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after preforeclosure on this site, what happens afterward when does it hit the public

when does the preforeclosure hits the market

  • June 28 2013 - Florissant
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Answers (1)

Profile picture for blue screen exile
Zillow shows two kinds of "pre-foreclosures":
1) 90 day late notice.  (Those will typically take a year to two years to foreclose, if they foreclose at all, since most people get caught up on their payments when they get that kind of notice).
2) Auction date set...
   It is "for sale" at the "auction", unless the auction date gets postponed, or the borrower gets caught up on their payments.

If it went to the auction, and there was not a buyer willing to pay what the lender needed to cover the debt, the financial institution typically buys it back, and will EVENTUALLY put it on the market as an REO (foreclosed, Real Estate Owned).  They may hold it off the market for multiple reasons, such as liquidating the asset could cause them to take a "book loss", which could make them insolvent... or the market saturation of "distressed homes" is too high in the area to market it presently, thus waiting allows better return on other investments, or there are many items that need repair which could affect occupancy and loan funding, so they choose to have those taken care of first.  They can also decide to sell them wholesale in bulk.

So, if the auction date posted has already passed, check first to see the "sales history" to see if they already sold it, and if not, assume somewhere between 1 month and 2 years.
  • June 28 2013
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