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Foreclosure in Woonsocket : Real Estate Advice

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Activity 2
Fri Apr 29, 2011
Lew Corcoran answered:
Christopher and Christopher have it right - a pre-foreclosure is essentially a house that the owners are trying to sell before the mortgage lender or bank forecloses on it or the owners are trying to get out from under it. Usually, the owners can no longer afford the mortgage payments and/or the house is worth less that the current mortgage balance. In either case, the mortgage lender or bank must approve the short sale agreement as well as the offer to purchase from a prospective buyer. ... more
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Wed Mar 25, 2009
Alayna Berek answered:
A short sale does not have to be purchased as is. However, you should have the inspection done prior to signing the purchase and sales agreement because once the bank agrees on a price, they are not going to give any concessions. Also, you should do a final walkthrough just prior to closing to make sure all is as it was when you last saw the property. This is why it is important to have a buyer's agent working for you. ... more
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