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What steps do I take if I am interested in trying to buy a preforclosure?

  • June 24 2014 - Roxbury
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Answers (9)

It depends what you mean by "pre-foreclosure". There is no such thing as a pre-foreclosure sale. There are tax sales and foreclosure auctions and short sales that may be was you are calling "pre-foreclosure". Shortsales are totally different, being that the homeowner is still involved in the process. 
  • September 30 2014
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Profile picture for Ehren Alessi
Pre-foreclosures have a good name but a bad rep. If the property isn't already owned by the bank it only means that the current homeowner is delinquent on their mortgage payments so most likely the homeowner is doing a loan modification, short sale or filing a BK. All of which don't help drive the price down when trying to buy the property. A majority of the banks negotiating short sales right now want either Fair Market Value or above FMV for a short sale. If you want a foreclosure and a good deal make your way to the auction with cash. 
  • July 02 2014
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Pre-Foreclosures, i.e. shortsales,  are typically sold "as is" being that the seller does not likely have any funds for repairs.  You need to be patient if you are looking for a pre-foreclosure as they can take as little as 3 months to as long as 1 year+ (depending on the bank(s) you are dealing with).  Recently, the banks have gotten tough with their appraisals coming in far higher than the property may be listed for which then makes the bank counter offer to your offer that was accepted many months prior by the seller.  The bank has the final say.  They are not fun to deal with but if you get lucky, it can be worth the wait and the hassle.  
Good luck!
  • July 02 2014
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Profile picture for RealEstateCrew
Verify title, remove any liens, find out what the seller will take for the home, close on the home. 
  • June 24 2014
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Notice of Demand, right, Hamp?

Excellent point. It's just a way for a media/entertainment company to show off their database ability.
  • June 24 2014
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Just to clarify. Those houses should never appear on any advertisements for homes for sale, anywhere. The "preforeclosure listings" phenomenon is actually an obfuscation of reality, created by the "media", in order to show the power of their algorithms, and the reach of their dataset, in the furtherance of selling ad space. It borders on scam. It is actually a violation of RE Licensing law, but the media aren't licensees. It should be stopped and/or ignored. I guess the media would call it journalism. Because, all it really is, is a reporting of those homeowners who've been sent a notice of default, or some other public record item, similar to a NOD.

  • June 24 2014
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Profile picture for Dunes ..
These are often different (Process/Requirement) State to State..County to County ect. so you need to check how it's done in each Market/Local to be sure/informed..

State/Counties often provide information/Property lists on their web sites so checking is important
For Example give this a look...all Public Records..All State/County/City Web Sites
Connecticut
Pending Foreclosure Sales
View Connecticut pending foreclosure sales by town on your State Web Site
Read about the process/requirement/auction dates/see property lists

Public Records are a great tool for information ...
Give this Free Public Records Directory created by a Non-Profit Consumer Advocacy group a look.....
It's Free..no sign up
Public Records Search Directory
  • June 24 2014
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Step 1. Wait for them to be foreclosed on.
Step 2. Wait for the bank to list them for sale.

All the best,
  • June 24 2014
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Pre-foreclosures are the not easy properties to buy. Most are not on the market at this time.  Please see this link.  If you are in any kind of a hurray it is not the right path for you.

Good luck!
Brian
  • June 24 2014
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