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If a home is in pre-forclosure, how long will it take it for someone to be able to purchase it?

  • April 29 2013 - New Castle
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Answers (5)

Depends, if you start a short sale with an agent, the house will be on the market right away, an offer has to come, be submitted to the lien holder's for review. That is at least 60 days, then 90 days for review once the offer submitted is reviewed the lien holder will respond if approved, counter or declined. If is a good offer it might be approved, from that point you will have 60 days to close. The foreclosure starts when the lien holder stop making payments and ends at the public auction or if a short sale is approved will end up at closing. pre foreclusre sale is the lapse time between 30 days mortgage payment past due and the auction or closing.

  • April 29 2013
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If you are asking about a short sale situation, it all depends on the bank involved. It could take up to 3-6 months or less. After the home owner has agreed on a contract price with the buyer then the lean holder (bank) will also have to agree on the price before the home can be sold. After the bank has agreed on a price then they will order an appraisal. Depending on the appraisal will determine the sale of the home. There are different departments that are involved with the bank on a short sale, this equals a longer closing process.
  • April 29 2013
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If it's a pre-foreclosure, the home is still owned by the owners. The bank has merely started the process of a foreclosure.

If the sellers haven't listed the property for sale, you would either have to contact them, wait for them to list it or wait for the foreclosure process to take place.

Pre foreclosure and post foreclosure have no time table. Personally I wouldn't wait around for a home to fall into foreclosure and come on the market. It's possible the homeowners will be able to save the property from foreclosure and therefore it will not come up for sale.
  • April 29 2013
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Everyone has a different definition of Pre-Foreclosure.
If you are waiting for the home to be purchased by the Bank at a foreclosure sale and then relist it, so you can buy it as an REO (bank owned property) it can be years depending on your state and the bank.

If you mean a Short Sale it can take many months depending on how effective the agent is in negotiating with the Bank's Representative. 

If you'd like a very specific answer, please let me know what you consider Pre-Foreclosure.
Good Luck.
  • April 29 2013
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You mention pre foreclosure,  do you know if the home owner is doing a short sale ?, if they are seeking short sale as an option to avoid the foreclosure stigma  it can take several months for the bank to aprove the short sale however once the home is on the market you can submit an offer. Keep in mind the short sale will need lender approval and also patience will be needed if this is the case.

If the home has already been foreclosed on and you are waiting to see when it will become available on your mls to place an offer, this may take some time before the actual property becomes available on the market, there are behind the scene tasks for instance, valuation and also lien research and priming the property  are some of the tasks.

I wish I could tell you specifically when to expect, best advice would be perhaps an agent can set you up on a property alert so that when it becomes available you will have the infomation via email.

Best wishes!
  • April 29 2013
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