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how can a home be sold by owner if it is being in the process of being foreclosed?

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October 07 2012 - Canfield
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Until the property is foreclosed, the seller can sell the home.  He can do a short sale or try to aim at a cash buyer.  As soon as the lender receives an offer, the foreclosure is postponed until they negotiate a deal.

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October 07 2012
Until the auction takes place the home is still owned by the owner. If that owner satisfies the lender, that holds the mortgage, then the property can transfer to a new owner. If a buyer comes in with a loan or cash and the owner can persuade the current lender to hold off the foreclosure, then the new buyer can buy the house. The lender would rather be paid in full for their loan than to foreclose and become the owner of the house.

If the house is near foreclosure then the owner can try to sell FSBO or as a short sale, but there is no guarantee the lender will hold off or allow the short sale to occur and the house could go to foreclosure auction.

Tim
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October 07 2012
 
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