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where do i find pre-foreclosure properties, i.e., bank owned?

  • August 26 2013 - East Harlem
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Answers (7)

Profile picture for Carole Tyne
Get your financing in order and work with you agent to find properties.   Though REO are not always the best deal out there.    Especially, Fannie Mae properties - they over price about 25% over comps.   They are able to get away with it per they incourage the buyers to use the HOMEPATH lending which waives appraisals.   Good Luck!
  • August 26 2013
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Profile picture for nwhome.us
Explore the Local Info tab on Zillow.
How are the values doing in the neighborhood that you'd like to buy in?  Are they improving or declining?

Have you ever heard the phrase "Location, location, location?"

Focus on buying in a specific location at a good price.  That has nothing to do with short sales, foreclosed properties (Bank Owned (REOs)) or private ownership designations. It has to do with seller motivation.  In an improving market, do you think that banks don't want to maximize their return?  Why would they want to do that in the stock market and not the real estate market?
  • August 26 2013
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Profile picture for zuser20140120081814583
Pre-foreclosure & bank-owned are mutually exclusive terms.  A property cannot be both.  If the bank owns the house, foreclosure has already happened or the bank acquired it in some other way.

On Zillow, "Pre-foreclosure" has a very specific meaning.  The definition is here:  http://www.zillow.com/foreclosures/overview/glossary/pre-foreclosure/.  It is not a "slang term", contrary to what Mr. Moore & Ms. Neal said.  The house is not (yet) in foreclosure, but it might be soon.  The owner might, or might not, be interested in a short sale.
  • August 26 2013
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Profile picture for Outer Banks N C
If it is bank owned then it is not a pre-foreclosure. Pre-foreclosure is a slang term that means a Short Sale usually. Short sales are all listed in the local MLS system so just contact a Realtor to show them to you.

  • August 26 2013
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Profile picture for Ofe Polack
The best way is to get pre-approved first and then contact a buyer agent willing to work with you.
  • August 26 2013
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Profile picture for goodmortgage

You  can search individual bank websites, attorney's websites, speak with a real estate professional, etc.  You have a lot of resources that are easily accessible. Good luck.

  • August 26 2013
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Find a Buyer's Agent to represent your interests.  He/she will assist you in locating a home in a condition you want and can afford.  Many of the bank  owned homes need a lot of work, which may or may not meet your needs.
  • August 26 2013
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