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Foreclosure when the Lender will takes possession of the property. Home owner fails to make the payments on his/her mortgage and have not exercised other options, such as a short sale, then lender will begin foreclosure proceedings. When the lender takes possession of the house, the homeowner is no longer a party in the sale, as they would be in a short sale situation.
Foreclosures are not sold by Realtors. Foreclosure properties are auctioned at a Trustee Sale at the Court House in the County where the property resides. Foreclosure properties must be paid for in full, with a cashiers check at the time of the auction. I do not encourage buyers to consider buying a foreclosure property, unless he/she is an experienced investor.
For any other questions about the Short Sale please feel free to call me ! Thanks
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....
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