Once a home reaches pre-foreclosure or foreclosure status it is in the best interest of the lender, and the homeowner to ensure that the property sells quickly, and the balance accrued on the property is promptly taken care of with the profit gained in the sale of the home to the highest bidder. The lending company is given what it is owed, and the remainder to the homeowner. Often, the homeowner gets very little – and thus, reason why a homeowner should not let the home to go into foreclosure.

The key to a successful pre-foreclosure or foreclosure sale is to sell quickly. This will increase the profits made while decreasing the interest and other charges that are being accrued by the lender. Here are some techniques to promote the quick sale of the home:

Home Staging has been referred to as the secret weapon real estate. Research has shown that staged homes are on the market for an average of thirteen days, compared to the average of thirty-one days for homes that have not been staged. During the process of staging the home there are five aspects that should be considered. A diagnostic report should be completed of the home entailing what needs to be changed, renovated, etc. to make the home more attractive to potential buyers. Second, the home should be removed of all clutter, and personal effects. Third, colors in the home should be muted, and neutral. When a buyer walks into the home they should be able to see their life within the walls, not the present residents. Fourth, the home should be clean – and move in ready with new paint, trim and details. Lastly, the home should have curb appeal. A new door, or fresh coat of paint on the door, a manicured lawn and some plants can go a long way in bringing potential buyers into the home.

Staged homes have been shown to sell more than six-percent over the listing price, compared to homes that have not been staged. Staging can cost as little as two-hundred dollars and the profits yielded are well worth the investment.

Pricing is crucial. Once a home reaches foreclosure the lending company is more than likely taking a loss on the property. Asking too high above the balance that is owed on the home, which will go to the homeowner – may deter buyers because it is public record once a home reaches foreclosure. Pricing too little could arouse suspicion in some buyers.

Who is the balance of the mortgage owed to? It is important to consolidate the mortgages with one lender, rather than have two lenders that are owed money because this makes the process more complex.

Prepare the buyers to exit the property and ensure that all paperwork is in order. This way, the new owners are able to move in. A key selling point within the sale is going to be the low price. Entice buyers further with fast closing times, and quick possession dates.

Using these tips should ensure a quick sale – which will not only benefit the seller, but the lender as well.



By: Jonathan Heusman

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alexander thomas asked:




Judicial Foreclosure in Nevada:

It involves filing a law suite to obtain a court order. This is done when no power of sale is present in mortgage/deed. Once foreclosure is declared, property is auctioned off to highest bidder.

After judicial foreclosure, the borrower gets one year period to redeem his property.

Non-Judicial Foreclosure in Nevada:

Non-judicial foreclosure is conducted only when power of sale clause exists in deed of trust/mortgage. This clause allows borrower pre-authorizes the sale of property to pay off the balance loan in the incidence of their default. In such cases power is given to lender to sell the property by himself or his representative who generally referred as trustee. Guidelines for such procedure are mentioned under “Guidelines for power of sale foreclosure”.

Guidelines for power of sale foreclosure

If the deed of trust/mortgage contains a power of sale clause with specified time, place and terms of sale, then it should be followed.

Otherwise foreclosure takes place as follows:

Lender needs to send copy of notice of default and intention to sale to the borrower by certified mail with return receipt requested at the last known address of the borrower. This should be done on the same day when notice is recorded. The borrower gets time of 15-35 days to make the payment. Sometime this depends on the date of original deed of trust. The borrower can also file ”Intent to Cure” with the Public Trustee’s office at least fifteen (15) days before the sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled. Lender gets 3 months period to obtain deficiency judgment.

This is legal information; it should not be treated as legal advice.

Wyoming allows Judicial as well as Non-judicial foreclosure.

What is the processing period for foreclosure in Wyoming?

Normally, it takes around 90 days to foreclose a property in Wyoming.

What is sale publication period in Wyoming for foreclosure?

Sale publication period is 25 days in Wyoming.

Is there any right of redemption in Wyoming for foreclosure?

There is a right of redemption in Wyoming.

Are deficiency judgments permitted in Wyoming?

Deficiency judgments are permitted in Wyoming.

Which law provision governs foreclosure in Wyoming?

It is found in Title 34 of Wyoming Statutes, Chapter 3 (Deeds of Trust) and Chapter 4 (foreclosure of Mortgages and Power of Sale.

What happens during Judicial Foreclosure in Wyoming?

It involves filing a law suite to obtain a court order. This is done when no power of sale is present in mortgage/deed. The property is auctioned off to the highest bidder.

What happens during Non-Judicial Foreclosure in Wyoming?

Non-judicial foreclosure is conducted only when power of sale clause exists in deed of trust/mortgage. This clause allows borrower pre-authorizes the sale of property to pay off the balance loan in the incidence of their default. In such cases power is given to lender to sell the property by himself or his representative who generally referred as trustee. Guidelines for such procedure are mentioned under “Guidelines for power of sale foreclosure”.

Guidelines for power of sale foreclosure

If the deed of trust/mortgage contains a power of sale clause with specified time, place and terms of sale, then it should be followed.

Otherwise Non-judicial foreclosure is conducted as follows:

The lender needs to send a notice to the borrower mentioning his intention to foreclosure property by a certified mail with return receipt requested, at least 10 days before the release of the first ad. The notice should be published once a week for four weeks in a local newspaper. If there is no newspaper printed in the county, then the notice must be published in a paper printed in the state and of general circulation in said county. The notice should contain name of the borrower, the lender and lender’s representative, the date of mortgage, amount of default, a description of the property and date/time of the sale. The sale is held at the front door of the courthouse between 9 a.m. to 5 p.m. and is conducted by the sheriff or deputy sheriff of the county. Highest bidder receives a certificate of purchase.

The borrower gets 3 months time from the date of the sale to redeem the property by paying the bid amount plus 10% interest, amount of any assessments or taxes and the amount due on any prior lien which the purchaser paid after the purchase, with interest.

This is legal information; it should not be treated as legal advice.



By: Alexander Thomas

About the Author:

Judicial Foreclosure in Nevada:

It involves filing a law suite to obtain a court order. This is done when no power of sale is present in mortgage/deed. Once foreclosure is declared, property is auctioned off to highest bidder.

After judicial foreclosure, the borrower gets one year period to redeem his property.

Non-Judicial Foreclosure in Nevada:

Non-judicial foreclosure is conducted only when power of sale clause exists in deed of trust/mortgage. This clause allows borrower pre-authorizes the sale of property to pay off the balance loan in the incidence of their default. In such cases power is given to lender to sell the property by himself or his representative who generally referred as trustee. Guidelines for such procedure are mentioned under “Guidelines for power of sale foreclosure”.

Guidelines for power of sale foreclosure

If the deed of trust/mortgage contains a power of sale clause with specified time, place and terms of sale, then it should be followed.

Otherwise foreclosure takes place as follows:

Lender needs to send copy of notice of default and intention to sale to the borrower by certified mail with return receipt requested at the last known address of the borrower. This should be done on the same day when notice is recorded. The borrower gets time of 15-35 days to make the payment. Sometime this depends on the date of original deed of trust. The borrower can also file ”Intent to Cure” with the Public Trustee’s office at least fifteen (15) days before the sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled. Lender gets 3 months period to obtain deficiency judgment.

This is legal information; it should not be treated as legal advice.



By: alexander thomas

About the Author:

A foreclosed property gives huge profits for buyers and investors, though it has a few drawbacks. Foreclosed real estate means a property that on which the owner has defaulted on the payment of interest on the mortgage, to a specific lender. Most of the foreclosed properties are listed in the newspaper for sale. The best source to get this information about foreclosed real estate would be in your local paper, auction sales news or, sheriff’s sales.

You can purchase a foreclosed property at a foreclosure sale. Here the court initiates a bidding process and the highest bidder is entitled to the said property. However, you will be allowed to inspect the property prior to the bidding process. Once the bid is completed, the highest bidder is given a ‘Certificate of Possession’ and he has to submit the amount exactly as the bid amount with The Public Trustee. There is a redemption period of 75 days, in which the owner of the property can pay the amount with the fees as well as interest and claim the property back. If the owner fails to do so in the redemption period of 75 days, the property is then officially entitled to the bidder.

Another method to buy a property is through Pre-Foreclosure. As the name suggests, you can try and buy the property before the property is up for foreclosure. You have to make contact with the owner of the property which is about to be foreclosed. Negotiate a deal with the owner and understand as well as respect the emotional sentiments of him or her. Inspect the property and the loan documents entitled to the property. When you make an offer price, deduct the various debts on that property, repair cost, mortgage cost, carrying costs, tax, and insurance; and then deduct that from the market value of the property. When everything is satisfactory, contact your lawyer and ask him for a representation during the closing. This is one way of buying a property well below the market price.

You can also look for properties that are in the possession of banks and lenders. Inspect the property under them with their consent. Once you are satisfied with the inspection, make an offer taking into consideration the cost price, repairing charges, etc. Make the deal and close it as quickly as possible, as there can be other potential buyers. Make the paper works on this deal perfect and error free for a smooth closure.

Always try and obtain a comprehensive inspection by a qualified inspector, who can identify the problems in a situation. It is better to get the service of a real estate agent to negotiate for you on this type of sale.



By: mary deoquino

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