Over the last two to three years, real estate and banking news has filled the media for one reason or another. Over the last few months things had quietened down……or so we thought! Earlier this month J.P. Morgan Chase, Bank of America, Wells Fargo and many other lenders stopped all foreclosures until further notice. They have discovered that the lawyers they retained did not handle the files with due diligence, which lead to many homes being foreclosed upon by banks who may or may not hold the note. With this said, the financial institutions are frantically trying to limit the damages. I suspect we may see class action suits brought against the banks in the near future by homeowners who surrendered their homes to lenders who were not qualified to foreclose.
On a more positive note, the snow birds are starting to return to Sarasota. This is the perfect time to list your home ready for the seasonal residents to buy up our real estate at historically low prices.
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