what if a house is in pre forclosure and you are paying cash? how much better are your chances is getting the house for the listed price?

Asked by tayotte, Oceanside, CA Wed Feb 19, 2014

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Sinead McAll…, Agent, Oceanside, CA
Thu Feb 20, 2014
Hi Tayotte,
Unfortunately, when Trulia shows a house in "pre-foreclosure," it can just mean that the seller has missed one or more payments. I saw that you mentioned that you were new at this. I live and work in Oceanside, California and specialize in all of North County (including Vista). I would be happy to work with you and guide you through your first home purchase. Call, text or email me using the information below and we can get started!

?Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
License 01366009
858-205-5215 CELL
info@mcallisterhomes.com EMAIL
0 votes
Steve Colvin, Agent, Laguna Niguel, CA
Thu Feb 20, 2014
Good morning,

Assuming home is on the market it really depends on several factors.

1. How many offers? If several offers chances of getting home at list price could be tough
2. What it is the value? Bank will order BPO and generally not sell for less.
3. What is the condition? Can it be financed. If not, bank could sell home for less with cash offer.
4. How many mortgages on property? If 2+ mortgages you could end up coming out of pocket paying 2nd lien holder or paying delinquent HOA if property has HOA.

Good luck

Steve Colvin
Premier Ca Realty
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Thu Feb 20, 2014
Not all "pre-foreclosures" are available for sale. This is a very confusing thing that all "public" real estate websites do. They get the foreclosure information from public records and post it in the houses for sale portion of their website.

Pre-foreclosure simply means that the owner has fallen behind in their payments and the lender is starting their collection proceedings against the house. Most of these homes are NOT listed for sale. Owner/borrowers have many ways to deal with the lender while they are in pre-foreclosure and keep their home from ever going through the foreclosure auction sale.

One other thing to be aware of: the "price" shown on the pre-foreclosures is usually the amount that the owner/borrower is delinquent on their loan. It is NOT the value of the house, or the total amount owed on the house. Again very confusing.

If you are truly interested in purchasing a distressed property, find a local Realtor who specializes in this section of the market. They will know which of these properties are listed for sale. They also may have ways of helping you find and make offers on properties that are not yet listed for sale, but where it might be in the owner/borrower's best interest to sell.

If you have any specific properties in mind (you did not link your question to a specific property) or need a referral to a great agent the San Diego area, please reach out to me either through Trulia or at the phone or email address below.

Shel-lee Davis BRE #01817412
Real Estate Consultant
International Real Estate Specialist - IRES®
Senior Real Estate Specialist - SRES®
Certified Home Seller Advisor - CHSA®
Certified Home Buyer Advisor - CHBA®
Member - National Association of Certified Expert Advisors - NAEA®
Certified Distressed Property Expert - CDPE®
RE/MAX Estate Properties
424-2HELP12 (424-243-5712)
0 votes
JR Thrasher, Agent, San Diego, CA
Wed Feb 19, 2014
It depends, is this a short sale or is the seller just behind on their payments? I wrote a blog on Trulia about finding and buying foreclosures. I'll put a link to it in the web reference below. That should answer all of your questions....J.R. Thrasher
(619) 929-0105
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Trevolyn Hai…, Agent, Highland, CA
Wed Feb 19, 2014
When purchasing, cash is great but the lien holder is usually going to be looking for the offer that nets them the most- especially in markets where the prices are still going up. To make sure they are comprehensive on their listings, Trulia also posts pre-foreclosure listings that are really just notices of default and the property may not yet be listed for sale. I suggest that you work with an agent, they can do a lot of your leg work for you and as the buyer's agent they usually will get paid by the seller.
0 votes
Jean-Leon Ma…, Agent, Tempe, AZ
Wed Feb 19, 2014
It depends on the circumstances. Pre-foreclosure usually means that the bank has started foreclosure proceedings (foreclosure happens in different ways in different states), but has not actually foreclosed on the property yet. This can be valuable information, as depending on what the circumstances are (i.e. is the owner upside-down, is this a short sale ), there may be intelligent ways to play the purchase. For example, a house can be preforeclosure if the owner has stopped making payments due to some personal factor, but is still has equity in the home. Talk to a good agent, they should be able to help you out. Good luck !
Web Reference:  http://sellquickAZ.com
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Wed Feb 19, 2014
Preforeclosure means what? Is it for sale or has it gotten some silly title like preforeclosure? If it is for sale then cash can get some consideration, but if it is not for sale, and just being called a preforeclosure (which is pretty meaningless) then you will have to ask the owner if they want to sell or not.
0 votes
I found a house on Trulia and it says the house is in pre forclosure for the last 8 months. I am new at all this and I am very interested in this property. How do I know if it is for sale? I am on houses for sale site?
Flag Wed Feb 19, 2014
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