I'm wondering what time Lynn in Texas starts drinking. Some of her answers make no sense. I think she's sitting with a bourbon and a smoke pounding out nonsense to hear herself talk.

Work with a an agent who can explain all your valid and great questions. Bottom line all homes purchased stand alone a good agent needs research prior submitting any offer.

Any foreclosure or short sale requiring a bank agree to terms can have drama other transactions go smoothly, no delays and etc.

Many agents stop working with foreclosures and short sales due to all problems

We recommend to our homes buyers search for a home you like

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

Hi there ...

The only Notice of Default homes I would look to buy were listed short sales with a high likelihood of closing.
There are many things to know about the short sale process, and submtting a package is only the beginning. I'd find someone certified in both pre- and post-foreclosure property procedures and who has experience closing them.

They will be able to help you determine which listings are pipe dreams and which ones are realistic, and will teach you the tricks of the trade as far as getting your offer submitted.

I would be happy to provide additional information or answer subsequent questions you may have. I know it's frustrating in this market. Take heart; expertise and persistence will prevail in the end.

Dear Mrs. Really Wannta,
A pre-foreclosed house that is not on the market may be difficult because the homeowner is probably applying for a Loan Modification. There may be different facts involved and most of the time the existing lender is working with the homeowner to save their house. When the homeowner has finally use all their options and realize that Short Sale may be the best option, then the property goes on the market.
Short Sales are known to have a bad reputation for taking so long...but in the last few months Short Sales when priced right and the agent (like myself) know how to send in a fully completed package to the Lender the Short Sale approval can only take 3 wks (depending also who the lender is). In your market area inventory of homes have decrease by 50% since last year and the number of buyers have increased. You will find more and more Short Sales on the market (Banks are receiving incentives by the Gov. to accept more Short Sales.)
To answer your last question should you offer the list price? In the Inland Empire we have been seeing and up trend from list price to sales price. We are seeing lots and lots of multiple offers for each listed house even on Short Sale.

Hi, Mrs Really Wanna House

If the pre-forclosed house is not on the market as a short-sale it will be about give or take 8 to 12 months depending how far behind (over worked with foreclosures) the lender is to be on the market as an R.E.O (Real Estate Owned Property).

If it is listed and its is a short-sale, depending how far along they are might take from 4 to 9+ months believe it or not. I have worked short sales and the lender has lost my packet for the 4th time. Had an accepted offer 3 months ago and I'm not even on first base.

If your offer for the short-sale is accepted the seller (lender) will send a BPO (Broker Price Opinion) to be done to see if the property is priced right. If it's not it can go lower or higher, depending on the comparable sales and listings around the area.

If the property is foreclosed it will usually be back on the market with a 30% decrease in price. Which draws multiple offers ranging $20k to $70k above asking price.

If your offer goes above what the property appraises for more likely you will have to pay the difference if you over bid. Although your agent and you must negotiate with the listing agent to see if the seller lowers the price to meet the appraisal's value. And that will cause some waives because the seller will have to redraw the offer. Anyhow I am rambling on.
Check this link out it is pretty good info on protecting consumers.
http://www.latimes.com/classified/realestate/news/la-fi-harn…

Jes Sierra, B.Sc., Realtor® http://www.hellomynameisjes.com

Mrs on a preforcloure house the first thing is the current owners have to be willing to sell. Some people are trying to get loan modifications and are not willing to sell. Some people are able to bring the house current and are not willing to sell. Some prople are riding it out to the end and living in the house without paying so they are not willing to sell.
Just because a property has a NOD on it does not mean that it is for sale. In fact if it is not already available for sale the owners may be so upset over all the mail that they have received about selling their home and "we can help you" letters that they may not be receptive to selling.
There are many homes available for sale I would not go on the wild goose chase of trying to purchase a property just because it had a NOD.

Mrs Really Wanna House,
In order of your questions...
How hard to buy? Not hard, same as qualifying to buy any other home. It just takes a lot longer than a normal sale, banks losing money is not a quick decision...
Notice of Default? Assuming the home is on the market, easy to buy, so long as you're willing to pay to bring the payments current, pay off the existing loan payment(s), or negotiate a pre foreclosure sale.
Time on the market is not usually a factor, and the price it sells for is up to the bank entirely, but it also dictated by what you're willing to pay for it. A local realtor will make sure you don't overpay for your home.
If you're buying a home, you need a Realtor that knows the local market, period.
If you're not paying all cash for your property, and if you haven't already, you should plan on getting prequalified for a home loan. If you're serious about looking to buy, most sellers require a prequalification letter to accept an offer. If you need the names of trusted lenders, I can give you 2 or 3 names I trust and use regularly.
Contact me if you would like more information, I'm never too busy to answer a question. Good luck
Mr Really Wanna Help You Buy