Why is a house listed Pre Foreclosure /Sheriff Auction?

Asked by Holly, 44132 Fri Feb 25, 2011

There is a house went Sherifff Auction. Now the house is listed Pre Foreclosure Sheriff Auction why?

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4
DEFRAG, , Compton, CA
Fri Feb 25, 2011
...and yes, Tim and Dave are both correct in that if the homeowner is somehow able to come up with all the money to pay off the debt before the home is sold at auction, the foreclosure process is stopped.
0 votes
DEFRAG, , Compton, CA
Fri Feb 25, 2011
Hi Holly,
The foreclosure process is long and drawn out with many steps along the way. The first step is usually a short sale. This means that a homeowner has decided to sell their home but owes more than the home is worth in the current market. So they work a deal out with their bank to sell it for less than what they owe. If the seller is successful in selling it, the bank may forgive the rest. If the homeowner in unsuccessful in selling their home it is foreclosed on. It then goes to sherriffs auction where it goes to the highest bidder. In some cases the bank will actually get the home back and put it back on the market at a very discounted price. This entire process could take more than a year or two depending on the situation. So "Pre Foreclosure/Sheriff Auction" means it is in the process of going to auction. Hope this helps.
0 votes
dave, Agent, Charlotte, NC
Fri Feb 25, 2011
holly,

generally it is listed this way becasue in most states when a house is sold at foreclosure the homeowner has a window of opportunity to get the house back. Granted the chances are very slim of it ever happening but none the less they have the option availble to them
Web Reference:  http://www.davedicecco.com
0 votes
Tim Cunningh…, Agent, Lakewood, OH
Fri Feb 25, 2011
Owner still has time to keep home from going into foreclosure
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