Real Estate Adventures

Foreclosures and Pre Foreclosure Properties

GES Real Estate, LLC

We maintain a day to day tracking of foreclosures, pre foreclosures, Notices of Default, judgements, bank auction dates and Notices of Trustee Sales in states where the trustee may be required.

A foreclosure or REO property is a property that has gone through the process and is bank or lender owned. These may be listed for sale with a Realtor or in many cases with an asset management company.

A Pre Foreclosure is a property where a lien or Lis Pendens has been recorded due to a default in paying the mortgage by the owner. These properties may present opportunity to buy directly from the homeowner at a greatly discounted price. A seller may be receptive to selling for the remaining balance on the mortgage thereby avoiding a foreclosure. This type of transaction presents a win, win for everyone involved including the lender who won't have to foreclose.

In some cases a lender may allow the amount owed to be reduced allowing the sale to occur in order to avoid the foreclosure. This is more commonly known as a short sale. In My Blog on this website we explain the short sale in more detail. If you are considering a short sale please read that information beforehand.

Interested in finding available foreclosure and

pre foreclosure properties ?

Send me an email with the details  or call

561-306-6736  

The Short Sale Mystique

It seems everywhere I turn these days someone is talking about a "short sale".  It is the thing today. A happening in fact. It has caused every homeowner to wonder if they ever were or ever may be a short sale candidate. It has produced untold "Short Sale Experts" in amazingly short order (pun intended). An otherwise stagnant real estate market is no better for it, and possibly worse because of it.

Short sale is quite simply a negotiation with a lender to discount the primary mortgage and accept less of a payoff in order to sell a property, possibly to avoid a foreclosure. 

Few people today have ever been involved in a successful short sale. There is a process that's required and steps involved before a lender would even consider discounting a mortgage. First and probably least understood is that the lender or bank does not approve a contract between a buyer and seller. The lender either accepts or does not, as the case may be, a lesser payoff in order to allow the property to be sold.

There can be some built in liabilities and safeguards both before and after a short sale. Anyone familiar with the process should be able to recognize the probability of a short sale occurring and detail the steps that would most likely lead to a successful outcome.

If you have a question about this or any of my recent posts please post your comment or drop me an email.