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What is a foreclosure property?
A foreclosure property is a property that was repossessed by the lender through foreclosure proceedings. The lender became the rightful owner & placed the property for sale themselves.
What is a property “in-foreclosure”? An in-foreclosure property is a property that is already going through foreclosure proceedings or that is about to enter foreclosure proceedings. This proceedings are not complete. The lender has not repossessed the property yet. The current owners are likely a few months late on their mortgage and have listed their property for sale to stop foreclosure.
Often, the owner owes more than what the property is worth and the sale of these properties will require a ShortSale. A ShortSale is a formal approval by the current lender to allow the sale of a property even though the payment to the lender will be less than what the lender is owed. Basically, the lender is taking a loss upfront rather than taking the property through the foreclosure procedure. As a result, buyers are generally able to purchase Shortsale properties at great prices!
Most lenders prefer to ShortSale a property rather than taking the property as a Foreclosure.
