Foreclosure is a process by which a secured creditor such as a bank takes back ownership of a home or condo in default due to failure to pay. This can take a few months or more after payments stop and during that time the property owner may try to sell the home prior to being foreclosed. If the amount owed on the loan is greater than the Seller Proceeds, the sale is called a Short Sale and the hope is that the lender will accept the sale rather than spend the time and money required to take back the property. If a short sale does not take place, the bank eventually repossesses the property.
We can help you know for sure if it’s a great deal by providing a analysis of the value of the property — hopefully with a savings of thousands of dollars!