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BoA to Start Selling Bank Owned Condominium Properties and Homes Soon

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By : John Cutts    99 or more times read
Selling of bank owned condominium properties and foreclosed residences with mortgages under Bank of America (BoA) will soon continue in Colorado. According to BoA, it will resume the sale of foreclosed properties in the state within a week or two.

This will mean that Aurora bank owned homes and other BoA owned properties in the rest of the state will soon be made available to buyers. However, market observers are expecting that this will not happen until foreclosure sale moratoriums in states that follow the judicial processing of foreclosure are lifted.

According to housing market experts, BoA will first lift the temporary sales suspensions from 23 other states where foreclosure processes are handled by judges before the bank will move to states like Colorado where foreclosures are handled by trustees. Most market analysts are expecting Colorado bank owned homes to be offered at the selling market by the first week of November.

Most housing industry analysts have welcomed the announcement, arguing that it will help lessen the number of homes under bank owned property lists and will speed up the recovery of the state's housing market. However, as expected, troubled homeowners are not too pleased with the news as most of them are hoping that they can have until Christmas to find a way to save their properties.

Most owners of bank owned condominium properties and residential real estate that are under foreclosure threat have welcomed the moratorium, but they have been warned by most realtors that the suspension will not last long and that they need to look for ways to save their homes as foreclosure selling will likely continue by November or December of the current year.

Although there are homeowners disappointed by the news, there are also those who found that the few weeks of breathing space given to them were enough to come up with a solution on how they can save their dwellings.

No matter how many homeowners will be able to avoid foreclosure after the suspension is lifted, realtors are predicting that the sale of foreclosed residences and bank owned condominium properties will start to gain traction again in Colorado right after the November 2, 2010 elections and right after Bank of America has lifted the moratorium in the state.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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