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The preforeclosure period is often the ideal time to purchase a property. This process begins when a lender first notifies a borrower that their loan payments are behind. Expert real estate professionals agree that if a borrower has no means to bring the payments up to date, selling the property as soon as possible before it falls into foreclosure is the most advantageous course of action. This period also presents excellent opportunities for short sales, where lenders accept a payoff amount less than what is owed on the mortgage. If the short sale option isn't utilized, the property will eventually proceed to a sheriff sale auction, where you could be bidding alongside a few other bidders as well as the bank itself. 'Number of photos: '+ (nextIndex+1) +' of '+ this.data.length provides you with reliable, up-to-date information and expert guidance to help you make informed decisions during this critical period. Visit our FAQ section to read more about preforeclosure listings.
| Start Date | End Date | Listing Type | Bank Name |
|---|---|---|---|
| 05/22/25 | Preforeclosure | Iowa Bankers Mortgage |
FIRST STEPS:PreforeclosuresOften, the preforeclosure period is the best time to purchase a property. Preforeclosure begins when a lender first notifies a borrower that his or her loan payments are behind. This notification also details the consequences that occur if payments, penalties and interest are not brought current. In most cases, a foreclosure severely limits a borrowers future credit options. Therefore, if a borrower has no other means to bring the payments up to date, he or she is far better served to sell the property rather than to let it go into foreclosure. If you're interested in the property, contact the borrower/owner as soon as possible. For your convenience, this contact information is located under the property's "Foreclosure Information" header. Carefully explain that you can help him or her avoid foreclosure by purchasing their home before it is lost to the lender. Your timely assistance can be very important. But, be sensitive to the difficulties they are facing and be prepared to close quickly. |
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