Foreclosure process

Fortunately, there seem to be fewer foreclosures in Gaston County right now than previously.  I'm hoping that that is a sign that our economy is improving!  Foreclosures can be a great way to obtain property at below market value.  They are a sad reflection on our economy, however.
Foreclosures occur when a homeowner has stopped paying the mortgage.  The bank, through a series of legal moves, "takes back" the property, removing the residents, and either selling the property on the courthouse steps directly to a buyer, or through a real estate agent.  This process is a bit more standardized than a short sale, but still a bit difficult.  The property is sold "as is" and there are very specific rules that must be followed.  Again, the purchaser typically obtains the property at a discounted price, although property condition can vary widely.