Home Buying in Mount Laurel>Question Details

Tracey, Other/Just Looking in Laurel, MT

What does pre-foreclosure mean? Why do they not offer addresses on these?

Asked by Tracey, Laurel, MT Sat May 7, 2011

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A Pre-Foreclosure just means that the owner of the home has missed at least one mortgage payment. For most websites, the owners addresses are not posted unless you pay to subscribe to the service. There are many websites that offer this information, and the most popular are http://www.realtytrac.com and http://www.foreclosure.com. If you want to get the list for free, you can ask a realtor that specializes in this market. There are many types of distressed properties including: REO, HUD, PreForeclosure etc. You should understand the pros/cons of each to see which is the best type of property for your to buy in your situation
1 vote Thank Flag Link Wed Aug 31, 2011
Hi Tracey,
A "pre-foreclosure" home is a property where the homeowner is behind on their mortgage payments. Foreclosure isa process, which these days can take 18 months or more depending on where you are. The roperty is still owned by the homeowner and will not belong to the bank until they schedule a Sheriff Sale. If no one purchases the house at the Sheriff Sale, the bank then lists it for sale. There are different types of foreclosures, such as bank-owned or HUD houses. I can explain the different procedures for purchasing foreclosures as I specialize in pre-foreclosures and foreclosures. As the other agents have said, these web sites don't list addresses because they want you to pay for the information. Many of these sites contain bogus "teaser" information to draw you in. I've looked at some of the properties they've listed in areas I'm familiar with and I've seen incorrect prices, as well as listings for properties that have already sold! See my web link below and search to your heart's content. Registration is absolutely free. Then, call me at (609) 284-3825 and we can discuss how much you should pay. We can also discuss some other important aspects of buying pre-foreclosures and foreclosures so you don't have any unpleasant surprises.
0 votes Thank Flag Link Tue Sep 6, 2011
Dear Valerie;
I've been looking at home to buy with cash, no financing is needed. I've also found a home online listed as a "pre-foreclosure" and they list the address. What should I do and how do I handle it?
Flag Wed Apr 3, 2013
They don't give the addresses because most of the so-called listings are fake. Phony. Cons. They don't exist. Some of them may be in pre-foreclosure; others, though, will not be.

Pre-foreclosure means that the owner is behind in payments. And if the situation continues and isn't fixed, then the house may be foreclosed upon.

Stay far, far away from any site that wants you to pay for that information. If you're interested in such properties, contact a local Realtor and get accurate information for free.

Hope that helps.
0 votes Thank Flag Link Sun May 8, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
The reason the address information isn't disclosed is because the website requires you to become a member to eventually pay for it. If your time permits, you can visit the town court house to look up this information for free.
0 votes Thank Flag Link Sun May 8, 2011
Hi Tracey - you've gotten a good response on the meaning of pre-foreclosure - what I would recommend if you are looking for something to buy: focus on properties that are available for sale. The stream of preforeclosure info that comes in from Realty Trac can be very distractive. The homes are not for sale, may be one day, but it could be months or years away.

I imagine you are looking for value - well the good news is that there are very good values actively listed - some of those are shorts and foreclosed upon, others not, but they are available for sale. Those are the properties you should be concentrating your efforts on.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun May 8, 2011
In New Jersey, banks must follow certain proceedures to foreclose on a property. New Jersey is a judicial foreclosure state.

Thirty days before starting the foreclosure process in New Jersey the lender must mail a letter to the borrower warning of the impending foreclosure. This is a pre-foreclosure period.

Pre-foreclosure in New Jersey is the bank's notice of intent to enter a judgment of foreclosure.
0 votes Thank Flag Link Sun May 8, 2011
Hi, Tracey,

They don't show addresses because they want you to PAY for that information. Pre-foreclosures include every home with a late payment. Only a small portion of homes posted for default (pre-foreclosure) wind up as bargains. Many of the homeowners recover and keep their homes; some become Short Sales (requiring lender approval because the Seller can't pay off the full balance owed); some become foreclosures. You can buy those foreclosures either at the courthouse auction for cash, or wait until the lender lists it as a bank-owned (or HUD or VA) property.

You can look directly on http://www.hudhomestore.com/HudHome/Index.aspx, https://www.equator.com/index.cfm?event=findHome.findAHome, or ask your agent to send you all the Bargain priced homes. Most of those are sold to the highest bidder, and sometimes they are deeply discounted. Make sure you understand what repairs are needed before you bid.

Doc Stephens, REALTOR®
Web Reference: http://TellEllen.com
0 votes Thank Flag Link Sat May 7, 2011
Usually if addresses are not offered they are not real properties. Work with a buyers agent who can forward properties real time posted in MLS saves you time

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat May 7, 2011
Tracey: Some of the information on public sites is taken from the County Recorder's office. These properties have had recordings recently but may have the address hidden. They are not currently listed in any Multiple Listings Service but you can ask a Realtor to check the status and or find out if the seller/owner is considering a short sale.
0 votes Thank Flag Link Sat May 7, 2011
Pre-foreclosure means that the home owner is behind on their payments. A notice of default may not have been filed yet or the foreclosure date is not set yet. I don't know where you are looking for these so I can not speak as to why there are no addresses.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Sat May 7, 2011
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