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how do we get a house that is in pre foreclosure auction?

I am looking at houses for sale by owner and all these houses are coming up as preforeclosure auction? what does this mean and how do I get a house like this?
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October 08 2013 - Mentor-on-the-Lake
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Answers (7)

Profile picture for Dunes ..
You go to the links already provided in response to your question and begin to learn the answers to your question

The sites have all the info ect. about how it works, how to bid/buy/ process yadda yadda..it's often different State to State...County to County ect.
There is not just one simple answer to..What do I do?

Check/Read the Links/Info already provided
I repeat: Check/Read the Links/Info already provided
Form an opinion about if you're interested in checking further,,,,then do more checking

Check these also if you want info on REO's or Gov. Foreclosures
Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale, Programs
Sites Like..Bank of America...Wells Fargo...CitiMortgage

You can find links to Bank sites here...Link

The Fed Gov has Sites for its Properties for sale/Info on programs/loans
HUD Homes...HomePath.com (Fannie Mae)...HomeSteps (Freddie Mac)

You can find the links to Gov sites here...Link

For more info/learning
You can also look at Auction Sites (Check-read carefully/Due Diligence) 
Williams & Williams

Bid4Assets

Auction.com


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October 08 2013
There are for sale by owners, pre-foreclosure status, auctions, foreclosures - but I also do not now what a pre-foreclosure auction is.

If it is advertised as a pre-foreclosure with an auction date be assured the bank will be bidding the amount of the loan due them.  Consumers don't buy them.

Other types of auctions you need proof of funds (cash).  The auction company does not wait for financing.
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October 08 2013
Profile picture for user1801052
but how do you get a house in preforclosure? Who do I contact the bank where the loan is?
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October 08 2013
You can also check out:

www.homepath.com 
** Homepath financing offers high ltv, no pmi, no inspections, no appraisal. that's unless you're looking for the renovation loan then that's a bit different.

www.homesteps.com 
These are Freddie Mac owned homes. There is no "special" lending program here in Ohio for these homes but it, another resource when looking specifically for REOs.

Then HUD, there are many sites out there promoting HUD owned homes. 

Any of the homes you look at, you can always obtain FHA 203k financing too. Doesn't need to be a HUD home to qualify. You can buy a home plus borrow the repair costs (up to max loan amts and max loan to values).

Just another perspective on how to look for properties.

Best wishes, 
Kim Lawson
Ohio Licensed Loan Originator
Contact and licensing info can be found on my profile.
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October 08 2013
Profile picture for Dunes ..
If you are interested in beginning to learn about these type of things then here are some pretty good places to start

All County or City or State Web sites...All Free...All public records

Lake County OH. Sheriff's Sales
'View Lake County Sheriff's real property and tax sale listings as well as answers to frequently asked questions".

Ohio - Foreclosures and Tax Lien Sales Links

Nationally - Foreclosures and Tax Lien Sales

Public Records Directory to quickly find the public record sources you need.

Enjoy....and good hunting
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October 08 2013
There is no such thing as pre-foreclosure auction.  The home is either being sold pre-foreclosure as a Short-Sale or Post Foreclosure as REO.
You can purchase at Foreclosure Auction when it comes up for sale at yourlocal County Clerk sale, but be careful, there may be liens on the property that you will be liable for.

Anytime you are purchasing a home via Auction it's Buyer Beware.  You will be purchasing AS-IS, with all flaws and liens.

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October 08 2013
I have no idea what a pre foreclosure auction is. That makes no sense at all. Sounds like poor marketing by someone or someone trying to mislead a buyer. A house is either in or not in foreclosure. Adding pre in front of it makes it not in foreclosure and seems to imply it might someday go into foreclosure. I know what a foreclosure auction is, they are done on the county courthouse steps and require cash to buy. The banks usually buy or get them back so they can later sell them. Often sellers try to short sale a house and some call these pre foreclosures but the bank has to approve any sale since they are going to lose money when it sells, but they don't auction them. There are private auctions done by a seller.

tim
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October 08 2013
 
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how do we get a house that is in pre foreclosure auction?
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October 08 2013 | 7 answers
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