As Foreclosuregate heats up in the upcoming months one thing remains clear. Buyers of foreclosed homes will be unsure if their property rights and entitlement to a free and clear title will be absolute.
With all the class action lawsuits and other legal actions by the Attorneys General of 49 of the states and The District of Columbia pending it is unclear how things will play out in the near or distant future.
A recent article in the New York Times, and posted by Mai Ling at MSN Real Estate says: If former homeowners can prove their foreclosures were incorrectly processed, the new buyers of their foreclosed properties could get stuck in the middle of a legal mess that we can’t even fathom at this point. One thing’s for sure: We’re going to be seeing a lot fewer homeowners willing to consider buying foreclosed homes.
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One thing is clear, these same buyers looking, for good value in a home purchase, are already flocking to the short sale market to provide them with a family home or investment property with a guaranteed marketable title.
If you are looking to sell your home in this market there is no better time to consider a short sale listing to attract these buyers and provide you the relief you are looking for from a pending foreclosure. Most lenders have their own specific requirements and federally insured loans require their own set of submittals. It is my recommendation to use a Realtor experienced with the processes and requirements specific to short sales.