Judicial vs. Non-judicial Foreclosure Procedures

As I’ve mentioned in previous posts, there are many different factors that affect our housing markets throughout the United States as well as Washington State.  The real challenge is to try to figure out which one (or ones) will have the most effect at any particular time.  In this case, the foreclosure procedures used will have an immediate short-term effect with long-term consequences for a housing market’s eventual recovery.

The issue of judicial vs. non-judicial foreclosures is just one of those factors.  You can click here to read an email I received from the National Association of Realtors® service.  Here is a second link from the RE/MAX network which was forwarded to me by Vickie Lawrence, our local Pacific Northwest Title and Escrow sales manager.  This article explains a bit more in detail the market and financial implications of judicial versus non-judicial foreclosures.

By the way, Washington State allows non-judicial foreclosures.