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Home Foreclosures

Real Estate Foreclosures

by Jill Morrison

Real Estate Foreclosures can have extreme effects on homeowners and buyers as well. The time period can take up to three months which may seem lengthy. However, it is important to act fast in this situation, in order to benefit.

Positives and Negatives of Real Estate Foreclosures

Real Estate Foreclosures begin in the stage of Pre Foreclosure. At this time, the buyer and homeowner have positive options. The homeowner can sell their home to the buyer and remove all Mortgage debt that they owe and remove a Foreclosure from their credit history..

A buyer benefits because there is the potential to save 20-40% of the market value in the property. Though the homeowner has a clean record and is free of debt, this time can still be negative because they have lost money on the home. It is also disappointing for the homeowner because they lose ownership of their home.

If a property is not sold in Pre Foreclosure, it then enters the Foreclosure period. Real Estate Foreclosures cannot be handled in the same way. The buyer can only purchase the home at a public auction and will likely not save as much money as in Pre Foreclosure. The homeowner must obtain a loan or assistance to pay the Mortgage debt, or they will lose their home.

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