Foreclosure in Woonsocket>Question Details

Nancy Havens, Home Buyer in Woonsocket, RI

what exactly is a pre-foreclosure and how would you go about purchasing one?

Asked by Nancy Havens, Woonsocket, RI Thu Apr 28, 2011

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Christopher and Christopher have it right - a pre-foreclosure is essentially a house that the owners are trying to sell before the mortgage lender or bank forecloses on it or the owners are trying to get out from under it. Usually, the owners can no longer afford the mortgage payments and/or the house is worth less that the current mortgage balance. In either case, the mortgage lender or bank must approve the short sale agreement as well as the offer to purchase from a prospective buyer.
Web Reference: http://HomeRescuePlans.com
0 votes Thank Flag Link Fri Apr 29, 2011
Hi, A pre-foreclosure is a shortsale, a last ditch effort to sell a home before the foreclosure proceedings begin. Typically they are listed with agents just like other listings. The only difference is the process. The seller still accepts the offer but the bank has final say once fully executed contrcats are received. i would recommend working with an agent that has experince with short sales because there is alot you should know about the process.


Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Fri Apr 29, 2011
That is a good question, often, when you talked agents, and they talk about being able to buy the house before the lien holder forecloses on an owner.

The three stages of foreclosure; It’s fairly simple: Pre-foreclosure, foreclosure and post-foreclosure. It is in this first stage where a homeowner can get help to lessen their credit damage and get out from under a tough situation. Obviously, the earlier in the process you ask for help, the more options will be available to you.

Click the link below to see the full article.

http://www.ripropertyvalues.com/savemyhouse
0 votes Thank Flag Link Fri Apr 29, 2011
Hi Nancy,
There are many answers for your question and it is a good one. I feel that by answering this question simply by typing may confuse you and I would rather answer questions live for you as I expect you will have more as the conversation goes on. You are not alone.Many homebuyers don't have full knowledge of what to expect when purchasing Pre foreclosures, foreclosures and properties being sold *short*

I will be happy to answer any questions you have regarding the process to help you become an educated buyer in this market.

Please feel free to contact me directly at 401 474 3401.

Regards,

John Hollis
0 votes Thank Flag Link Fri Apr 29, 2011
Hi Nancy,

A pre-foreclosure is exactly what it sounds like. It is a property that is most likely delinquent at least 30 days in their mortgage and the lender has or will soon begin the foreclosure process. That does not mean that the property is for sale or that the seller even has any intention of selling the property!! If the property is listed for sale, it will be listed with a real estate agent and would be available on any website that gets listings from the MLS feed. If it is not currently listed for sale, you would have to go to the door of the seller and make them an offer for their home....I personally would not recommend going door to door...but to each his or her own.

If you would like to know exactly which properties are truly for sale and which ones are not, I would highly recommend finding yourself a real estate agent to work on your behalf as your buyer's agent.

Happy Hunting,
Chris
0 votes Thank Flag Link Fri Apr 29, 2011
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