How do you buy a pre foreclosure property

Property is empty and is listed on Zillow as a pre foreclosure  property.
  • April 08 2014 - Federal Hill
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Answers (3)

Profile picture for conniefitz
This is a good question. Sometimes properties are advertised as a pre-foreclosure online. You have to be careful though. Often times, the home owner is unaware that the property is being advertised at all! The home owner may be working on a payment plan with the bank or, as Suzanna mentioned, may be in the beginning stages of pursuing a short sale (which takes a lot of time to prepare for since there is so much paper work involved depending on one's circumstances). If the home owner is no longer living in the home and it is vacant, the bank may be waiting to release the property once certain repairs are made. Releasing it too early may disrupt home values in the neighborhood if there are already Active/Pending Short Sales or Foreclosures in that community. It would be best to wait until the property is released to the market as active and seek a realtor's representation to determine a good offer price.
  • May 02 2014
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Sometimes Pre-foreclosure properties are listed as a short sale on the MLS. When they are they can be more work but very rewarding. If they are not listed then they will most likely be foreclosed on at some point, then they will be available. 
  • April 08 2014
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Profile picture for wetdawgs
Pre-foreclosures are about the trickiest properties to purchase.  Zillow has an article on it (click here)
  • April 08 2014
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