Aug
7
Written by:
host
Thursday, August 07, 2008 7:57 AM
This has become a hot topic in the media. There are many homes going into foreclosure in our area. Did you know that we had 261 foreclosures in the Tri– County for auction in July?
There are three stages to foreclosure that you should be aware of. The first stage is Pre-foreclosure. During Pre-foreclosure a lis pen dens, Latin for “suit pending” is filed at the courthouse by the plaintiff against the defendant homeowner). This notice secures the plaintiffs claim on the property. These notices are filed daily and can be found at your local courthouse. The second stage is the Auction. Typically, people think of this stage when they think of foreclosure. The auction is a time that the property is available to the public for bid. Please contact us if you want more detail about one of the counties in the Tri-country. Once the auction is final, the ownership of the property goes to the winning bidder. I have attended the auctions lately and what I have observed is that many of the homes are being sold to the bank at the auction. That brings us to the last stage of Foreclosure which is Post-Foreclosure. Many of the properties in this stage are also referred to as REO (Real Estate Owned) property. These are properties that are owned by the bank. The inventory of REO properties are rising in our area. As I am writing this we have 103 lender owned properties per the MLS in the Tri– County area. In my opinion, there are two ways you can think about this market and foreclosures. One way to think is that you are victim of the market and complain about the higher gas prices, in other words feel depressed along with the media. The second way is to see this as an OPPORTUNITY to move to the next level. I choose the latter!!
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