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Foreclosures are bank-owned properties. The foreclosure process has already been completed and the property is owned by the bank. Foreclosures are more predictable than short sales which are sales BEFORE a foreclosure has taken place.
Foreclosures do not always offer better priced properties than traditional sales. Some banks want to maximize the value their Real Estate Owned (REO) portfolio by making repairs to their properties and trying to get a maximum sale price. Some banks want to liquidate to keep the amount of foreclosures low. Theses properties may need work but they may be priced to sell fast.
If you are facing foreclosure and would like to get the facts on options available to you, please call us at (510) 868-2772 for a free consultation with one of our Real Estate Experts.
The foreclosure process begins when the lender files a Notice of Default (NOD). This can be filed as early as when the borrower is 60 days behind in the mortgage payment. The NOD is recorded as part of the public record. At this time, the borrower has 3 months to pay the back payments and reinstate the loan. If the property is sold at this time for less than what is owed, this would be called a SHORT SALE. if the property goes to auction, known as a Trustee Sale (usually held at the steps of the courthouse of the county the property is located), it may be sold to a third-party or revert back to the bank. If the property reverts back to the lender then it will most likely be listed shortly as a foreclosure or Real Estate Owned (REO).