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what does mean if the home is in pre-foreclosure?

will be able to get the home lesser than the pre- foreclosure price?
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May 03 - US
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Answers (3)

It depends where you are seeing it. Any house not in foreclosure could be said to be in pre-foreclosure. It is a silly term that might just mean nothing at all in reality. Some websites stamp that term on a property if the site thinks there is some possibility that the house "MIGHT" someday fall into foreclosure. Hence the pre-foreclosure. Will it? Maybe and maybe not. Some sites use the term pre-foreclosure to mean it is a short sale. Short sales are not guaranteed to sell at all and may never sell because the bank won't approve the sale if the bank has to lose money doing it. It is a meaningless and confusing term unlike for sale or not for sale. On those sites that stamp a pre-foreclosure on a property that "MIGHT" run into foreclosure, some time in the future, you have to call the owners to ask if they might want to sell. Have fun with that call. You still must pay the owner enough to pay off the loan in full or the owner can't sell it and if they are underwater, well it might not happen even if they want to sell.
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May 03
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I am looking at home pre foreclosure listed? I looking in the Madison, MS area.
Will have to wait on purchasing the home or entering a bid?
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May 03
Depends on the home and what county has of record. 
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