Profile picture for janhh464

what can be done to see a property in a pre-foreclosure?

  • September 24 2013 - Oswego
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Answers (4)

Profile picture for Ofe Polack
In essence, a short sale is a home pre-foreclosure.  That is, once the short sale has been agreed by the lender, unless the seller continues to pay the mortgage, after three missing mortgage payments, most likely the lender will start sending foreclosure notices.  Then the short sale becomes pre-foreclosure.  You are better off waiting until the property comes back on the market as bank owned,  that you are trying to negotiate and wait for a short sale to go through.  Not every buyer can stomach a short sale .  Try to find yourself a buyer agent with experience on short sales and bank owned properties and sit down with the agent for a crash course.
  • September 24 2013
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I initially looked at this question and thought everyone answering prior to me was exaggerating the difficulty of answering this accurately.  There's a lot to consider.

If the home is still occupied, you can't just knock on the door, the family is likely upset about the situation and will just usher you away.  Potentially worse - don't do that.

If the home isn't occupied, getting in touch with the foreclosure authority (bank) will be a long, tiring process of  unreturned phone calls and waiting.  They quite frankly won't care that you're interested until the proceedings have been finalized and the bank is officially ready to market the property.  That can take awhile.

Sadly, I'd reach out to the bank and see where they are in the process.  It's unlikely you'll get much out of them. 

Keep an eye out, if it's a tax sale (etc.) they'll have to list it in the paper at a certain date before it occurs.  (could change depending on municipality)

Be ready when the home goes on the market - finding an experienced agent to be ready to pounce is a good idea as well. 

In all honesty, though, unless you know for a fact the house will be through foreclosure soon, and will be marketed immediately, I'd just forget about the property for the time being.  It's likely to be a complete waste of time until the bank is good and ready.  And we all know how long that can take.
  • September 24 2013
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Have your agent/broker speak to the owner in your behalf.Be sure to choose someone with years of short sale experience as this is i difficult situation to navigate.
  • September 24 2013
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Just like any other property. Contact the listing agent or get an agent for yourself.
  • September 24 2013
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