Short Sales May Get A Bit Tough In Florida
June 12, 2009, Writen by: Chris Anderson, Ph.D
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Some interesting news that has come out today about short sales and in particular, the ability to get title insurance on the flipped property. It appears that some title insurance companies are getting uncomfortable with the practice. There is a good article coming from the Tampa Tribune on this topic. To quote a portion of the article:
TAMPA - It may be a bit tougher now for investors to flip short sales for big profits.
Attorneys’ Title Insurance Fund notified its 6,000 member lawyers this week that it will not insure deals made with a popular - but controversial - method for closing flips of short sales. A short sale occurs when a mortgage holder agrees to allow a home to sell for less than the mortgage balance so that foreclosure can be avoided.
The Orlando-based fund is a major underwriter for lawyers who write title insurance in Florida. In a letter to lawyers, the fund said it has become aware of short sale programs advertised on the Internet that promise to make investors lots of money with little or no work.
It will be interesting to watch to see how this impacts the ability of investors to rapidly turn a profit on their short sales.
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