What everyone wants to know about!!!

Foreclosures! That's what I get most calls about.I have been in Real Estate since 1994 and I have seen good and hard times. I know it will get good again. Until then we must all hang in there. I property manage many of the foreclosures here in Southeastern IN. I am going to share with you the process as I know it. When a mortgagee gets behind the bank may threaten foreclosure or attempt a "workout", which means change the terms of the loan in hopes the mortgagee can catch up and avoid foreclosure. Not all banks or mortgage companies will offer a"work out". If the mortgagee does not catch up a "Foreclosure" will occur and the home dwellers must leave or get evicted. The property will go to "Sheriff Sale". Typically the mortgage company will buy it back. I will be contacted to do a "Brokers Price Opinion" which is like a mini appraisal. The property can sit vacant 6 months to a year or more. Then I get a notification to start the process to get it marketable. We try to price it very attractive so it sells FAST! You can get quite a deal if you are quick enough. I usually have offers pouring in right away. If I know a potential buyer for a particular property I will call them.So let me know what you are looking for. On my next post I will talk about financing a foreclosure.