Profile picture for NYLADY457

what is "PRE FORCLOSURE"?

a house labeled pre forclosure and i am interested in seeing and possible buy.. what to do?
  • June 15 2014 - US
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Answers (2)

Profile picture for wetdawgs
Here's a link to Zillow's section on buying a pre-foreclosure. M

Most of them are not for sale at this time.

  • June 15 2014
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Pre-foreclosure means that the owner is in default on their mortgage and they've received a notice of intent to foreclose.

Typically, the house is worth less than the amount owed, and often the seller has attempted a short sale and failed for a variety of reasons.

The only way that you could buy the property is to contact the seller and be prepared to pay off all of the liens and closing costs and to purchase the property in "as-is" condition. So, for example, if seller owes $500,000, you'd have to pay that PLUS any seller costs (excise tax, flip tax, title insurance, back taxes, et cetera) in order to close the sale.

All the best,
  • June 15 2014
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