With Bank of America, GMAC and JPMorgan Chase halting foreclosure proceedings as they reassess their compliance with state and federal laws, an opportunity has arisen for sellers of non-distressed properties. The banks have currently taken many of their foreclosed properties off the market, thus lowering the supply of available houses. With fewer distressed properties for sale, other properties have a window of opportunity. Not only are there fewer homes for sale, but there are fewer homes at below-market price. Suddenly the competition isn't so fierce.
So if you need to sell your home, now is your chance. All sellers should take advantage of the halt in foreclosures to get their homes sold. This break in foreclosures won't last long and it will be harder to sell a non-distressed property as soon as all of the foreclosures are once again released into the market.
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