foreclosures
  • How housing professionals — Realtors, builders, developers, etc. are affected by foreclosures

Let us know! Post a comment on this message on VARbuzz, or on our Facebook page.

The Foreclosure Task Force will take your suggestions into account, and begin gathering information that it will present — possibly with recommendations for action — at its September meeting.

It’s a quick and easy way to share your opinion and know that it can make a difference.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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3 Responses to Governor’s Foreclosure Task Force looking for Realtor input

  1. Alton Parker says:

    Bank of America foreclosures require the buyer to be prequalified by their own loan officer on any purchase, however, they still may use their own Mortgage company.

    In many cases this can adversely affect the credit score plus supplying additional documentation to BOA.

    I feel this is causing the buyers undo complications and also gives BOA an unfair advantage over other Mortgage suppliers

    I would like this to be done away with as the frustration level and the additional hoops a buyer must go thru are not needed

    Its another way of tilting the market toward BOA

    Thanks for the opportunity to voice my concern

  2. I have seen many of the contracts encounter appraisals that are coming in lower than sales price, which has led me to believe that if the market was left to it’s own , that we would see a quicker recovery than what we are seeing currently. With the supply of listings lower and the deman increased, there are many multiple contract scenarios and use of escalation clauses. However, when the appraisal process is put in place, it is seems to hold down the prices. Of course, I am certain, that we do not want to see runaway pricing again. However, it would definitely help if we didn’t have so many low appraisals, when it is obvious that the market supports it.

  3. Dee Karlsson says:

    What presently and I am sure, will continue to cause head and heartache with short sales are uneducated agents taking these listings without preparing the sellers and knowing how to guide the purchase to closing. They are winging it and causing short sales to have a greater negative stigma. A short sale when handled properly can be a good opportunity for buyers and a problem solved for sellers. Nothing is fast or normal when dealing with short sales.

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