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Home Foreclosures

Pre Foreclosure Home

by Jill Morrison

If you are looking to save money when purchasing a home, you may want to focus on a Pre Foreclosure Home. Pre Foreclosure is the first portion of the Foreclosure period. The entire Foreclosure process can take up to three months and goes through a few different stages.

Benefits in Buying a Pre Foreclosure Home

The sale of a Pre Foreclosure home can be beneficial to both the buyer and the homeowner. The home must be purchased in the Pre Foreclosure period. It may not be sold in this way if the property reaches Foreclosure status.

A Pre Foreclosure Property can be purchased after the homeowner agrees to take an offer from a buyer. This is beneficial to the homeowner because it immediately relieves all Mortgage debt. The sale will also improve credit history because a Foreclosure will not be recorded on the homeowner's record.

A buyer may benefit greatly from buying a Pre Foreclosure home. A 20-40% discount from the market price may potentially be saved from the sale. Pre Foreclosure also allows the buyer to observe and research the title and condition of the property, an option that is not available in the Foreclosure stage.

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