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How To Navigate The Foreclosure Freeze

Approximately one third of the homes being sold are homes that have been foreclosed on by banks.  Those  tempted to  purchase these homes, more commonly known as REO properties, due to the potential better prices that may  be obtained, must now question: What if you are about to make an offer? What if your offer has been accepted? What if your in contract? There is no sure answer right now as to just how long the freeze on sales will last. Many will now consider a short sale as a better alternative. The lender has not yet foreclosed on short sale properties, so you are not dealing the same title issues. Thus, the closing is likely to proceed more expeditiously. The fact that the same lenders are being held up on the sales of the REO properties should make it more likely that they will approve more short sales, especially if the lenders fear the same documentation problems will result on these properties. Read more

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