How do I follow a house through foreclosure process?

by oliver on September 30, 2010

Question:

How do I follow a house through foreclosure process?

A house near me went into foreclosure, how do I follow this house through the foreclosure process so I can bid on the house the first day it is on the market. Thank you.

Answer:

The best option for you would be to contact a real estate agent who will be able to notify you of all the happenings with regards to the foreclosure of the house. Since the process is a considered public, some of the details can also be found in the local paper. The notice of sale will be posted about 2 to 4 weeks prior to the scheduled date. Therefore, before the foreclosure sale or auction, you may have the chance to get the house if it is opened on short sale. However, if the lender did not agree with the borrower to open the house to the market thru short sale, you will have to wait for the auction in order to have a chance in getting the house. Make sure not to miss the auction because this may be the only chance that you have. Since the rights of ownership over the house is given to the highest bidder, make sure to be ready financially during the auction and try to make the best offer that you can give. To be able to learn the details of effective negotiation as well as how to make a good offer, talk to a real estate agent.

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