RE/MAX ALLIANCE GROUP
Pre-foreclosure also refers to the period from when the lender starts the procedures (lis-pendens) to take posession of the home until they actually do. Then it becomes an REO.....which we all know as a foreclosure home. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".
La Rosa Realty
You will see several properties listed as pre-foreclosure on Trulia, but it does not mean that the home is actually up for sale. The homeowner could decide to sell it as a short sale or they may wait and let it go into foreclosure. After the foreclosure process has been completed, then the home may be listed for sale by an agency. Sometimes foreclosures are listed in the MLS and other times they are listed by a foreclosure agency or by the lender themselves.
You can go to individual bank web sites and search for bank foreclosures on those sites. You can also use the HUD site - http://portal.hud.gov/hudportal/HUD?src=/topics/homes_for_sale. You can search for Bank Foreclosures and Short Sales on my MLS site at tammyhayesre.mfr.mlxchange.com.
If I can answer any other questions or help, please let me know.
Tammy Hayes, Realtor
Green Lion Realty, Port Charlotte, FL
When you see a property listed as a "pre-foreclosure" it is almost always a short sale. With these transactions you are dealing with a homeowner who is underwater on their mortgage and will be submitting an offer to the lender, or lenders, for less than the amount due from the seller.
These transactions can be lengthy and frustrating but do not have to be and it really depends on a number of factors, the number of lenders, who the lenders are, other liens on the property, who is negotiating the short sale, the willingness of the seller to provide timely information required by the lender; the list goes on. If you have some time and some patience and know how to play the game you can get some very good values through the short sale process.
I hope this information is helpful but if you need anything additional please do not hesitate to contact me at your convenience.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty