Buying Foreclosures & Short Sales
The primary method of foreclosure in Montana involves what is known as non-judicial foreclosure. This type of foreclosure does not involve court action but requires notice commonly called notice of sale. When the trust indenture is initially signed it will usually contain a provision called a power of sale clause which upon default allows a trustee to sell the property in order to satisfy the underlying defaulted loan. The trustee acts as a representative of the lender to effectuate the sale which typically occurs in the form of an auction. Montana has special rules on who can serve as a trustee which persons are limited to attorneys, banks, and title agents. Because this is a non-judicial remedy there are very stringent notice requirements and the legal documents are required to contain the power of sale language in order to use this type of foreclosure method.
Check out these websites on foreclosures in the Butte area:
www.butte.mt.foreclosure.com
www.hudclips.org/montana/butte-foreclosures
In our area we have not experienced a high number of foreclosures, but foreclosure properties and properties being sold as ?short-sales? are now part of our housing inventory and many people are interested in purchasing a home at a discount price.
Purchasing foreclosed properties or short-sale properties is not a panacea.
If you are interested in exploring the possibilities of buying a foreclosed or short-sale home, I strongly recommend your first step should be to talk with me or another Shea Realtor® Agent.
Today, you need a plan. Not a promise.
We are the most experienced, most successful in Southwestern Montana and have trained and experi-enced agents who primarily work with clients on foreclosures and short sales. Contact us to set up a time where we can discuss the specifics regarding these type of purchases. Our contact information is Gary@SheaRealtors.com or 406.723.5455.
Use this quick form below to get more information or to schedule an appointment
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PRIVACY I MEMBER AGENTS I CONTACT
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Shea Realtors, PLLC®
1900 Harrison Avenue
Butte, MT 59701
PH: 406-723-5455
FAX: 406-782-8600
gary@shearealtors.com
www.shearealtors.com |
Shea REALTORS® is an Independently Owned & Operated Montana Company. An Equal Opportunity Broker.
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