Foreclosures 101

What are pending foreclosures?

Pending foreclosures are properties that are currently in default and are being advertised for foreclosure sale by the lender. Many of these properties will be sold at auction or foreclosed on by the lender.

Who should search these listings?

During this stage, owners facing foreclosure are often eager to sell their property. While all pending foreclosures do not result in the property being foreclosed, they do represent opportunities for home buyers, realtors, and investors looking to buy, list, or aid these homeowners during this process.

Is it a good time to buy these properties?

The recent growth in foreclosures has increased the number of opportunities available to homebuyers, investors, and other real estate professionals. Lenders are becoming far more agreeable to alternatives, including discounting the loan amount and/or allowing a qualified contract to stop the sale.

How is buying a pending foreclosure different than buying a regular home for sale?

Besides the constraint of time, the sale of real property facing foreclosure is no different than any other real estate transaction. The owners of these properties have full right to sell and are not restricted by the pending foreclosure status.

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