What is a deed in lieu of foreclosure in by real estate expert, Craig Summers?
Are you moving from ? Did you get a job in another state? Do you have a house that you dont know what to do with? Have you tried to sell your house in and not been able to do so? If you have tried this or if this sounds like you, then this discussion is for you.
You have an option to do what is known as a deed in lieu of foreclosure. Basically you are offering the bank title to the house in in the shape that it is in and then you can go on your merry way.
Now the bank has some options and it does not have to accept your offer. There are some distinct advantages to do this though. If the bank doesnt accept your offer and instead your house in goes into foreclosure the bank will be unable to sell it if an interested buyer were to contact them.
If the house in were to be foreclosed the bank has to go through several steps before that house can actually sell. First the original owner has to be served certain court papers. The bank may have to wait while it is published. It may be some time before a sale can actually occur.
So what happens if they accept your offer? They will check your credit. They will check to see if you have any liens against the property. They will check the public records and as long as all of the searches come back clear, the bank will be glad to accept your deed.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate at www.pauldingandpolk.com Please feel free to contact me with any of your real estate or mortgage related questions and I would be more than glad to answer your questions. Call me on my cell at 404 374 1620 or email me at email@example.com
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