Can you make an offer on a Pre-foreclosure?

Asked by Cadmts63, Palisade, CO Sun Jan 22, 2012

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Sally Grenier, Agent, Boulder, CO
Sun Jan 22, 2012
It depends on what you mean by "pre-foreclosure". People often refer to short sales as "pre-foreclosure" and yes, by all means you can make an offer at that point. However, if the home isn't on the market and is close to being foreclosed on, i.e. owners have missed many payments and the bank is going to file the "NED" (notice of election & demand) with the county, then it might be difficult to make an offer at this point. Once the bank has started the foreclosure process, you might as well wait for it to go through the process, and see if you can buy it if/when the bank buys it back and lists it with a Realtor.

I also like to warn people that buying short sales and foreclosures aren't always a great deal. It can be a complicated process (especially short sales), and you may not even get the property in the end. And it may not be that great of a deal. Most "distressed" properties have been neglected and need some work. There are some deals that are better than others.

When you're buying any type of home, whether it's a short sale, a foreclosure, or a regular home, you should find a good Realtor to work for you as a Buyer's Agent.Good luck!
1 vote
Marco Gomez &…, Agent, Jackson Heights, NY
Wed Jan 25, 2012
If it is listed for sale as a short sale you can of course make an offer. The other option units unlisted is to speak to a realtor experienced in negotiating short sales to find out who the lender is, how much is owed and have them contact the current owner about a possible short sale.
0 votes
Gustavo & An…, Agent, Westminster, CO
Wed Jan 25, 2012
Hello Cadms63-

Is the property listed on the market? If yes, then you're more than welcome to schedule a showing, ask as many questions you have, and submit an offer. If it's NOT listed, then the homeowners could be attempting to work out a modification with the mortgage holder and retain ownership. Sometimes you'll see a Notice to Cure filed at the county level, homeowners are working a foreclosure alternative with the lender, they will have the money to cure the loan, or they may find another option other than letting it go into foreclosure.
0 votes
Marc White, Agent, Charlotte, NC
Sun Jan 22, 2012
Of course, you can make an offer on anything.
0 votes
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