"My investors opted to rent the home out. The lease is yet to be signed so I haven't taken it off the MLS quite yet. If the offer is in the $800K+ range then by all means feel free to submit it and I can have a response within 24 hours.
The lease will be signed over the weekend and the home will be taken off of the MLS at that point. As for the "pre-foreclosure" status, I'm not sure why that is."
With regards to the '3 months' remark, look it up 1011 Santa Queta, SB 92075. In that area for that price range(under 1mil), houses move pretty nicely, unless it is priced way too high of course.
If you go online to look up the PR, you'll see preforeclosure but I do have the copy saying something different 3 weeks ago!(cannot post it here but I will put it on my FB page)
If it has a new NOD, it has not gone through Foreclosure;
If it has not gone through Foreclosure; it cannot be LISTED for 3 months, unless,
It is LISTED as a SHORTSALE.
But the indications are that it is Bank Owned! It can't be PREFORECLOSURE and BANK OWNED for gosh sakes!!!
I would go down the the County Records and research it, or at least have a Title Company do a Title search.