A foreclosure sale is the final step in the foreclosure process that involves auctioning off the collateral. The proceeds of the collateral are used to pay off the lender.
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The "Foreclosure Sale", also called the "TRUSTEE SALE" is a formality that the Bank has to go through to finalize the Foreclosure.
If they are doing the Trustee Sale soon, then it won't be long.
There are two ways that you can stop the Trustee Sale;
1.) Pay the Bank some or all of the money you are behind, or
2.) Apply for a Shortsale, with a Realtor, which will stop the Bank from Foreclosing.
To do this, please call a Realtor and ask for their help.
Good luck and may God bless
Foreclosure is a process in which the estate becomes the absolute property of the lending institution. So, if you are looking at a property described as "foreclosure" it means that is owned by a lending institution.
Short sale or pre-foreclosure is when the owner owes more than the home is listed for and is trying to sell it short of what they owe. The lender who holds the mortgage would have to approve the lower amount in order for the sale to go through. In addition to that, the seller would have to provide the lender documents proving that they have suffered a financial hardship.
In both cases, the buying process is very intricate, with a lot of unexpected turns. And ultimately, instead of buying seemingly a phenomenal deal, you may end up hugely disappointed. I strongly recommend to work with an agent experienced and certified in this field, who will help you navigate through the murky waters of distressed properties buying process.
If you need further assistance, don't hesitate to contact me.
Kate Smith, RealtorÂ®, ABR, CRS, E-Pro,TRC, CLHMS, SFR, CDPE
Luxury Homes, Commercial and Distressed Properties Specialist, Advanta Realty, Inc.
Cell: 786.412.8510; Fax: 800.866.1159;
â€œSome make it happen, some watch it happen, and some say, what happened?â€
A Pre-Foreclosure sale is a Short Sale.
A Foreclosure Sale occurs at the county courthouse (or online in many counties) and the property is sold at auction by the investor that owns the mortgage. Sometimes they will allow a sale below the outstanding mortgage so the very best deals can be had at the courthouse. It's also VERY risky because the buyer at a foreclosure auction gets the property without a clear title and it may have other liens and the house may also have serious issues (sinkhole, chinese drywall, toxic mold, etc.) and liens attached.
"after" the foreclosure auction if the lender gets the property back (doesn't sell at the courthouse), they will list the property for sale by a Realtor and you can buy it then and get a clear title and have the chance to have it fully inspected for defects and be able to cancel your purchase.
Hope this helps.
Foreclosure indicates that the current owner of the property is the bank. It differs from a short sale. In a short sale, the owner is the owner of record and the bank will be short the mortgage amount that they will receive at closing. The short sale needs the bank approval to close. I hope this helps your understanding.
Debbie Albert, PA
Keller Williams Treasure Coast