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is the preforclosure price the price to buy the house?

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April 01 - Millis
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Answers (3)

Pre-foreclosure simply means that a complaint was filed at the Registry of Deeds that the homeowner is in default.   This is public record info. that gets pumped to Zillow.  Zillow is a consumer website that relies on public records as they do not have access to Multiple Listing Service.  A pre-foreclosure does not mean that the home is for sale, or will be for sale or be a foreclosure.  The homeowner could pay current their mortgage, file bankruptcy etc.  More than likely the homeowner is mortgaged higher than market value.  Do NOT attempt to do go directly to a distressed seller this without an attorney.  Buying a pre-foreclosure home from the seller directly has many potential pitfalls and bewares.  The advice provided you about approaching the distressed homeowner is not good advice, because there could be one ANGRY homeowner there and there is a lot more to it than just approaching a seller or going to a foreclosure auction and in the end you will likely not get the superb deal you were lead to believe you could get. They do NOT often actually get to closing because of many outstanding liens on the home for taxes, credit cards, personal loans, etc.   Be careful when approaching someone who is losing their home as well, they aren't happy!
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April 22
I agree with first answer.  I guess they're trying to estimate what the house would sell at auction maybe, but no one can predict that.

In preforeclosure, it's best if you can contact the homeowner directly.  But you would generally, if you wanted to buy the property from the homeowner, you would probably have back taxes, back mortgage payments.  You have to know what you're doing to do that to make sure you're getting the right deal.  Often these homes need some work.   Unless you're an investor or are pretty savvy with buying preforeclosures, I would just go the MLS route or get some advice from a savvy investor.
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April 01
Preforeclosure is a joke. It means nothing at all and might not even be a house that is for sale. Any house not actually in the process of foreclosure could be said to be a pre-foreclosure so it actually means nothing. It might mean there is a chance the house could someday be in foreclosure and it might mean it's not.
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April 01
 
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