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Home Foreclosures

Pre Foreclosure Sale

by Jill Morrison

A Pre Foreclosure sale is a desirable choice for the homeowner and the buyer. Pre Foreclosure is the first stage in the Foreclosure process. The entire process can take up to three months.

Benefits of a Pre Foreclosure Sale

A Pre Foreclosure sale can be made when a buyer approaches the homeowner in Pre Foreclosure with an offer. The sale may be beneficial to both parties. It must take place in the Pre Foreclosure period, otherwise the house may be sold at an auction in Foreclosure.

A Pre Foreclosure sale is beneficial to the buyer because it offers a potential 20-40% discount from market value. It also gives the buyer time to research the history and condition of the property.

The homeowner may benefit from this sale because it will remove the Foreclosure status from his or her credit history. The homeowner is given the opportunity to abandon mortgage debt. The homeowner also does not have to worry about losing a property to Foreclosure through an auction. Pre Foreclosure is a bargain period for all parties involved.

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