Profile picture for dadius1228

What would be the process to buy a property listed as "pre-forclosure"?

a property we are interested in list on Zillow as pre-foreclosure, paper work posted on the property says mortgage company owns it since 2011, local realtor advises it hasn't been on the market. How close to "zestament" can one expect a property to appraise (understanding different variances affect? What would be the process to acquire said property? 
  • April 03 - Smithville
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Answers (3)

Best Answer

Profile picture for Outer Banks N C
1. Find out who owns it

2. contact owner to ask if they wish to sell



That's how you start. Since it is not listed for sale you have to ask if they are interested in selling and then for how much etc. Zestimates are a joke, to think they are accurate is just wrong.
  • April 03
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Profile picture for Francis Ignacio
Hi dadius1228 -
 
You might also wanna check Zillow's Foreclosure Buyer's Guide about Buying a Pre-Foreclosure Property.

You can also visit our Zillow Help Center/Zillow Agent Help Center for other helpful information.

Thank you.

Francis Ignacio
Zillow Customer Support
  • April 03
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Profile picture for sunnyview
A preforeclosure is not for sale and may never be for sale. Many are redeemed by the owner and many more are never brought to market for other reasons. 

If you are relying on the Zestimate to make an offer or establish value instead of looking at recent sales in the area, you need to find an agent or appraiser to help you assess value or you are running a huge risk. Although the house may appraise within the larger "value range", specific appraisals often bear little resemblance to Zestimates
  • April 03
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