subject: Without Foreclosed Houses, it is the Best Time to Sell Property [print this page] Without Foreclosed Houses, it is the Best Time to Sell Property
It is only the cave dwellers who do not know about the furor over foreclosure documentation fraud. Towards the end of October and start of September nearly all the mega banks including Bank of America, GMAC and others suspended their foreclosure operations in large parts of America.
A select number of lawyers who have prospered overnight during the latest economic mayhem have been submitting illegal papers and forged documents in court with the help of robo-signers. It has not come as a surprise to many especially those connected with the property market and deal with these banks. Handling deluge of foreclosures banks had no other alternative but to resort to short cuts to get the work of taking away houses from homeowners done.
The latest news is that work on foreclosures has again started after a short pause. It will take some time for these units to enter the market and are sold. Many experts feel that the present situation will prompt many potential buyers to jump back on the fence and sit on it waiting and watching the ebb and flow of events. Buyers are again cautious despite the fact that lending rates are at an all time low and there are great bargains to be picked up from the market.
The situation is providing a chance to those who sell without having to compete with property coming from the foreclosed category. Foreclosures generally lead to low appraisals and attract the bulk of the buyers. But with foreclosed units off the shop shelves one can chip in for a short period at least to make some gains. It will not be for long. So those planning to sell should not delay further but contact the real estate agent right now by picking up the phone.
The season is undoubtedly not the best time for sellers but right now there are less numbers of foreclosures to compete with. There would also be many who would be reluctant to deal with the hassles of selling during the holiday season. Thus demand will be same but supply will be less and this will place the seller of residences in the seat of the driver.
However it raises some questions about conspiracy. For a couple of years stoppage of foreclosures has coincided with the holiday season. Can it be true that till the advent of this season nobody knew about the robo-signings?
