The term 'pre-foreclosure' normally meas a 'short sale'. Meaning the sellers are in the process of foreclosure and need to get it sold before the foreclosure sale date. A short sale is a way the home can be sold for less (short) than what is owed so the seller can get out from under it without the credit hit of a full foreclosure. short sales sometimes can be good deal but generally are not 'short' when it comes to the time it takes to come to agreement with the seller's bank and get it closed. Average is 3-6 months.
Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct â€“ 303-669-1246
Pre foreclosure is a short sale. The seller will need his/her mortgage holder to approve the sale before you can close on the property. This can take anywhere from 2-6 months, and in many cases longer.
If you have the patience a time, it's a great opportunity to purchase a home that was previously valued for more, and may still be, at a reduced price.
I specialize is these types of transactions if you need further assistance.
pre-foreclosure, foreclosure, short sale, short sale approved etc. etc.
I recommend strongly not to do this on your own, especially since it seems you may look at foreclosure to get
a good deal. And just a word of caution, some may be good deals and others may not, just because it is
a foreclosure or will be one, does not yet make it so, but could be, therefore get a professional local Realtor
involved, and make sure you do have an inspection, in some cases depending on the inspection results you
may need other professionals building specialists etc. to double check certain conditions of the home...
Just be careful! And take it one step at a time and make sure you protect yourself....
Good Luck to you...
Edith YourRealtor4Life! and Chicago and Northern Illinois Expert (incl. the upscale North Shore)
Working always in the very BEST interest of her clients, buyers, sellers and investors alike.
Edith Always goes the X-tra Mile with a Smile for her clients! & Edith Loves Referrals
To get to know Edith as a person and on add. pages on her website learn about how the
expertise and services of a Realtor are helpful ... go to http://www.tinyurl.com/MeetEdithHere
Take heed; it would behoove you to engage a knowledgeable Realtor to guide you through the transaction.
In Florida, as a buyer there is no charge to a you; the agent is compensated by the seller, or in the case of a short sale , the lender.
It has come to my attention that in certain jurisdictions Realtors may impose a charge to the buyer. However, this not written in stone, and the merit of engaging that agent should be carefully evaluated prior to any committment.
Pre-foreclosure means if you want to buy it you are in a race with the bank. It also means this will likely be a short sale, meaning the owner owes more than what the home is currently worth and the lender(s) will need to approve the final sale price.
A short sale can take 3 to 9 months for lender approval, but may still end up in foreclosure. Ideally you will have an agent on your side knowledgeable and experienced with short sales and an equally knowledgeable or better agent on the listing side.