How do you go about buying a pre- forclosure?

Asked by Sonja, Buffalo, NY Fri Feb 13, 2009

I noticed a lot of pre-forclosures. Do you use a realtor? Also, do you pay the price that is listed as amount left on loan? Thanks!

Help the community by answering this question:

+ web reference
Web reference:


Rick Aguirre, Agent, Orlando, FL
Sun Feb 15, 2009
I agree hire a Realtor and have PATIENCE. Pre-foreclosure properties can take a long time to close.
0 votes
Clayton Bonj…, Agent, Miramar Beach, FL
Sun Feb 15, 2009

As others have stated, start with a good realtor. Hiring a buyers agent is your best option. Please check out my blog on short sale basics. It will give you a good understanding of the basics and the pros and cons of short sales versus Bank Owned.

Below is the link to my blog.

Good luck.

0 votes
Bill Eckler, Agent, Venice, FL
Sat Feb 14, 2009

Pre-foreclosure, short sale, and foreclosure.....the process for the buyer is pretty much the same. Start by finding a real estate professional that will guide you, step by step through the buying process.
0 votes
Darla Schroe…, Agent, Madeira Beach, FL
Sat Feb 14, 2009
Hi Sonja. Yes - you would be wise to use a Realtor who is familiar with pre-foreclosures in the Florida area that interests you. As a buyer's Agent, the Realtor you choose should be knowledgeable about the legal process of foreclosure and negotiations involved in a short sale. I work with a team of 3 people in my Pinellas County office who specialize in short sales - on the listing and the selling sides. We would first help you find the property that meets your needs and then make an offer based on analysis of homes in comparable area, size and condition. Please feel free to call me any time with further questions if Pinellas County is your goal!

Darla Schroeder, Realtor, GRI, e-PRO
Century 21 Real Estate Champions
4350 Duhme Rd
Madeira Beach, FL 33708
cell (727) 541-3743
0 votes
Jason Ewing, Agent, High Point, NC
Fri Feb 13, 2009

You absolutely want to get a Realtor, try to interview multiple agents and find one that is knowledable in the short sale(pre-foreclosure) and foreclosure markets. Your Realtor will help you negotiate purchase price with the bank involved.

Jason Ewing, GRI/CNS
Coldwell Banker Triad, Realtors
0 votes
Mark Zabilow…, Agent, Lutz, FL
Fri Feb 13, 2009
Contact a realtor who is versed in Short sale negotiations, is FULL time and committed to you. Ask them how many homes they have sold this year and last year. If they have sold 1 - 2 homes over the past year, find someone else (they are NOT full time or they are on cruise control)...

Good Luck!
0 votes
Search Advice
Ask our community a question
Home Buying in Valrico Zip Codes

Email me when…

Learn more