Sonja,
I agree hire a Realtor and have PATIENCE. Pre-foreclosure properties can take a long time to close.
Rick.

Sonja,

As others have stated, start with a good realtor. Hiring a buyers agent is your best option. Please check out my blog on short sale basics. It will give you a good understanding of the basics and the pros and cons of short sales versus Bank Owned.

Below is the link to my blog.

http://www.trulia.com/blog/clayton_bonjean/

Good luck.

Clayton

Sonja,

Pre-foreclosure, short sale, and foreclosure.....the process for the buyer is pretty much the same. Start by finding a real estate professional that will guide you, step by step through the buying process.

Hi Sonja. Yes - you would be wise to use a Realtor who is familiar with pre-foreclosures in the Florida area that interests you. As a buyer's Agent, the Realtor you choose should be knowledgeable about the legal process of foreclosure and negotiations involved in a short sale. I work with a team of 3 people in my Pinellas County office who specialize in short sales - on the listing and the selling sides. We would first help you find the property that meets your needs and then make an offer based on analysis of homes in comparable area, size and condition. Please feel free to call me any time with further questions if Pinellas County is your goal!

Darla Schroeder, Realtor, GRI, e-PRO
Century 21 Real Estate Champions
4350 Duhme Rd
Madeira Beach, FL 33708
cell (727) 541-3743
darla.schroeder@century21.com http://www.darlaschroeder.com

Hello Sonja,

You will generally be using either the listing agent or a buyer's agent to assist you in making your offer, though I believe you should always use a buyers agent as it is best for you to have full representation. The price you offer should be based on a CMA, the amount of repairs that need to be done, and a regression analysis to account for a declining market value. The amount offered should be based on market value and not on the balance of the loan. You can usually buy at a good discount due to the fact of short sales being time consuming and a somewhat higher risk.

Sincerely,

Jeff Launiere, P.A.
Keller Williams Realty
Real Estate Consultant
ALHS - Accredited Luxury Home Specialist
CPS - Certified Competitive Pricing Specialist
TRC - Transnational Referral Certified
e-PRO - Certified Internet Expert
Offices in Tampa, Apollo Beach, Brandon & Plant City, FL
813-469-3163 (Direct)
800-622-0886 (Fax)
Info@SweetHomeTampa.com
http://www.SweetHomeTampa.com
http://www.HomesOfTampaFL.com

Sonja,

You absolutely want to get a Realtor, try to interview multiple agents and find one that is knowledable in the short sale(pre-foreclosure) and foreclosure markets. Your Realtor will help you negotiate purchase price with the bank involved.

Jason Ewing, GRI/CNS
Coldwell Banker Triad, Realtors

Contact a realtor who is versed in Short sale negotiations, is FULL time and committed to you. Ask them how many homes they have sold this year and last year. If they have sold 1 - 2 homes over the past year, find someone else (they are NOT full time or they are on cruise control)...

Good Luck!
Mark