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The Latest News to Rock the Real Estate World: Robo-Signing

Saturday, October 23rd, 2010

It’s the latest scandal to sweep the mortgage world and you might have heard about it: robo-signing. As if the foreclosure crisis itself weren’t enough, news was released today that revealed bank executives signing off on foreclosure paperwork in an automatic fashion with no review to see if the paperwork was actually valid. Enter, robo-signing.

While there are no numbers yet, this automated process could mean that numerous people who should not have faced foreclosure were pushed into the process with invalid or incomplete paperwork. Hence, the available inventory of homes across the nation has dwindled as banks are hesitant to release properties until all paperwork is thoroughly reviewed.

Just some tips to keep in mind if you’re out there in the housing market and looking to get the best deal on a home. Foreclosures can mean a decent saving in today’s market, but here are a few things to remember:

  • Always have your Realtor check for clear title on the property of interest.
  • Avoid risky public auctions when the property is not available for preview or inspection unless you’re an experienced real estate investor.
  • Go through the mortgage pre-qualification process to have as much leverage as possible when you come to the negotiating table.

If you have questions, never hesitate to pick up the phone or drop us an email. We’re happy to help where we can. And we’re always out and about the town, so raise and arm and give a wave next time you see us out! Need ideas for the fall? Check out our local events calendar and get your schedule in sync for the cooler weather!

Until next week –

The Staff at San Juan Realty, Inc.

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