Home Buying in Ridgewood>Question Details

Mandarin, Home Buyer in Ridgewood, NJ

Who do we deal with with pre-foreclosure homes listed in RealtyTrac tat appears in Trulia?

Asked by Mandarin, Ridgewood, NJ Mon Jul 5, 2010

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6
Betty Stroll’s answer
Mandarian:

If a home is pre-foreclosed it doesnt necessarily mean it will go into foreclosure. The owner still owns the house and with the right legal representation, they maybe able to stay as long as two years and after that time, they can file for bankruptacy hence staying longer. My suggestion-fall in love with something else that you can purchase.
0 votes Thank Flag Link Wed Jul 7, 2010
pre foreclosure homes may or may not be listed for sale, it all depends on the home owner, clearly they must be behind on their mortgage payments and maybe they listed the house for sale by owner or better yet listed it with a realtor. Find yourself a buyers agent and have them help you find a home your interested in, you might find a better deal on a house thats not in forclosure so don't limit yourself to those types of properties.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Tue Jul 6, 2010
Mandarin...


Short answer....YOU DON"T....Realty Trak pulls from pubic records once a home goes into pre-foreclosure. Most of the houses are NOT for sale and many of those in this situation do not even go to foreclosure .

Your local county sheriff's office (or website if they have one) will usually list the houses that ARE being sold once bank owned, along with the very specific rules you must abide by when purchasing this type of home.
0 votes Thank Flag Link Tue Jul 6, 2010
Mandarin a preforclosed home is not a home listed for sale. The owner still owns the home and forclosure may never be filed on the property. Many preforclosures list a second or third lienholder as the forclosing party and you get a unrealistic idea of the price. I know someone who went through bankruptcy and now one of the lienholders has filed for forclosure on the property. Realty Trac shows the property as a forclosure at 3500.00!
If you just want the notice of legal actions that Realty Trac sells go ahead and you may be able to get someone to agree to work with you in purchasing a property as a short sale as long as they are willing to leave the home and not try for a loan modification or help from other sources.
If you are looking at a home to buy get in touch with a Realtor® in your area. You can get a list of homes available for sale from them.
Remember do not get a slanted idea of price from the republications on Realty Trac.
0 votes Thank Flag Link Tue Jul 6, 2010
It creates additional data for Trulia. Consumers are interested in the data. However, some consumers assume that these homes are for sale, and that is not necessarily true.
0 votes Thank Flag Link Tue Jul 6, 2010
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Foreclosures on realtytrac are not accurate. The best thing to do is to get in touch with a local realtor who has access to new listing or listings coming up.
0 votes Thank Flag Link Mon Jul 5, 2010
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