 Depends on what you mean by "In Foreclosure."
If you are in "pre-foreclosure" meaning that you are delinquent but have not yet been served by the bank, you are free to sell the property.
If the bank has served you with the Notice of Default, (NOD), and the house has not yet been sold, you are still free to sell the house yourself and hopefully prevent the home from being taken by the bank.
If you have been served with the NOD but the house has not yet been to auction, you can sell it also, up to the moment of the bank sale. Perhaps the bank will even let you sell it for less than you owe on it, just to avoid them having another foreclosure on their books. This is called a Short Sale.
Once the house has been sold at auction, depending on the state you are in, you may have a redemption period during which time you could still sell the house, possibly at a profit even, by getting an investor to put up the money to redeem it, then selling it to another investor for a profit.
If there is no redemption period in your state or after it has expired, then the bank will try to sell it.
Hope this helps.
Bill Young, 631-561-3864
Metropolitan Business Council
50 Hill St
Southampton, NY 11968
 |