What is a pre-foreclosure?

Pre-foreclosures are very different from their similarly named and substantially more famous counterparts, the regular foreclosure. Preforeclosures are properties where the owner has defaulted on their loan and the bank has taken steps to reclaim the property. There are many different stages in the pre-foreclosure process and some begin even before the seller misses the first payment. Some may included properties that are set for courthouse sale next week while other are simply homeowners in a down market who know that next month’s payment just won’t be there. In most all pre-foreclosures, the seller is trying to sell the home to a buyer before the courthouse sale occurs, usually for a sharp discount. This is one of the greatest benefits of a pre-foreclosure versus a traditional foreclosure, the price. Pre-foreclosures can usually be purchased at a much greater discount due to the fact that the bank is trying to avoid the attorney fees of the foreclosure process and then the maintenance fees of the property during the time it will take. However, it takes a long time to buy a pre-foreclosure. Depending on the bank, you should expect to wait at least 10 days but probably four to six weeks just to get an answer for any offer you submit. These time frames can vary greatly depending on the experience of the real estate professional who is handling the transaction as well. One who is giving it a shot in the dark for the first time will probably fumble several details, usually requiring resubmission of important information and thus, lengthening the pre-foreclosure process significantly. Once the bank accepts your offer, they will expect you to close very quickly but usually not longer than 21 days after acceptance. So, if you’re interested in a pre-foreclosure home, you need to be ready to buy, and then ready to wait, and then ready to buy again! In the end, it’s all worth it because the discount you’ll likely receive will be much greater than most other types of distressed properties. Looking for pre-foreclosures? We have the largest inventory of pre-foreclosures in Charlotte, NC and even have many throughout the entire states of North and South Carolina. Just take a look at our site, www.preforeclosureworks.com for all the latest listings and sign up for our mailing list, the good ones go under contract in just days!  

Charlotte NC Real Real Estate

This is a blog about real estate in Charlotte NC. I am learning about this form of web design now and hope to master it soon. Websites seem so easy but blogs seem to be a little different. Not so much out there that seems easy, even though what I’ve read doesn’t seem that hard either. Guess I’m getting old and starting to fear the unknown. My real estate blog is small now but I hope to make it at least the nicest in Charlotte soon. Any suggestions, let me know. 

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