Title: Pre-foreclosures: What Goes On Before the Auction Sale
Headings: Pre-foreclosures: What Goes On Before the Auction Sale
Pre-foreclosures: What Goes On Before the Auction Sale
Before Pre-Foreclosure Listings Go on the Market
Other Conditions for Pre-Foreclosure Homes

Content: Pre-foreclosures: What Goes On Before the Auction Sale
Pre-foreclosures: What Goes On Before the Auction Sale
There are many steps to a foreclosure, be it a bank or taxing entity that’s seizing the property. There can be a fairly long span of time that the mortgage (and property) is tied up in a pre-foreclosure phase (the length will vary from state to state). This is after all remedies have been exhausted with the bank, such as workouts or loan modifications, a sale like this can work out well for the seller and buyer both, by getting the homeowner out of a bad situation without destroying his/her credit. There are certain conditions that go along with buying and selling pre-foreclosure homes, though. Before Pre-Foreclosure Listings Go on the Market
The pre-foreclosure property must be owner-occupied and not a rental property, unless the bank recognizes other mitigating factors like job loss or transfer. The mortgagee must have the pre-foreclosure property appraised by an FHA-certified appraiser, with “as-is” and “repaired” values noted. This could be a problem for the appraiser, depending on the local real estate market. The mortgagee must pay for a title search and apply for Approval to Participate, then arrange to delay the foreclosure long enough to sell.