A Pre- foreclosure is a process in which the lender files a Notice of Default because of the borrower’s delinquency in payments. A time span of typically three months is then provided to the borrower to manage and correct this delinquency (which may be in any form ranging from payment arrangements and modification, to a short sale of the home). In any case, if the borrower is not able to keep up, the home will be auctioned. Also, the pre-foreclosure period can be extended to more than three months. The extension solely depends on the work procedure carried out by the lender for foreclosure.
If your home is in pre-foreclosure, it may or may not be a short sale.
Meanwhile, a Short sale occurs if the property is sold for an amount less than what was owed. The lender(s) is then asked to release their lien on the property. After that, the sale procedure is carried out. Now, a realtor’s goal is to negotiate with the lenders on bearing the loss, settling the debt and making the borrower(s) free from any further liability.
Owners of real estate which are in foreclosure are faced with many challenges. Some are unwilling to allow an inspection of the property or if they’ve already abandoned the property, they may have neglected care of the home for a period of time, or even purposely caused damage.
We have both the knowledge and experience to deal with the specific aspects of foreclosures and short sales, which is why you can rely on our reports to minimize your losses.
That being said, here at Appraisal Services, our foreclosure and short sale appraisal services cater to the needs of homeowners in default, banks with real estate owned properties (REOs), mortgage lenders, HUD, FHA, law firms, loan service companies and other financial institutions that make personal loans.
Click HERE to contact us for assistance on all of your pre-foreclosure appraisal or short sale needs. Appraisal Services is a leading provider of real estate appraisals for REO foreclosures and short sales. Our Company appraises real estate throughout the greater Las Vegas area.We provide high quality appraisals with detailed opinions of fair market value for mortgage banks, and mortgage servicing clients, as well as “quick sale” forecasts that consider your specific timeline.