Preforclosure means that the bank has started the forclosure process. This process could take up to 2 years to go into forclosure some banks move more quickly than other. The bank holds the title until the home is paid off that is what your mortage is. If you are looking to buy a preforclosure those are reffered to as "Short Sales" meaning techinically the homeowner still owns the home until it is forclosed on but now it is the bank making the desicion on what they are willing to take as a payoff on the existing mortgage. The homeowner is no longer in control. This process if you are working with a realtor who knows and is educated in the short sale process may take up to 60-90 days to close. Most are not educated in the process. If you have any further questions please feel free to contact me at anytime. I have close 42 short sales already this year. It is a long and tedious process. My cell is always on and emails come right to phone.
Ron SImone Jr.
All Towne Realty
NJAR Circle of Excellence: Bronze Producer 2005 Silver Producer 2006-2009
Top 1% in sales of over 16,000 Union,Hudson,Essex,Bergen & Middlesex County agents in 2006 & 2009
"A referral of your friends & family is the finest compliment I could ever receive"