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Home Foreclosures

Pre Foreclosure

by Jill Morrison

Pre Foreclosure is the first stage of the foreclosure period. The entire process of Foreclosure can take up to three months. Yet, it is important to move quickly when Foreclosure becomes an issue.

Pre Foreclosure Details

Pre Foreclosure is a good time to purchase a home because the buyer is likely to save money. A buyer can potentially save 20-40% from the market value when purchasing a home of this status. The buyer may also have the option to research the title and condition of the property before purchasing.

The homeowner is more willing to sell their home at this stage so that Foreclosure status can be removed. Selling the home will immediately remove all Mortgage debt. It will also improve their credit score so that they will have less trouble purchasing a home in the future.

Homeowners and buyers should take advantage of the Pre Foreclosure period when they can. When a home enters the Foreclosure period, the options will change. Homeowers have less control over their home and buyers are not as flexible to observe the condition of the home and make personal offers on the property.

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