Foreclosure Notes
My Thoughts on Foreclosures
Because of media hype about foreclosures, I have a lot of people asking how to find them, so I decided to take this opportunity to pass along some information.
Popular foreclosure web sites
The foreclosure web sites I have visited (one of which was recently linked to my web site by my provider) show properties for which the owner is behind on their mortgage. If you subscribe to the service provided ($$), they will tell you if the mortgage is 30, 60 or 90 days in arrears. The dollar amount listed on these sites is the amount of principal remaining on the current mortgage, NOT the price for which that property would be sold IF IT ACTUALLY PROCEEDS through foreclosure.
Sheriff's Sales
You can find information regarding sheriff's sales in the local paper. Properties will be listed as being sold by a bank or mortgage company and are true foreclosures, but they are not without issues. The sale is generally an auction and you will need to call the contact number given to get the details. YOU WILL NOT BE ALLOWED TO PREVIEW THE INSIDE OF THE PROPERTY.
How a Realtor Can Help
Home owners who find themselves unable to make their current payments may have the ability to work things out with their lender, even if they are several months behind.
If they have chosen to sell, a Realtor may be able to work with the lender to stall foreclosure, keeping fees and fines to a minimum, until the property can be sold. This "pre-foreclosure" condition may result in below market prices (in the interest of a fast sale). These homes will be found listed in the local MLS.
