There are only a few weeks of notice before the Sheriff’s Sale and a year or less of a redemption period, which would make it hard to sell the house on the traditional market, through a realtor.
#SELL YOUR FORECLOSED HOME FULL#
While this is the best way to get the full market value for your home, it can take months, even years, to sell a home this way, and in a pre-foreclosure scenario, you don’t have that time. You can go the traditional route, listing your home for sale and possibly hiring a realtor. When you’re facing foreclosure, you have a couple of options for selling your home. So, after the Sheriff’s Sale, unless you pay the mortgage lender the full amount that you owe them, you no longer own the home, and you cannot sell it. When is it too late to sell a home during the foreclosure process?Īfter a foreclosed home is sold by the mortgage lender or county at auction, the homeowner has a redemption period depending on your state/county (typically between six months and a year) to pay the lender in full to retain ownership of the home. The notice of the Sheriff’s Sale must be published for four consecutive weeks prior to the the auction, during which time the homeowner can sell the property, refinance, make all outstanding payments on the property, pay the outstanding back taxes, negotiate a loan modification with the lender, or file bankruptcy. The lender will then auction the property in a Sheriff’s Sale. The lender gives the homeowner a period of time to make payments or other arrangements before selling the property. Can I sell a home in pre-foreclosure? Yes! If you’re facing foreclosure, you have the chance to sell your home up until the home is sold at auction in a Sheriff’s Sale by the county or mortgage lender.Ī home will be foreclosed upon when a mortgage lender or county (if property tax foreclosure) exercises its right to sell a property which the owner has not kept up payments on or paid the property taxes.
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