Home Buying in 33160>Question Details

Nelly, Home Owner in 75235

what does a foreclosure sale mean?

Asked by Nelly, 75235 Sun Jul 17, 2011

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7
There are home for fForcloser in Oak Island, NC. How dose this work if you want to buy one of the homes?
1 vote Thank Flag Link Thu Sep 12, 2013
Contact a Realtor in NC.
Flag Thu Sep 12, 2013
A foreclosure is a legal proceeding commenced by a lender to recover the value of the loan from the collateral securing the loan. In the case of a residential mortgage, the collateral is a home.

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.
Web Reference: http://www.bkjgroup.com
1 vote Thank Flag Link Sun Jul 17, 2011
The term Foreclosure Sale is being used as a property that a bank has already taken over in a foreclosure process.

Call me to discuss details.


Thomas Pludwinski
Cell: 305 968 2932 -Miami
email homesthomas@yahoo.com
skype: thomasplud
web: http://www.homesthomas.com
Elite International Realty
16137 Biscayne Blvd.
Aventura, Florida 33160
0 votes Thank Flag Link Mon Jul 16, 2012
It means that the Bank is going to take your house away from you and you are going to have to move.

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
0 votes Thank Flag Link Tue Jul 19, 2011
Hi, Nelly:

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.

Cordially,

Kate Smith, Realtor®, 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;
kate@hollywood-beach-real-estate.com
http://www.hollywood-beach-real-estate.com
http://katesmith.advantarealty.com
blog: http://4realestate.wordpress.com
http://www.linkedin.com/in/miamirealtorkatesmith

“Some make it happen, some watch it happen, and some say, what happened?”
0 votes Thank Flag Link Tue Jul 19, 2011
Hi Nelly,

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.
Alma
0 votes Thank Flag Link Mon Jul 18, 2011
Nelly,
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
0 votes Thank Flag Link Mon Jul 18, 2011
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