The Foreclosures Situation
- Author Joseph B. Smith
- Published April 21, 2011
- Word count 375
Investors in foreclosures continue to have a field day as more and more homes enter the distressed market and home prices continue to decline. The controversy surrounding the sloppy foreclosure documentation practices of lenders have even slowed down the foreclosed market as more and more home owners are fighting to protect their homes.
Several banks and mortgage houses have been named in the controversy, and the government has stepped in and prompted these lenders to stop foreclosure proceedings for the meantime until the problem is fixed. Investigations have been launched on the alleged use of electronic signatures without the virtue of close scrutiny in order to expedite foreclosures.
But this problem is expected to be fixed in only a few months and lenders can again continue foreclosing on homes. Even at the height of the scandal, the number of empty foreclosures stayed almost the same as demand declined. Buyers have been put off by this development in the market. They have been more careful in selecting properties to invest in and rightly so, as no one would want to acquire a home where the former home owner is still fighting the proceedings.
Protecting Your Interests
Research and due diligence are every buyer’s weapon against potential problematic investments. Experts advise that this is still an ideal time to purchase foreclosed homes as the prices are at their lowest. But buyers have to be careful not to fall into the trap of foreclosure themselves. It is still important pre-qualify for a home loan if you do not intend on paying cash. In fact, sellers will demand this from you. In buying foreclosure homes, one should have ample funds to cover the costs of researching the title and background on the property, repair and renovations as well as all the other costs involved in finalizing a deal.
Be sure to have a professional inspector who can check out the property and come up with an accurate assessment of the cost of repairs. Rely on experts in conducting the title search and revealing hidden taxes and other liens tied to the property. One should also make sure that the price of the foreclosures they are considering are competitive based on the prices of similar homes in the same market.
Joseph B. Smith has been educating buyers on the finer points of Foreclosures at ForeclosureDataBank.com for over five years. Contact Joseph B. Smith through ForeclosureDataBank.com if you need help finding information about Foreclosures.
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