Yes, now is the time to sell your seller financed note before things actually get worse. On March 9, 2011 it was reported that housing sales have gone down yet again due to low appraisals of residential housing. Foreclosures are still on the rise because of the present day financial shape of our work force,banks and lending institutions. Private lenders are upping downpayments on residential homes as a means of protection against low appraisals in neighborhoods with lots of foreclosures for sale.
According to National Public Radio, housing sales are down 10% due to low appraisals in residential areas. If a residential neighborhood has a high rate of foreclosures in it, this one fact drives the prices of other homes, for sale in the same area, way down below the sales prices that they are presently listed for. Once a buyer finds out this information, they are all over trying to buy a home that has been appraised at lower than the asking price. The home owner trying to sell their home just sees this as a deal breaker and no sale is made as a result.
Private lenders are protecting themselves from this by increasing the down payment requirements on residential home purchases. They have found a way to get more money from a bad situation, but at the same time creating a worse situation that results in no sales of residential homes in areas where lots of foreclosure properties are being sold. So, even the people trying to take advantage of market that does not include the banks or lending institutions are now encountering yet another road block in their efforts to provide funding to new prospective home owners wanting to buy these homes.
With foreclosures on the rise, the numbers will only increase in our present day economic situation. The banks and lending institutions are so scared of lending money or granting extensions on foreclosures. No one wants to be labled after the bail out as still doing business the same as before the bailout. They have become insensitive to the plight of their clients and are foreclosing on homes at an astonishing rate higher than ever before. How much more exclusion can the general public take is only a question that time will answer in the coming months and years. Future anticipation of a resolution to these issues is not in the foresable future so hold on and keep the faith that hopefully things will get better than they are now at this time.
So in conclusion, now is the time to sell your seller financed notes before things get even more complicated for private lenders to provide seller financed opportunities to new prospective home buyers trying to obtain homes in our present day economy. Cashing in your seller financed notes may not be a bad option for getting cash now before pricing can be affected any further.
