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Compared to foreclosed homes, pre-foreclosure homes can often be in better condition since the homeowner is still residing in the house. Red circle with an X inside. Cons.
Foreclosure activity is muted: In the years after the housing crash, millions of foreclosures flooded the housing market, depressing prices. That’s not the case now. That’s not the case now.
Formal foreclosure processes vary by state and may be judicial or non-judicial, which affects the length of time the property is in the pre-foreclosure phase. Once the formal foreclosure processes are underway, these properties can be purchased at a public sale, usually called a foreclosure auction or sheriff's sale.
Judicial foreclosure: With a judicial foreclosure, the lender files a lawsuit and the borrower is notified of the non-payment. The homeowner has 30 days to make up the missed payments, otherwise ...
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A pre-foreclosure short sale can be a good opportunity for investors to buy a property at a discount directly from a financially distressed homeowner. [5] On completion of the publication process, the foreclosure action will be permitted to proceed and the owners have a limited amount of time to pay up, sell, or make other deals with creditors.
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