
Marilyn Suber, Sacramento area Real Estate

Marilyn Suber

Direct: (916) 456-3969

Mobile: (916) 947-7956




Foreclosure is the process whereby the lender takes possession of the property.  When a homeowner fails to make the payments on his/her mortgage, the lender can begin foreclosure proceedings.  This is a very specific legal process with set timelines and outcomes.   In a short sale situation, the homeowner's name is still on title of the property and they are the official owners who are trying to sell the property.  In a foreclosure, the lender takes possession of the house and as a result, the homeowner is no longer a party in the sale. 

Foreclosure properties are auctioned at a Trustee Sale at the court house in the county where the property is located.  Foreclosure properties must be paid for in full at the time of the auction. 

Because these transactions do not go through the same escrow process as regular sales, typically only seasoned investors will purchase property at a Trustee Sale.  This is due to the risks and potential problems that are normally investigated and cleared during escrow.  Problems may include: title problems, superior loan pay offs, IRS liens, tenants or owners still occupying the property, and/or structural problems.  The price may seem good at auction (priced well below other houses in the neighborhood), but costs and risks may come after taking title.

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