Ever read a house listing and feel a little uncertain about the meanings of terms such as short sale, pre-foreclosure, or foreclosure? Well, hopefully this post will clear up that uncertainty!
A short sale of a residential property is still owned by the owner, but the owner is usually behind in their payments and the price listed is short of what is needed to pay off the mortgage and closing costs. There is no guarantee that the bank will accept a short sale even if the owner offers the full list price, and the response time from a bank on an offer can take up to six months.
A house is in pre-foreclosure when the lender, in the process of suing the owner in court, has had a summons issued and filed with the court. This pre-foreclosure period between filing and judgment can take 2-3 months. Once the judgment is issued, the house officially goes into foreclosure and can be placed for auction on the county steps with a minimum of 30 days notice.
Essentially, the process can be simplified in this order:
1) Owner is behind in payments.
2) Mortgage company files in court—they are now in pre-foreclosure.
3) Judgment is issued—they are now foreclosed.
Finally, consider these possibilities: a house could be both in pre-foreclosure and listed as a short sale; but, a short sale is not always in pre-foreclosure; and a pre-foreclosure is not always a short sale!
These statistics were compiled from the Greater Albuquerque Association of REALTORS® data on 09/29/2008 at 1:00 p.m. This data is reflective of homes which were listed on the MLS; private sales are not included. Information was obtained from sources deemed reliable but not guaranteed. This information should not be used to determine the value of any property. Photos are for illustration purposes only and do not necessarily represent current or past listings.
The inconspicuous bronze people and animals lurking around various parts of Albuquerque…
One of my favorite spots for a walk is located off of Jefferson and Masthead between the Northrop Grumman buidlings. It’s a nice green area with lots of trees, a few bridges, and several groupings of bronze statues. There’s a great group of them playing horseshoes. This one is of a senior couple watching the game.
Click on the photo for a larger version.
Come back soon to see where the next bronze character is spotted! If you have seen any of these people or animals in Albuquerque, leave me a comment to let me know where. I will go grab a photo for a future post.
See the most up-to-date list of Southeast Heights homes for sale. If you are looking to buy or sell a home in Southeast Heights, please contact me today. The Southeast Heights area is bounded by Tramway to San Mateo and Central to Kirtland Air Force Base.
These statistics were compiled from the Greater Albuquerque Association of REALTORS® data on 09/27/2008 at 11:00 a.m. This data is reflective of homes which were listed on the MLS; private sales are not included. Information was obtained from sources deemed reliable but not guaranteed. This information should not be used to determine the value of any property. Photos are for illustration purposes only and do not necessarily represent current or past listings.
Mortgage Services Unlimited is a division of Metrocities Mortgage, LLC, a Delaware limited liability company. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.
A house is in pre-foreclosure when the lender, in the process of suing the owner in court, has had a summons issued and filed with the court. This pre-foreclosure period between filing and judgment can take 2-3 months. Once the judgment is issued, the house officially goes into foreclosure and can be placed for auction on the county steps with a minimum of 30 days notice.
Weekend of September 26th, 2008
Mortgage Services Unlimited is a division of Metrocities Mortgage, LLC, a Delaware limited liability company. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.
