Foreclosures

Foreclosures have hit the housing market hard. However, foreclosures have also been part of many of the closings as of late. Therefore, if you have been paying attention to the news lately, foreclosures could come to a screeching halt. Essentially, there is a probe going on whether certain banks "robo-signed" (fraudulently) affidavits to help move the foreclosure process along. This could be a problem because some people may have been wrongly evicted from their properties.

This affects 1st time buyers because many of these foreclosed houses could be a house you may want to buy. However, if it is found these banks committed fraud, none of these houses can be bought for the time being. Generally speaking, foreclosed properties could be interesting to the 1st time buyer because of the prices, however, the actual process is complicated, which is why it would be wise to seek counsel of a licensed agent when dealing with these properties!

READ MORE:

Housing Probe
How do Foreclosures Affect Home Sales
PNC to Halt Foreclosures