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How do you proceed if you are interested in a house that is in pre-forclosure?

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March 04 - Thornton
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Hello.  The pre-foreclosure houses on Zillow may not be technically for sale yet.  I would have an agent talk with the seller to determine if they want to sell or not.  You can always present an offer yourself as mentioned below but I would warn that they may be in need of a short Sale , which would require an experience short sale expert to help with negotiations between the bank and I would worry that the title may not be clear (maybe they are behind on taxes and there is a lien.)  Good Luck!
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March 13
Just understand that pre-foreclosure means who ever is reporting it as a pre-foreclosure has some idea or inclination that the house "MIGHT" be in trouble and therefor "MIGHT" be for sale. It is not for sale for sure, it just "MIGHT" be. If the house is worth less than what is owed there won't be enough money to get the owner to sell it and unless you want to pay too much then it might be a big waste of your time even looking for pre-foreclosures.
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March 04
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David is giving you realtor speak.  Anyone can find the owner using county records.  Anyone can approach the owner and present an offer.  If you know what you're doing, it wouldn't make sense to pay a realtor for such a transaction.

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March 04
An agent could identify the owner for you, using county records.  Then your agent could approach them, and present your offer to buy them out and allow them to avoid foreclosure.  

However, it would likely have to be a short sale, because odds are that the current owner has racked up a substantial amount of late fees, and lender attorney fees already.  This will typically make their pay-off higher than what the property is currently worth. 

The other options would include bidding on it at the courthouse steps, once it goes to foreclosure.  You have to be an all-cash buyer to do this though.

Third option, is to wait until the bank takes it back, and buy it as a bank owned property.  Be forewarned... the banks realize that Denver is a frenzied market, so many of them are now holding out for top dollar on the foreclosures.  Gone are the days of getting screaming deals, just because the house is bank-owned. 
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March 04
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Hi dlwhitman -

You can click this link for you to learn more the process in buying Foreclosures.

For more information about our website you can visit Zillow Help Center.

Thank you.

Riza B.
Zillow Customer Support



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March 04
 
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How do you proceed if you are interested in a house that is in pre-forclosure?
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March 13 | 5 answers
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