Foreclosure is a process that allows a lender to recover all or part of the debt owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. It begins when a borrower/owner defaults on loan payments and the lender files a public default notice or a lis pendens (Latin for “lawsuit pending”), depending on the state. While foreclosures have skyrocketed in recent years over historic rates, this legal procedure is to be avoided by homeowners at all cost. Gary and Justin Miles have worked with numerous homeowners to help them avoid the foreclosure process. They are experienced professionals who are highly educated on all available alternatives to foreclosure including refinancing options, short sales, and the full foreclosure process.
However, when the lender determines that foreclosure is the only viable alternative, this process frequently results in the sale of the property by the bank at a substantial discount over the appraised value. There are different stages in the foreclosure process, and each stage offers unique advantages and disadvantages for the buyer. For this reason, it is important for anyone interested in purchasing a foreclose property to work with seasoned professionals like Gary and Justin Miles.
The foreclosure sales process is complex and fast moving. Gary and Justin Miles regularly participate in foreclosure auctions and are exceedingly familiar with the process. Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney’s fees and any costs associated with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier’s check in your hand for the full amount of the Bank’s bid plus one dollar. If you are the successful bidder, you receive the property in “as is” condition, which may include someone still living in the property. There may also be other liens against the property. Gary and Justin regularly represent interested parties in the foreclosure process, and perhaps most importantly are highly skilled at managing the bidding process to achieve a successful conclusion. For this reason, it is important for anyone interested in purchasing a foreclose property to work with seasoned professionals like Gary and Justin Miles.
Gary Miles & Justin Miles with RE/MAX of Cherry Creek
Denver Metro Real Estate Agents