There are many variables to consider when shopping for foreclosure homes, is it a bank owned home or is it a short sale. A buyer may be able to negotiate lower closing costs, down payments and mortgage rates on a pre-foreclosure property than he would on a traditional sale. The trend indicates a greater likelihood that home prices will continue to soften, as foreclosures and short sales typically sell at sharp discounts to other homes.
Whether you are an investor, family, or a relocating young professional our site can help you find what you need in the Lakewood Washington foreclosure home market. In a healthy local housing market, a sign of trouble has appeared: More people are losing their homes to foreclosure than at any time since the Texas real estate bust of the 1980s.
Foreclosure by judicial sale, more commonly known as judicial foreclosure, which is available in every state (and required in many), involves the sale of the mortgaged property under the supervision of a court, with the proceeds going first to satisfy the mortgage; then other lien holders; and, finally, the mortgagor/borrower if any proceeds are left.
Lenders may be favoring short sales versus waiting for troubled loans to go through the foreclosure process to take back the homes securing the loan, said Daren Blomquist, a vice president at RealtyTrac. A foreclosure consists of a lender trying to reclaim the title of a property that had been sold to someone using a loan.
Many real estate websites, including individual firms or listing services, offer the option to search by short sale. A pre foreclosure can also be referred to as a NOD (notice of default) or Lis Pendens, which is a formal warning sent to the borrower on a loan regarding the delinquent payment(s).