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If a house your interested in buying is in pre foreclosure, what is the next step regarding purchasi

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January 16 - Stone Mountain
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Profile picture for zuser20140609065326514
Should be "you're" instead of "your."  
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June 09
Assuming the house goes into finalized foreclosure (which can take a very long/indefinite time to get to that point) you should consider financing. One of the first steps to buying a home is to speak with a lender first. A lender will analyze your finances in order to pre-approve you for a home loan. It is important to have a pre-approval when home shopping because it will allow sellers to seriously consider your offer. Also, the lender will be analyzing your financial factors such as your income, assets, expenses, debt, credit, employment, down payment, etc. So the best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 17
Finding another house.

Pre-foreclosure is an innocuous term; what does that mean? Short sale, possible short sale, foreclosure underway, deed in lieu.....? What is means is that the process will be dragged out and when the bank takes it they will try to sell it at an inflated value. This will happen and it will happen far into the future, I know as I'm a FNMA appraiser as well as broker and have seen this for several years.

Move on and chase something that might have a chance to close.
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January 16
Profile picture for gator70
In most cases the owners are in a state of denial. They cannot face the fact they will loose the house. They believe they can find some unrealistic solution before the final day. If you do find a owner who understands all options you can suggest a option where as you become the purchaser via buying the mortgage or short sale. 
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January 16
Assuming you are already fully qualified, next step is to look in the interior and exterior of the property.  From there ask the questions that are important to you......such as how are schools?, traffic, what are recent sales?, any repair concerns the home may have? etc.... After that its all smooth selling from there, you simply have to7 value and make an offer based off your value,  [deleted by Zillow moderator. please see our Good Neighbor Policy for posting guidelines]
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January 16
That's a great question. You can either contact the owners to see if they would be willing to do a short sale but keep in mind the bank also has to agree to this or you can wait until it is taken back by the bank and go to the auction and purchase it. Or you can wait until the bank lists the home with a real estate agent but that's only if it doesn't sell at auction. Do your research though, make sure there are no liens on the property. I hope this helps. Good luck!
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January 16
Depends on what the pre-foreclosure is and what it means. It's a horrid term because it is meaningless. Foreclosure is a process and a property is either in that process or it is not. So all not in the process could be said to be pre- foreclosure. Most then won't even be for sale.

Often people use the term pre-foreclosure to mean a Short Sale. If this is the case your realtor can help you. It will be listed for sale and so you need an agent to write up an offer that goes to the owner and then to the bank for their approval. The whole process can take 2-6 months and will be frustrating for you.

tim
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January 16
Nothing.  You jast have to monitor the foreclosure process.  When, and if it comes up at the Trustee Auction, you can bid on it, but be careful, there may be liens that are not canceled after you take title.  You are purchasing with NO Title insurance or warranties, AS-IS.
If nobody bids at the trustee auction, the bank becomes the default owner and will put it on the open market.  This usually takes 2-3 months after they get Certificate of Title.
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January 16
 
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