If a house is in pre-foreclosure, is there a way to find out when it will be listed with a Real Estate company?

Asked by Mzlinda, Palmdale, CA Fri Nov 11, 2011

My husband and I found a house that we are interested in buying that is a pre-foreclosure. Is there a way that we can find out when it will be listed with an agent so we can put in our cash offer? We have lost out on 3 other houses in the same neighborhood because we found out too late that the houses were coming up for sale.

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Katrina Roth’s answer
Katrina Roth, Agent, Valencia, CA
Wed Nov 23, 2011
Hi MzLinda,

It's definately a buyers market here in the Antelope Valley and when the right house comes along, they sell quickly. After carefully reviewing your question, I noticed that you mentioned the home you're interested in is a preforeclosure. I was curious as to how you discovered this information? It shows that you have been actively researching the market for a while. I would like to offer you access to several viable resources that could help you validate the information you may need to find the home you are looking for. Also, as a local Certified Distressed Property Expert, it has been my experience that many times homeowners are sometimes open to foreclosure alternatives like selling their home with the aid of a REALTOR who already has procured a buyer for the sale. This could be a very advantageous circumstance for both parties. If you would like some assistance in contacting the homeowners or if you are simply looking for available homes in this area, I would be more than happy to provide you with active listing information as well as pre-market listings that other buyers have not seen.

Please don't hesitate to call me with any questions, concerns or services needed.

Best Wishes & Good Luck!

KATRINA ROTH, CDPE, REALTOR
"Antelope Valley Preforeclosure Specialist"
Keller Williams VIP Properties
25124 Springfield Court, Suite 100
Valencia, CA 91355
Direct 661.208.1855
Fax 661.291.1463
KatrinaRoth@kw.com
http://www.KatrinaRoth.com
DRE#01862396
0 votes
Lila Simpson, Agent, Albuquerque, NM
Sat Nov 12, 2011
You may be able to contact the bank directly - however if they are in the middle of the foreclosure process that may not help you; it's a complicated process and varies from state to state and bank to bank. Best advice is to seek out a buyer's agent who has knowledge and expertise in your area with pre-foreclosures.
Web Reference:  http://www.gocompass.net
0 votes
Tamara Stoebe, Agent, Lancaster, CA
Sat Nov 12, 2011
Mzlinda
I read your question you posted today -11/12 and this one.

If you can message me with the address or let your agent know the address the property information is available in a title company database. Any agent doing this business right will be able to get you that iinformation.

If the house sold at Trustee's Sale a notice will be posted in the window advising who the Bank's Foreclosure Listing Agent is and you can contact that agent/office or your agent to see about placing an offer prior to listing.

In certain cases that can be done but a good relationship with your agent is going to be a factor in the offer process

If I can be of ANY assistance please call me at 661-466-6849:

Tamara Stoebe, REAlTOR
Prudentual Troth Realtors
Web Reference:  http://www.TamaraStoebe.com
0 votes
Willy Olsen, , Claremont, CA
Fri Nov 11, 2011
Time frames vary from lender to lender. Once a home has been taken back after the trustee sale it can still be several months before the home is actually placed with a broker and listed. Your best bet is to team up with a Realtor who knows foreclosures to keep track on a property(ies) that you have an interest in. Once the property(ies) come available on the MLS the realtor will notify you and then you can make your offer. Don't always rely on the posted trustee sale date because many times the lender will postpone the sale to a later date. As a Realtor for several investors, postponements happen all the time.
0 votes
Kimberli Bak…, , 85283
Fri Nov 11, 2011
Every state has different time frames and statutes that govern the foreclosure process, however this information is often available in public tax records or through the country recorder where you live. That being said, there is no way to know when the property will be listed. A licensed Realtor who has access to your local MLS can set up an automatic search for you that will alert both you and your agent at the earliest possible moment, often even a day or so before the listing goes "active." I recommend that you consider this course of action because the seller pays your agent in almost all cases, so you will have no additional expenses than if you try to do it yourself, plus you will have someone there to represent your interest. Try to find a Realtor that specializes in short sale and REO properties.
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Nov 11, 2011
What you need to know is the date of the TRUSTEE SALE:
That is also the date of the FORECLOSURE>
Either the house will be sold at the Trustee Sale (Auction), or it will revert to the Bank.

From that date, it will take about 4-6 weeks until it is listed by a Realtor.

Understand that if you gave an OFFER to that Realtor on the day he listed it, he will likely have instructions to hold all offers for 7-10 days and submit them all at that time; there would be no advantage given to an early-bird. The Bank want to know that they have gotten all the good offers.

Good luck and may God bless
0 votes
James Metro, Agent, Indianapolis, IN
Fri Nov 11, 2011
Talk with a local realtor.

First I question how you found out it is in pre-foreclosure. Then I wonder if the property is currently listed. And last I question who the current legal owner is. A good local realtor would be able to answer all these questions about the property. With this information they could then either help you make an offer right away or at least keep an eye on the property to catch it when it does hit the market. All in all you need to speak with someone local that has access to the information.
0 votes
Johnny Huang,…, Agent, Walnut Creek, CA
Fri Nov 11, 2011
Usually, in a pre-foreclosure, the bank has not taken over the propery yet. Once the lender takes over, then it's an REO (foreclosure sale), and the listing agent gets assigned and does pre-marketing duties prior to the sale. The bank usually wants the sale after the pre-marketing process.

If your intention is to buy before the bank takes over, then you need to contact the owner of the property and get into contract with him. If the property has a note above the market value, then you are in a short sale situation, which may require a professional's help.
0 votes
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