Most fraudulent practices done in the mortgage industry are mainly done due to the high levels of ignorance and lack of the will-power to seek for the truth on issues that are mainly perceived to be of no importance.
Creating a stable and efficient market to ensure customer confidence and prevent fire sales would be a very crucial step meant to fully transform the market and ensure friar and more friendly business environment. At times a few people are used as tools of bidding high in order to change the perception of people on the actual value of houses. This leads to sudden hiking of prices. Fire sales therefore refer to a situation where there are many buyers who are overbidding over a foreclosure home or property by overpricing.
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