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Where or how do I particepate in Pre-Forclose or auction homes.

There's a home that we looked at & put an offer but, before we have the time to finished the offer it went off the market for forclosure & can't find any information about the house. Today Isaw it on Zillow for Pre-forclosure.

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November 19 2013 - Ocean Shores
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Answers (2)

If you saw the home on the market in preforeclosure, it has not been foreclosed yet. What is the address and I will look into it for you. I am not sure if you mean that the home was in pre-foreclosure and you made an offer on it when it was a short sale, then it was foreclosed so the short sale listing was withdrawn along with your offer. Please clarify the address so I can help you further.

On a different note, depending on what area you are looking and what price range, you may find there is a lot of competition for short sales and auction homes. A lesson on auction homes...beware! Many times a home ends up in auction because there are defects on the title that you will end up having to clear yourself after closing...or perhaps there is an occupant in the home that you will have to spend large amounts of money to evict. The auction company will usually charge a buyer's premium to the buyer, and these homes are sold as is many times without refunding your escrow deposit even if you are not satisfied with home inspections. 

Short sales are also often listed initially at a lower price than market value to lure buyers into making offers only for the buyer who gets their offer accepted to find out several months down the road that the lender will only approve the short sale at a higher price. The lender's goal is to obtain fair market value for their asset. If they are going to take a bath, they will take the bath in foreclosure. 

The most important step you can make if you want to be successful in finding a great home at a great value is find a real estate expert in the local market you wish to purchase in, and then be loyal to that real estate agent if they are working hard for you. I would suggest searching on Zillow to find a Zillow Premier Agent that works locally. Understand that even the best agent cannot find you a deal that is too good to be true. You have to be realistic in your expectations. 
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November 19 2013
Try registering on HUD.gov, many listings are available there. You can also try calling a local Realtor, it may be available in the MLS or your agent may have access to who holds title/mortgage to help you get in contact with the right people. 
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November 19 2013
 
Related Questions
Where or how do I particepate in Pre-Forclose or auction homes.
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November 19 2013 | 2 answers
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