How does pre-foreclosure really work?How long will it take to get possession of the property if I want to be moved in by June, 2013?

Asked by Ezen0423, 89012 Sat Feb 2, 2013

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This question was asked from this property: http://www.trulia.com/foreclosure/3102752662--SW-Rochester-D…

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Craig Loughr…, , Oregon
Tue Feb 5, 2013
Many lenders in Oregon in recent months have quit using the relatively short non-judicial foreclosure process, and have started foreclosing through the courts. The process is longer and more costly, but gives them more assurance that the foreclosed homeowner won’t be able to contest the foreclosure. (There have been other reasons too.)

Depending on the circumstances, I’ve heard of some judicial foreclosures taking as long as two years, though most are done within a year. That’s the amount of time from when foreclosure proceedings are initiated until the property is auctioned at the county courthouse.

A pre-foreclosure property is just one where a Notice of Default has been filed with the county in which the property is located. The property may never end up being foreclosed, depending on what steps, if any, the owner takes to challenge the default/foreclosure or bring the loan(s) current.

I believe that if you found a property where a Notice of Default has been filed, and no other steps have been taken yet in the foreclosure process, you would be unlikely to be able to acquire the property by June. A better bet is to search the multiple listing service where you want to purchase, and work with a broker to get a property off the MLS that has already been foreclosed.

An alternative, if you have access to liquid funds, is to purchase a property at a county foreclosure auction. Most properties in northwestern Oregon that are being sold through a foreclosure auction can be found at: http://www.usa-foreclosure.com.

Best of luck… Craig
0 votes
The Stephen…, Agent, Portland, OR
Sat Feb 2, 2013
You can't count on the information given on this home given by RealtyTrac, especially the price. It is unrealistic and arbitrary. It can take a long time before the home is actually for sale, 6 months to a year and I can nearly guarantee it won't be anything close to the price RT mentions.
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Sat Feb 2, 2013
It is different in all states and will depend on whether it is a judicial or non judicial foreclosure. I wish I could give you better information but there is not enough information here to do so.
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