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What does pre-foreclosure auction mean?

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January 25 2013 - Mill Creek
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so if you find a realtor that is capable of doing this process, can you still get a traditional loan or do these auctions have to paid for with cash ?
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February 12

Or sometimes it could just be old information that you are seeing.  The property owner could have already paid the late taxes or mortgage but the information has not been reflected on this site.

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January 26 2013
Pre-Foreclosure means the bank possibly started the process to seize the property from it's current owners OR it means the Savvy Real Estate Agent is smart enough to get the interest up BEFORE the bank attempts to Foreclose on the property.  Either way..  Good deals for buyers. If your state allows a realtor to do an auction great some require licensed auctioneers and there is a process for that and both the buyer & seller/bank will pay an auction fee.  If it is a realtor doing it...  you should expect an open reserve style multiple bidding auction process... in short you will be competing with multiple buyers however most will bow out early. The key here is LEARN WHAT THE MARKET VALUE IS PRIOR TO YOUR BIDDING AND SET A CAP ON HOW MUCH YOU WOULD BE COMFORTABLE SPENDING after you've learned your market!!!
(Good Luck)
Jerel Washington
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January 25 2013
 
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What does pre-foreclosure auction mean?
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Latest answer by strfshgirl
February 12 | 3 answers
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