Foreclosure in Clifton>Question Details

Woongjae, Home Buyer in Clifton, VA

If a property is in pre-foreclosure (value $800,000) does this mean the bank is willing to sell the property at $800,000 or further discount? Is it?

Asked by Woongjae, Clifton, VA Wed Sep 28, 2011

better to wait for the property to slip into full foreclosure to get a better deal?

Help the community by answering this question:


If it is offered as a"pre-foreclosure" through a Real Estate brokerage firm then I would contact the agency for details. If is actively promoted then you should be able to make an offer on the property
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0 votes Thank Flag Link Wed Oct 12, 2011
What is pre-foreclosure? Do you mean it is in the foreclosure process or close to it? If so you probably can't save it with any offer. Finding the correct department or person in the lending institution to talk to is difficult to impossible. Getting them to answer you would take time since they all have meetings and that all takes time. You likely will not be able to get a reply to any inquiry. It's not like buying from you friendly little 5 employee bank from 1950. Banks are huge machines and hard to deal with.

Your best bet is to go to the auction at the courthouse when they have it with your stack of cash. If that is not an option you need to wait until it goes through the foreclosure process and becomes a bank owned property. The bank then gets appraisals and opinions from a Realtor and it will get listed as a bank owned or REO property. THEN you can go see it and make an offer based on the figure the bank has it listed for. It does not matter what the bank is owed, they will list it at todays market value which will be less than what is owed. The bank might accept a little below what they decide to sell it for, so be ready to offer close to it or someone else will because the bank will just wait for a good offer.
0 votes Thank Flag Link Wed Sep 28, 2011
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