Just because it is on Realty trac does not indicate it for sale. However, Realty Trac does have i icon of a for sale sign, that next to a pre foreclosure, the property is listed and being marketed. If there is no for sale sign the property is not for sale. Fifty percent of the properites in foreclosure never try anything and just go to foreclosure sale without trying to save their home. The Obama modification plan has also placed cases on hold that home owners might of tried to list, but with the promise of modifying their loan and a chance to stay in the property they did not list the property.
This issue will be if people want to sell the property and the other issue is how many loans the owner has and how upside down are the owners. A transaction that is a short sale will require a realtor and you or they will need to hire a realtor to work with lenders for a short sale. Ideally the seller should list the property and test the market to gain the lenders interest.
First Weber Group
Certified Distressed Property Expert
Your best bet is to be in touch with a local real estate professional. If and when the property becomes available they will be able to make you aware of this and guide you through the purchase process.
The reality is that whatever the amount Realtytrac has associated with this property is not a good reflection of its value or the price the bank is willing to accept. A local agent will be able to provide you with the best course of action.
The foreclosure process is quite lengthy and starts when the borrower defaults on the loan. The following steps are included but are probably not all of the steps in the process after the borrower defaults.
- The lender petitions the court to sell the property.
- Borrower notified, has chance to catch up on payments, fees, remaining balance of loan.
- Borrower can't pay, home is slated for sheriff sale.
- Borrower can petition the court to stay the sale.
- If the sale goes on, potential buyers bid for property.
- If the property is sold at sale, sheriff evicts squatters (prior borrowers).
- If the property is not sold, the bank â€œbuysâ€ the property back.
- Bank puts the property on the market through a broker.
- For lenders who have VA or FHA backed home loans, they give the property to those agencies recovering the funds and those agencies either list with a broker or post those properties on their own web sites.
Now, even before this happens, the borrower sometimes lists the property (with the lender's approval) as a short sale (the price of the home is less than what is owed).
Moral: Get a real estate agent to help you out. They can show you properties which are either in foreclosure or will be a short sale. They can also assist you with properties which are slated for sheriff sale to see if they would be profitable.
Hope that helps,
Terrence Charest, e-ProÂ®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
â€œGiving to Those Who Gaveâ€
Often they show the amount of a lien that is behind on payments. The house may never be an actual foreclosure. If it is, the price shown will look nothing like the price paid for it.
To find foreclosures either look at the blog below and search for real ones or contact any realtor. They can show you all real foreclosures for sale.