Foreclosure in 33609>Question Details

Mesusiee, Home Buyer in

How long caN a house stay in pre foreclosure, I am interested in one that says that?

Asked by Mesusiee, Sat May 5, 2012

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6
In Florida after the owner has defaulted on payments for 3 consecutive months the Lender starts the pre-foreclosure process by filling with the county something called a lis-pendens. Then they could foreclose in as little of 6 months or take years. In Florida many foreclosures are taking about 2 years but some happen very soon, it all depends on the Lender/Bank.

A home can be in pre-foreclosure process and not be listed as a Short-sale. A short-sale only happens when the current owner contacts the bank and gets permission to sell it while it is going thru the pre-foreclosure process as a way to not damage their credit rating. Was this answer helpful? If so please click on the "thumbs up" or the "best answer".

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Mon May 7, 2012
I believe the below answers are all that you need. Can't add anything to them.
0 votes Thank Flag Link Sun May 6, 2012
Hi, A pre-foreclosure is also known as a shortsale. The length of time depends on the deadline a bank sets before proceeding with the foreclosure process. The banks dont want to foreclose because they lose more money then a shortsale so they will give the seller a chance to sell it. Foreclosures are taking much longer then they used to, every area varies. In NY what used to take up to a year, is now averaging almost three years to foreclose!

Sincerely,

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Sun May 6, 2012
Dear Mesusiee,

A home can stay in pre-foreclosure for a very, very long time. The longest case I personally know of firsthand is over five years since the Lis Pendens was filed and at this point the bank isn't doing much at all towards working at a final judgement. The note on that one is just shy of $1,000,000.

But the longest I have heard of has now been going on for over 26 years and here is a link to an article abut that one. Hoping the home you are interested in doesn't take as long as either of these!

http://www.newser.com/story/106827/florida-woman-fights-epic…

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Sun May 6, 2012
Mesusiee - each home in foreclosure is completely different. It really depends on who the bank is, whether the owner has an attorney, if their are other liens, and if the owner currently occupies and maintains the property. I have seen foreclosures go in months and I have seen them go for years. There is no standard time frame.
0 votes Thank Flag Link Sat May 5, 2012
Mesusiee,
If you are interested contact the owner of have your agent contact the owner for you. You don't have to wait until the home gets foreclosed in order to buy it. Have your agent persue a short sale if needed with the sellers.
0 votes Thank Flag Link Sat May 5, 2012
thanks to all of you, I am really interested in this home and I know owner does have one quit deed on this to someone. We have seen him fixing the place up so I did notified a realtor on Friday and she was going through the process you all told me now. I am just a little anxious, so thank you to everyone, hope to be moving back to this area soon.
Flag Sun May 6, 2012
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