Property Q&A in Rumson>Question Details

Meredith, Both Buyer and Seller in Hoboken, NJ

Curious how this property would work - how you go about offering to purchase it. How long does it take and what needs to be done?

Asked by Meredith, Hoboken, NJ Tue Jul 12, 2011

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Meridth, that property may not actually be for sale as pre-foreclosure just means the owner is behind in payments. If it has been approved for a short sale then you would submit an offer through a real estate agent. You will be negotiating with the bank not the owner and the bank will determine whether or not your offer is sufficient to cover their needs. It is a very lengthy process so if you need to be in a new home by a particular time then purchasing a short sale property is probably not the way to go. If you're looking for a home in that area then best to contact a real estate agent, my office is in town. If you are looking for homes that have aleady been approved for short sale, an agent can help you with that also. Good Luck
0 votes Thank Flag Link Wed Jul 13, 2011
As already mentioned, the notice of pre-foreclosure is generally an indication that mortgage payments have been missed. It does not mean that the property is actually for sale nor that the owner won't be able to make payments current and stop the foreclosure process. If it were to proceed, the foreclosure process can be quite lengthy.

Typically if an owner wants to sell and is in this position they request that their lender approve a short sale whereby the lender agrees to accept less than what is actually owed. Not all short sales are guaranteed and borrowers are required to demonstrate hardship. They are also required to list the property on the open market with a realtor to ensure the property receives proper exposure and generates the highest offers. A homeowner is unable to request a short sale unless the property is listed. (They can apply for other relief such as loan modification however if they wish to stay in the house.)

Not sure if it's the same property but there was a short sale on that street that was on the market last year. The listing was withdrawn and best I can tell it did not close. By the way, the home I'm speaking of was not waterfront property... the photo from RealtyTrac shows waterfront. There are some waterfront properties on that street but none of the other properties have any indication of the pre-foreclosure process having begun.

I hope that helps. My office is nearby if I can be of further assistance.

Thomas McCormack
Broker - Owner
Resources Real Estate
0 votes Thank Flag Link Wed Jul 13, 2011
How's everything going? Best thing is to put an offer on the property. If the owner and bank accepts it, the process of buying the home will begin. If you would want I could help you. Just let me know. Thanks.

Peter G. Apicella
Realtor Associate
Prudential Zack Shore Properties
520 Washington Blvd.
Sea Girt, NJ 08750
0 votes Thank Flag Link Wed Jul 13, 2011

Realty Trac posts "listings" on Trulia that have been served pre-foreclosure notices by pulling them from open public records. Then they make you sign up (eventually for a fee) to get info on houses that may or may not EVER be for sale.

Even the "listing says " The borrower/homeowner still has the opportunity to stop the foreclosure by catching up on defaulted payments or paying off the entire loan balance usually by refinancing or selling the property".
Pre-foreclosure just means they are behind on their mortgages. If it went to foreclosure, the only way to buy the house is through a sheriff sale. That's a whole other ball of wax with specific guidelines as to how to "bid" on the property depending on the county the property is in.

If you are looking for a home, best to contact a real estate agent in the area you want and look at houses that are for sale now.
0 votes Thank Flag Link Tue Jul 12, 2011
Hi Meredith,

I just saw your posted question and wanted to answer. Give me a call when you get this, my phone is on till 10PM, Cell 973-229-6549.

0 votes Thank Flag Link Tue Jul 12, 2011
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