Profile picture for zein.g

pre-forclosure home

i saw this home going at an auction 6/23/2014, will they have an open house to see if it is what you want before bidding? Thank you.  I don't see it on the mls, could any realtor show it to me?
  • June 06 - Henderson
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Answers (4)

A pre-foreclosure home's loan is in default. The defaulted loan has been recorded in public records, starting the pre-foreclosure process. This process lasts from 90 days to 10 months or more and culminates with a public auction or trustee sale but NO open houses. The pre-foreclosure period passes quickly and the seller will be motivated to sell. The seller must sell the property before the foreclosure process is complete or he loses control of the property. A pre-foreclosure deal occurs between a buyer and a seller, but the lender must approve the buyer's offer.

Hope this helps!
Brian
  • June 07
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Profile picture for Himmat Grewal
Zein, Foreclosures auctions are just like a gamble, but there are ways to play it safe. If I am in an Investors shoes, I will do a drive by, look for the comparable and then assume if the house is in worst of condition. I would calculate my expense to repair it and then grab the Cashiers check and head to the auction. I will advice you to consult a seasoned professional before you buy your first auction property.
 
  • June 06
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Profile picture for Dan Tabit
Zein,
If this is a foreclosure auction, they don't do open houses or let buyers preview homes.  Foreclosure auctions are cash sales, as is, where is, with no contingencies or changing your mind.  They are not listed with an agent.  If they are not purchased and retained by the bank will they will eventually find their way to the market.  
  • June 06
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Profile picture for PabloTpereyra
Sounds like an auction. 
  • June 06
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