Purchasing properties that are facing a foreclosure can be very beneficial if you are looking for a good deal and you know how the process works.
Carter-Brinley Realty has been specializing in helping people buy and sell properties that are in the “Pre-Foreclosure” stage. In Wisconsin, the pre-foreclosure stage is defined as any time prior to the Sheriff’s Sale. This pre-foreclosure period comes with its own set of procedures that must be followed in order to ensure a clear closing.
Buyers of Properties in Pre-Foreclosure
Buyers need to understand that once the Seller agrees to the offer, it then needs to be “approved” by the lender. The reason for this is because in most cases, the proceeds from the sale of the property is not enough to pay off the mortgage and/or other liens on the property. This is why pre-foreclosures are referred to as Short Sales. Because of Carter-Brinley Realty’s experience in working with Short Sales, we are very qualified to help buyers navigate the paperwork, inspections and negotiations with the lender that generally fall outside the spectrum of a traditional real estate purchase.
Buyers must understand that all contracts are between the Seller and the Buyer. There are contingencies in the contracts requiring that the Lenders agree to the payoff amounts. Pre-foreclosures differ from Bank-Owned Properties (REOs) because the original homeowner is the Seller, not the Bank that foreclosed on the property.
Click the links below to search out properties in the following counties that are listed as Potential Short Sales;
Sellers of Properties in Pre-Foreclosure
Selling a property that is facing foreclosure is much more complicated than a tradition sale. Additional listing rules, inspections, paperwork, financial analysis, lender negotiations and timelines are just a few of the hurdles that need to be overcome when selling. Carter-Brinley Realty has the most experience in the area for helping sellers navigate this process. Call us before you decide to list with any other agency.
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