Advertised Foreclosures
Once a foreclosure hits the local newspaper, is it too late to approach the owners for a possible short sale? At what stage in the process is it considered a pre-foreclosure? Also, other than the court announcements I have been researching some websites that offer foreclosure information in/near my area. Are there other alternatives to finding foreclosures?
There are 2 ways a foreclosure can "hit the papers". The first is the Notice by Publication and the second is Notice of Sale.
In IL after NBP, you could have as much as 7-12 months depending on the foreclosure circumstances. NOS usually happens within 30-45 days of auction. Short sales can take months to complete so negotiating close to the sale date can be a bit more tricky, but certainly not impossible.
Is there a way I can tell whether it's the NBP or NOS by the ad? If not, would it be bad business to contact the owner directly and ask them what timeline they are looking at before the foreclosure is final? This will be my first approach in a short sale, and I want to make sure my bases are covered. Are there typical newbie mistakes that I should be aware of? Thanks for your help.