August 16, 2022

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Shopping for pre-foreclosure not unlawful, professional tells Nigerians


An professional in the actual property sector, Patrick Aminu has appealed to Nigerians to at all times perceive the historical past of the property they intend to purchase.

Aminu, who made this recognized in a chat with Blueprint additional mentioned individuals shouldn’t be afraid to purchase a pre- foreclosed property as it’s not unlawful.

He defined that first, anybody on the lookout for a property has to know {that a} pre-foreclosed property shouldn’t be essentially on the market.

In response to Aminu, who’s an Property Surveyor and Valuer (ESV), it’s the starting of the looking course of, which specialists say is likely one of the trickiest components of getting up the ladder on this recreation.

He mentioned: “Some pre-foreclosure in most superior nations final for a interval of between 1-3 months earlier than they get to the general public public sale stage.

“Pre-foreclosures are sometimes filed by a mortgage lender

when a borrower is not making their mortgage funds. It’s the primary discover to the general public {that a} property is going through foreclosures, “Pre-foreclosures are at all times out there and dealing with an skilled or seasoned realtor could also be smart recommendation.

“The banks might not have begun their prowl but to get the property bought, which is the advantage of it, you get to promote the property to your personal discretion, determination and even shut with a revenue from the sale.

“That is solely potential nonetheless earlier than the discover of default is filed with the courtroom and sewed as step one of foreclosures. Banks additionally purchase again foreclosures at public sale or earlier than public sale,” he defined

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