Pre-Foreclosure – The Time for Opportunity
Pre-Foreclosure is the period of time between when a home owner has missed their first payment and the final bank sale date. This is the point at which a home owner is in the process but they have not yet lost control of the property. “This time period is critical since the owner can list the property for sale, sign contracts, and do what they can to avoid foreclosure.” (Certified Distressed Property Institute, 2008)
There are numerous important reasons to avoid foreclosure. Don’t lose control of your property, foreclosure seriously affects your credit or adversely affects your employability. Once you know you are in distress, contact a Real Estate professional that is knowledgeable about Short Sales and working with the banks to help you avoid the impacts of foreclosure.