Meridian foreclosures are one of the best ways to buy a home under market value. While foreclosures present some unique challenges, I specialize helping buyers with these properties and can help ensure your purchase is successful.
Meridian short sales are usually in “pre-foreclosure” – meaning the lender has started the foreclosure process but has not yet gone to the foreclosure auction.
Most Meridian foreclosures that go to auction are not bought by a third party because the starting bid is too high and most don’t have the ability to pay cash. If a third party does not successfully bid on the property, the lender puts in a “credit bid” and becomes the owner. The property then becomes known as a bank foreclosure, REO, or bank owned real estate.