With the current economic conditions, the number of foreclosure properties is increasing in the market. Discuss with your real estate agent in Springfield IL to learn more about the foreclosure basics and how to buy a foreclosed property. The buying process might differ with state depending upon which foreclosure is permitted – Judicial or non-judicial. This article provides more details on how a real estate agent can help you with foreclosed properties.
Learn About Judicial Foreclosure With Your Real Estate Agent In Springfield IL
Judicial foreclosure is more common with the states and it means that the lender brings a lawsuit against the borrower to get the property due to the failure of mortgage payments. The process starts with the lender filing a complaint and the borrower served with the summons. The borrower needs to provide an answer to the lawsuit or risk the judgment getting in favor of the lender. Once the court has ruled the lawsuit in the favor of the lender, the notice of sale needs to be advertises within 4-6 weeks. A public sale is conducted if the total due amount is not paid to the lender.
The foreclosure process time can vary from 3-12 months depending upon the volume of pending court cases. The sale of the foreclosed property is in line with the auction process and the property goes to the highest bidder.
Learn About Non-Judicial Foreclosure With Your Real Estate Agent In Springfield IL
When the lender is allowed to foreclose a property without a lawsuit it is termed as a non-judiciary foreclosure. Lenders use ‘power of sale’ to sell the property in case the borrower defaults the payment. The borrower gives a deed of trust to the third party to hold for the lender. This process can easily take up to 90 days.
Some states also allow the borrower to redeem the owed amount and get the title back after the sale of the property. If you are looking for a foreclosed property, make sure to check with your real estate agent in Springfield Il about the foreclosure type you will be dealing with.
Prepare For The Foreclosure Sale With A Real Estate Agent In Springfield IL
The most important factor to consider is that the real estate agent you are working with specializes in the foreclosure procedures. He or she should also be able to work with the bank directly that owns the foreclosed property. Real estate agents usually have a long term relationships with these banks and are often the first ones to know about a foreclosed property that has not even come into the market yet.
Finally, you need to make note that the foreclosed property comes as is and you will need to plan for all repair work and touch ups as needed.