“Of our closings, two are with a Pennsylvania group and one is from a Canadian company,” Bloom says. “Another investor from the North East is looking to purchase along the west coast of Florida because he believes our cycles are more 'volatile' than other parts of the country. That our 'highs' are too 'highs' and our 'lows' are too 'low'. As the acquisition executive from his company, he believes we are at a low.”

Bloom says he’s also seeing other banks look to market the summary judgment of foreclosure. By having the bank gain the judgment, it eliminates the unknowns— time, legal costs, and possible defenses—that go along with the pre-judgment foreclosure note sales. By selling the summary judgment, he says, the bank avoids the issues and liability that go along with taking title.

“It appears the philosophy is that there is a significant increase in value that the market will bring between pre-foreclosure judgment and summary judgment,” Bloom says. “Additionally, there appears to be a perception that there is not a significant discount between this approach and providing title, especially when the purchaser of the summary judgment still has the rights of the personal guaranties on the loan.”