An expert in the real estate sector, Patrick Aminu has appealed to Nigerians to always understand the history of the property they intend to buy.
Aminu, who made this known in a chat with Blueprint further said people should not be afraid to buy a pre- foreclosed property as it is not illegal.
He explained that first, anyone looking for a property has to understand that a pre-foreclosed property is not necessarily for sale.
According to Aminu, who is an Estate Surveyor and Valuer (ESV), it is the beginning of the hunting process, which experts say is one of the trickiest parts of getting up the ladder in this game.
He said: “Some pre-foreclosure in most advanced countries last for a period of between 1-3 months before they get to the public auction stage.
“Pre-foreclosures are often filed by a mortgage lender
when a borrower is no longer making their mortgage payments. It’s the first notice to the public that a property is facing foreclosure, “Pre-foreclosures are always in the market and working with an experienced or seasoned realtor may be wise advice.
“The banks may not have begun their prowl yet to get the property sold, which is the good thing about it, you get to sell the property to your own discretion, decision and even close with a profit from the sale.
“This is only possible however before the notice of default is filed with the court and sewed as the first step of foreclosure. Banks also buy back foreclosures at auction or before auction,” he explained
