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Foreclosures

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What Are Foreclosures?

Foreclosures occur when a homeowner fails to make payments on the house and the bank takes legal ownership of the property. This can turn into a great opportunity for bargain house hunters as many foreclosures are sold for far less than if the house was on the open market.

The complexities of working with pre-foreclosures (NOD, LIS), Auction (NTS, NFS) and bank owned properties (REO), can be challenging and consumers and REALTORS® alike should take the time to understand the process.

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*Incentive is not available in all areas, and is available only on modified terms in some areas.

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