If I wanted to make an offer on a house in Pre-foreclosure, who would I contact?

Asked by Kmcfaddennj, Bayonne, NJ Mon Sep 2, 2013

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Tanya Papand…, Agent, Pittsboro, NC
Thu Sep 5, 2013

If the property is listed than a local Realtor who is familiar with the process would be the best place for you to start. If the house you are interested in is listed as a short sale it is best to have an agent who has experience dealing with short sales. I would be happy to assist you in the short sale process or in your home search in general.

Please feel free to contact me with any questions.

Best Regards,
Tanya Papandrea
Towne Realty Group
(908) 377-2554
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Bill Eckler, Agent, Venice, FL
Tue Sep 3, 2013

If you are willing to pay the full amount the owner owes on their mortgage, it might work...BUT...

Pre-foreclosure simply means the lender is taking measures to obtain the title of (sole) ownership. Until they actually foreclose on the property, there is absolutely nothing the bank can do without the owner's involvement and agreement.

On the other hand, if the property is being offered as a "short sale" you could enter into an agreement with the present owner. This would now involve the lender having to agree to the terms of the agreement along with the seller.

Are you working with an agent? A knowledgeable professional would be able to help you make sense of what this involves.

Good luck,

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Andrew Tisel…, Agent, Clifton, NJ
Tue Sep 3, 2013

We need the address to help you.
contact me for a free list of all the available pre foreclosures in Bayonne area
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Joan Congilo…, Agent, Freehold, NJ
Tue Sep 3, 2013
If the house is listed for sale you can contact the listing agent or any realtor in the area to represent you. However, if it happens to be a home you came across on a website that posts properties in default that does not necessarily mean that the property is currently for sale . It also does not mean that the property is being offered for the dollar amount mentioned that it is in default for. Many buyers misinterpret these postings. Either way, call a local realtor and they can guide you in the right direction regarding this property with a little research.
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John Sacktig, Agent, New Jersey, NJ
Mon Sep 2, 2013
K- Is the house listed for sale or did you get information from one of those "foreclosure information" sites? When a person misses 3 payments, the bank either sells or the information becomes public ( not sure which) to these sites that list them as a "preforeclosure" at the amount owed, which is usually ridiculously lower than what the house would sell for if it was on the market.

These sites then charge for this" first hand information" which may never get to anywhere near foreclosure.

I have seen some $800,000 homes in "preforeclosure" for $200k and people getting all excited about it when there is actually nothing there.

Look deeper....
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Don Tepper, Agent, Burke, VA
Mon Sep 2, 2013

You'd have your Realtor contact the seller's agent.

If the seller doesn't have an agent, your Realtor would contact the seller.

In a pre-foreclosure, the original owner owns the house. It's his or hers to sell. Only once it's foreclosed upon--and becomes bank-owned--would you be working with the bank. Even then, though, you would contact your Realtor who would contact the listing agent to make an offer.

Hope that helps.
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Marsha Bowen…, Agent, Livingston, NJ
Mon Sep 2, 2013
A homeowner in pre-foreclosure might or might not be interested in selling the property. When a lender has started the foreclosure filing, the pre-foreclosure process becomes public information. Your best bet is to keep an eye on the property and hire a Realtor who can assist you with the process. Contacting the owner directly could be a complicated process.
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Sally Grenier, Agent, Boulder, CO
Mon Sep 2, 2013
When you say "pre-foreclosure" what do you mean exactly? How do you know it's a "pre-foreclosure"? Is the home listed for sale, as a "Short Sale"? Or do you just see a home that's been vacated, and likely going into foreclosure??

If you're interested in buying ANY home -- a "pre-foreclosure" or not -- you need to talk to a REALTOR, who will represent you as a Buyer's Agent. He/she can get you into the home to see it, will do a market analysis to determine what fair market value is, and write up the contract. Then once it's accepted, he/she will get you through the entire transaction process including title, inspection, appraisal, loan approval, etc.

But if you just see a vacated home, that's not listed for sale, and you "think" it's going into foreclosure, there's really nothing you can do. The bank will foreclose on it eventually (which can take months...or even a year). Then, if it doesn't get bought at auction buy an investor, then it will likely come on the market, listed with a Realtor who represents the bank.
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David Lluber…, Agent, Westfield, NJ
Mon Sep 2, 2013
If the house is on the market the listing agent however I'm assuming its not since you're asking the question. The only other option is contacting the owner directly.

If you need help with this call me to discuss.

David Lluberes

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