Rockwall foreclosures are highly sought after. I list many foreclosures in Rockwall, Heath, Royse City, and other parts of Rockwall County. If you are thinking of buying a foreclosure, we should sit down together and discuss your options. Here are several things you will want to consider:
- Foreclosures in good areas typically sell at a premium.
- You must have your financing lined up a head of time.
- Good deals do not last long.
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Here is some more good information from RealtyTrac:
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice. The foreclosure process can end one of four ways:
- The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure.
- The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
- A third party buys the property at a public auction at the end of the pre-foreclosure period.
- The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.
- Buying during pre-foreclosure (NOD, LIS)
- Buying at public auction (NTS, NFS)
- Buying bank-owned properties (REO, GOV)
Read our Foreclosure Overview for more detailed information about the foreclosure process, or go to our foreclosure state laws section.