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Home Foreclosures

Foreclosure Sale

by Jill Morrison

A Foreclosure sale may be made within the specific Foreclosure timeline. If you cannot afford to pay your Mortgage, your lender may give you a certain amount of time to find a buyer. Then the total amount owed on the property can be paid.

Options in Foreclosure Sale

When seeking a Foreclosure sale, you will need to acquire the services of a real estate agent. The agent will help you to market the property and to find a purchaser that meets the proper requirements. A qualified purchaser may be allowed to assume your Mortgage, regardless of what is stated in your original loan documents.

Another option is the Deed-in-lieu. In this case, your lender agrees to let you give your property back as a settlement for debt. Typically, you must attempt to sell your home for 90 days at a fair price before the lender will consider this type of option.

If the issue is not resolved in the pre-Foreclosure period, the property may be purchased at a scheduled public auction. Buyers must typically pay in cash at an auction. A Foreclosure sale often offers a great bargain, sometimes as much as 50% below the market value on the property.

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