Home Buying in Mason>Question Details

Kimberly, Home Buyer in Mason, OH

what is the difference between pre-foreclosure, foreclosure and why isn't there information on these houses as to whom to contact if interested.?

Asked by Kimberly, Mason, OH Sun Jan 27, 2013

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James Deskins’ answer
Ron, fyi, pre-foreclosure, around here, is not synonomous with "short sale." Short sale assumes it's actually for sale, pre-foreclosures, many times, are not for sale and won't be. Just an FYI.
0 votes Thank Flag Link Mon Jan 28, 2013
Pre-Foreclosure is another name for SHORTSALE; it means that the Homeowner is trying to sell the house for less that they owe the Bank on it. The Bank would have to approve the sale. This is a long and iffy process; particularly if there is a 2nd lien on the house. Normally, the Seller's Bank would have to take care of all LIENS before the house could be sold to you. We are seeing that most Banks would rather let it go thru Foreclosure; so you may not get much co-operation.

FORECLOSURE means that the house is not owned by a Bank and they will sell it directly to you: This is infinitely preferable to a Shortsale. The LIENS have been satisfied.

In either case, you will need a local Realtor to represent you; the Banks insist on it to the point where they are paying that Agents commission, not you.

Talk to a Realtor.
0 votes Thank Flag Link Mon Jan 28, 2013
You can't buy a pre-foreclosure because they are typically not for sale.
0 votes Thank Flag Link Mon Jan 28, 2013
A home that is considered in pre-foreclosure means that the owners are at least 90days behind in mortgage payments. In most cases, they are still living in the home trying to come up with a solution to their financial challenges.

A home that is foreclosed essentially means that the home owners would have not been able to pay their mortgage, or work with their lender to come up with a solution, and have lost their homes because if it.

I am not sure what information you may be looking for, but I would be glad to help you with that. I regularly work with buyers looking for foreclosed homes. It is often a popular choice because the price of the home is often discounted compaired to similar homes. But be careful, they are usually discounted because of work that may need to be done to the home. Feel free to contact me to discuss further.
0 votes Thank Flag Link Sun Jan 27, 2013
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