What does pre foreclosure auction on Zillow mean?

What does pre foreclosure auction on Zillow mean?

The pre-foreclosure stage is the period between the time in which a Notice of Default (in nonjudicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.

Can I make an offer on a pre foreclosure?

Make an Offer With the pre-approval letter in place, you can now make an offer on your preferred pre foreclosure home. Generally, it takes 30-60 days to complete the closing process on property. This period can be much shorter if you are working with a hard money lender or paying cash.

When is the auction date for a foreclosure set?

Many homeowners that are in foreclosure wonder if it is possible to extend a foreclosure sale date. An auction date is usually set after a borrower is pretty far behind in payments. If the borrower is not able to pay off the amount of the delinquency, a date for the foreclosure auction will be established.

Is there a way to extend the foreclosure sale date?

Foreclosure Sale Date Extension There are a couple of ways to extend or even stop the foreclosure sale. Here are some options: Ask for a loan modification – Once an auction date is set, lenders are not required to postpone an auction.

Can you bid on a house at a foreclosure auction?

Most homes sold at foreclosure auction sales go for anywhere from 30% to 60% below their actual value. Best of all, anyone can attend a foreclosure sale and bid, so these savings are open to everyone. How do Foreclosure Auctions work?

Where can I find a courthouse foreclosure auction?

A Courthouse Auction is a judicial foreclosure sale. It is usually held at the courthouse or at the property itself, and is scheduled and run by either the Sheriff or a representative of the court. Both Sheriff sales and trustee sales can provide values for buyers, and for the purpose of getting the best deal, they are equally as effective.

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