What You Need To Know About Buying A Foreclosure
In general, mortgage companies start foreclosure processes about 3-6 months after the first missed mortgage payment. You can minimize how stressful and disruptive the process is by staying informed and planning accordingly. Homes in the auction stage of foreclosure are particularly attractive to seasoned investors because they often present the best opportunity to acquire property at a significant discount.
The following web browsers are recommended when using the online auction site: Internet Explorer version 7.0 or later, Mozilla Firefox version 3.0 or later and Google Chrome version 17 or later. Law requires that the notice be sent at least 30 days before the date of the proposed foreclosure sale.
Be forewarned that accuracy is essential to the process and there is considerable detail involved. Click on the Current Sale tab to view the list of properties scheduled for the next tax sale. Both mortgage possession/repossession and foreclosure are quite similar, with the main differential being the treatment of any funds that exceed the amount borrowed.
It is the responsibility of the purchaser to research the property prior to the sale date. Additions to the online showcase are made once each month after the first Tuesday of the month Tax Sale. We work with local real estate agents to review similar listings for price comparisons, assess the property condition, and set an accurate price.
The website also provides tips and valuable up-to-date information on buying foreclosed homes and the real estate industry in general. You should consult an attorney and/or a foreclosure specialist for individual advice regarding your own situation. It is important to understand that a short sale must be approved in advance by your lender.