This property is an REO (Real Estate Owned). This is the final step in the foreclosure process. Ownership has reverted to the lender. This 0 square foot property has 0 bedroom(s) and 0 bath(s). The estimated sale price is $251000. To access more extensive information on this property click the 'more... Register at RealtyTrac for more details
Pre-Foreclosure (Notice of Default or Lis Pendens)
The foreclosure process begins when a borrower/owner defaults on
loan payments and the lender files a public default notice, called a Notice of Default or Lis Pendens. Buying a
property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright.
Auction (Notice of Trustee Sale or Notice of Foreclosure Sale)
If the loan is not reinstated by the end of the
pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to
pay in cash at the auction and may not have much time to research the title and condition of the property
beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of
dealing directly with the borrower/owner.
Bank-owned (Real Estate Owned)
If the lender takes ownership of the property, either through an agreement with the
owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to
recover the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and
repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction
property.
Your feedback is important to us. Please tell us why this information was useful or not.
Your comments help us to improve the quality of our product and to provide more relevant content on our site.
Fair Housing and Equal Opportunity logo Fair Housing and Equal Opportunity 
