Take Advantage of the Situation!

As I am sure you are all aware, if you read the newspaper many Banks have withdrawn their foreclosed properties from the market. This is the end result of the potential procedural errors that may have occurred during the foreclosure process. This will be a short lived moratorium so if you planning on selling your current home you might want to put it on the market ASAP. The Banks distressed properties have drug the market values down and having them out of the way even temporarily could benefit sellers. Without the low priced competition you might actually be able to get a fair price when you sell.

What is Title Insurance?

What is Title Insurance and how important is it? Title insurance protects homeowners against financial loss from defects in the title, liens on the title, or if the title is not what it is represented to be. Most banks will not approve loans without title insurance. This is very important protection.
A recent development where a major provider of this insurance has declined to cover certain Banks foreclosed properties due to procedural errors during the foreclosure process is cause for concern but not panic. At this time it will only affect certain bank owned properties from the institutions involved. Make sure if you are buying a bank owned property that your Real Estate professional is staying on top of the situation and can identify if the property you are purchasing is affected. A problem of this sort can delay a closing indefinitely.