It is very important for a buyer to know the property details. Because, it may contain various types of terms, condition, validity, pricing, owner’s dealing method and many more. On the other hand, a buyer should know the clear idea about the difference between a short “cash probate house Dallas sell”, pre-foreclosure, and foreclosure.
The first rule of thumb: A buyer needs to proceed with this deal with caution. So, there are lots of traps, or hazards are waiting for the average buyers. So, before you fast buy Dallas probate house for cash, let’s take a short tour of this article about three explicit real estate terms and what the meaning exists for a buyer.
Short Sale
Firstly, in real estate, a short sale occurs when the homeowner falls into financial afflicted. On the other hand, the lender accepts less than the amount of mortgage balance. Secondly, this short sale deals with the real estate agent. There two important things must be considered in short sale:
1. The homeowner must be financially distressed.
2. The housing price so less than the mortgaged property.
Most of the short sale cases the homeowner and the lender agree to sell the
house, because they want to avoid foreclosure. But in this short sale case, the
lender has the most priority. So, the lender chooses the price of the
properties. In that case, if the lender doesn’t happy with the selling price
the home will not be closed.
Pre-Foreclosure
The bank begins the foreclosure process if the homeowner unable to pay to the lender’s money within 90 days. It is called a pre-foreclosure. There is no guarantee that the home will be a foreclosure or not in the future. Because pre-foreclosure doesn’t mean that the homeowner is in a problem.
Likewise, the homeowner has the chance to save his property. Whatever Pre-foreclosure is one kind of warning. So, the homeowner must be aware of this matter. The length of the pre-foreclosure time is about three to ten months.
Foreclosure
A lender attempts to recover his balance from the borrower who has stopped making payments. The attempts are proceeding by the law and go with the legal process is called the foreclosure. It is far different from a normal home purchase. It’s because the foreclosure is bought at auction.
The home may not be a good or broken part in it or has to repair it. The bidder has no right to investigate the property. Most of the expert bidders go to foreclosure auctions with hand cash. Whatever, it is a smart idea to bid for the foreclosure auction. But it is also a risky project for the investor.
Because of this, many homeowners are occupied by their former owners. So, it may be hidden at the time of auction. When buyers sign in the deed, he should research the property.
There are four types of foreclosure steps. They are the default, notice of default, a notice of sale and auction. Above all, the last one is the final step where the homeowner has nothing to do.
