Pre foreclosure would be considered being in a short sale situation. A short sale is when a home seller is trying to make arrangments with the bank they owe the loan to. They are trying to negotiate a price offer to the bank that is short of what they actually owe so they can get out of there house and protect their credit standing. A forclosure is when the bank owns the property and the sellers are no longer involved.

Hi Nicole,

I am sorry to hear about your situation and would like to offer my assistance. If you can send me the address of the property I would be happy to look it up and find out if the NOD (Notice Of Default) has been issued yet. If the NOD time period has already elapsed I can also find out when the Trustee's Sale is slated to take place.

You are correct that there is at minimum a 90 period from the time the NOD is issued before the property is scheduled for Trustee's Sale. Once that occurs, unless it is postponed by the lender or the seller, the sale will occur no less than 21 days after that.

So, what that means to you is that best case scenario, you have a minimum of 111 days to make other living arrangements. Please contact me and I will find out what your actual time frames are.

By the way, the previous agent did an excellent job explaining the difference between Foreclosure and Pre-Foreclosure, however if you have any additional questions or need more clarification or information do not hesitate to call or shoot me an email via Trulia or my website.

Take care, good luck and have a wonderful day!

Tisza Major-Posner, Realtor, IVPG (909) 837-8922 or (213) 392-4084

Foreclosure is when the bank or mortgage holder takes the property back for non-compliance with the terms of your agreement "Note". Pre-Foreclosure is is a home that will be foreclosed on within a very short period of time. Some of your best buys come from pre-foreclosures. Pre-foreclosures are sold by the home owner at reduced prices for a quick sale and some are sold by the bank in a "short sale". Either way, you can get a great deal.