Can be a valuable resource for potential buyers and people who invest in foreclosure properties. Foreclosures that are pending sale confirmation or ratification or pending expiration of a redemption period may not be listed until after those events have occurred. It is in this phase that the property is auctioned off at the county courthouse in a public sale to the highest bidder.
This accounts ofr the 2.5 percent of all the mortgaged homes which is lower than what was last year. Generally the foreclosure auction comes at the end of the foreclosure process when the homeowner can no longer repair their financial problems with the lender.
There is also no escrow, no title report, and no title insurance available at the time of purchase as in a conventional real estate sale. The Galveston County new homes market is definitely bustling at the moment, although sales have dipped in the last few months in reaction to new sub-prime lending legislation.
The auction is the stage of the foreclosure process after the pre-foreclosure phase of the property has ended. The three stages of the Foreclosure process are (1) Pre-Foreclosure (2) Foreclosure Sale/Auction and (3) REO or Real Estate Owned by the Bank. Adding to the foreclosure woes of people in San Diego Country was the fact that real estate prices turned negative in 2006 for the very first time from 1995.
A foreclosure occurs when a homeowner is unable to make his or her mortgage payments. A debtor may also challenge the validity of the debt in a claim against the bank to stop the foreclosure and sue for damages. The demand letter informs the borrower of the steps that he/she needs to take to stop the foreclosure process.