What is a Foreclosure?

A home becomes a foreclosure property when a property owner goes 3 months without making a payment to the lender. At this time, the lender is legally allowed to proceed with reclaiming the property, also known as the "foreclosure process." Once the property is reclaimed, it is technically considered to be a "foreclosure" and is included in the foreclosure list.

Foreclosures are sometimes called REO's or bank owned properties.  While you can get some very good deals buying foreclosures, it can be a very time consuming and tricky process.  The banks do not have to share all the same information that regular home sellers must share.  To fully protect your interest, it is a good idea to have an experienced, professional real estate agent working with you.

I have listed and sold many foreclosure properties.  In addition, I have earned my SFR Certification, (Short-Sale and Foreclosure Resource Certification).  Give me a call and let's discuss what you are looking for and I'll be glad to walk you through the "normal" foreclosure process if there is such a thing.

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