Home Buying in Rotonda West>Question Details

mud, Home Buyer in City Island, Bronx, NY

What is a PRE-FORECLOSURE? Why so many in this area? How can you get more pictures / information on these properties?

Asked by mud, City Island, Bronx, NY Fri Aug 31, 2012

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Peter Mohylsky’s answer
I can't be positive without chatting but pre-forclosure is a term used by realty trac to define a property in transition. i have never really followed these listings to see if they ever really get listed and sold. Any body else have this experience?
1 vote Thank Flag Link Fri Aug 31, 2012
I agree with all of the answers posted.. my guess is whatever website you are getting the information from - that a property is "pre-foreclosure" means that the bank has filed the foreclosure lis pendens, which is the first legal filing in a foreclosure action. Keep in mind that the average time for a foreclosure in Florida is some 671 days... So don't fall in love with any of these "pre-foreclosure" homes - alot can happen in that 671 days (more or less) that will prevent that house from EVER coming on the market...

Kathy Damewood
Englewood, FL
0 votes Thank Flag Link Fri Aug 31, 2012
A pre-foreclosure is when the owner has defaulted and the home has entered the foreclosure process. many of these houses are not listed for sale becuase the owner is trying to save their home through a modification or owes more than they owe and waited too long to now try a short sale. The pre-foreclosures that are listed, mostly are short sales. If you are seeing the listings here in Trulia by realty trac they are not actually for sale. They are a list of public records with realty trac trying to get you to subscribe to their services.
0 votes Thank Flag Link Fri Aug 31, 2012
Pre-Foreclosure = Before Foreclosure, before the lender takes the home away from us for not paying it. Because the owner know they will be losing the home due to lack of payment they contact the lender and ask permission to do a short-sale (pre-foreclosure sale). If the lender agrees the owner places the home on the market at a price below what it's owed on the loan. The lender has to approve and accept any offer submitted for it to become a contract. Then the lender will incur all the cost of closing which the owner typically pays. It is a lengthy process (nothing short about it). But the buyer sometimes ends up with a good home at a low price which was purchased directly from the owner, not a foreclosed home that had been closed and possibly damaged.

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".

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Fri Aug 31, 2012
A pre-foreclosure is usually when a homeowner has defaulted on their mortgage and the lender gives a legal notice which is recorded to show pending litigation relating to the property. It gives notice that anyone acquiring an interest in the property may be bound by the outcome of the litigation.

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
0 votes Thank Flag Link Fri Aug 31, 2012
Dear Donna,

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
561 308-0175
0 votes Thank Flag Link Fri Aug 31, 2012
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