Home Buying in 32258>Question Details

vrusnak2002, Home Buyer in Jacksonville, FL

How to buy a house pre-foreclosure (not a short sale)?

Asked by vrusnak2002, Jacksonville, FL Wed Jan 2, 2013

Help the community by answering this question:


Hello Vrsnak2002,

If the home is in pre-foreclosure you can still deal directly with the current of record.

Is the home currently listed for sale? If so, have your buyer's agent submitt an offer for you.

That being said, your agent should check to see how much the current is in the RED on the home. Is there a notice of trustee sale date recored? If the home is set for a trustee sale, you may not be able to close escrow in time enough to stop the trustee sale.

Best of luck to you!!!

Kawain Payne, Realtor
0 votes Thank Flag Link Wed Jan 23, 2013
If the Bank is FORECLOSING, then they owe money on it.
If they owe money on it, then it is probably worth less than the Loan.
Then it is a Shortsale: that is the definition of a SHORTSALE.

To buy a FORECLOSURE (REO) or a SHORTSALE, you will need a Buyer's Agent in your corner.
That is where you start.
0 votes Thank Flag Link Fri Jan 11, 2013
IF it is Pre-Forclosure, you will have to deal with the owner/s of record and hopefully be able to close before the lender takes over...

If you will provide us with the zip codes of interst to you, we will put you in contact wit 3 TOP pros in your market.

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
0 votes Thank Flag Link Fri Jan 11, 2013
You need to contact a real estate attorney right away. PHH does do short sales, but the problem is that the original owners are on the loan and would need to do the short sale with PHH. If I'm understanding correctly title was transferred to you through the HOA after a foreclosure. You need to get legal advice. Best of luck and let us know what you find out!
0 votes Thank Flag Link Sun Jan 6, 2013
Let me give you more details on my question. I made a mistake and purchased HOA lien and currently holding a title to the property which has superior lien from PHH morgage company. Foreclosure was filed back in August 2012 ( interesting that it was filed after HOA foreclosure).
Owner of this proprety is in Virginia and not willing to do short sale. I do not have 100% cash to go through live auction. And I tried to contact a lender - they are clueless how how to handle it. The only thing they were willing to do, is to transfer loan on my name which is157k for 95k property.
I really want to get this property.
I'll pay for any help offered.
0 votes Thank Flag Link Sun Jan 6, 2013
It is very uncommon for a citizen to know the differences between a foreclosure, bank-owned, short sale and a pre-foreclosure. These terms are used liberally by nearly everyone, but few possess the intimate knowledge to know the real difference. Knowing this, the right response to your inquiry must be to meet up with a multi-dimensional real estate professional and get on the same page.
There is a strategic or economic reason for your predetermination to seek a pre-foreclosure. You best next step in consulting with a multi-dimensional real estate professional who can match your needs with a situation in need of a solution. This WILL NOT OCCUR utilizing the 4th view services which is what is available to most real estate consumers.
Get on an agents buyer 'A-List' and they will be confident that investing this effort on your behalf will be worthwhile. These 'First Look' buyers must be decisive, able and motivated. If you are unwilling to be qualified, your best option is the highly competitive arena of bank owned sales.

Best of success to you
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL

If you are serious, you need to call.
0 votes Thank Flag Link Sun Jan 6, 2013
In our area it would be unusual for a property to be in pre-foreclosure without being a short sale. That being said, all short sales are not pre-foreclosures.

In a pre-foreclosure the owners are late on payments. In a short sale the home is not worth the amount that is owed to the bank. If the owner has equity (not a short sale) then it is doubtful they will be late on their payments...they would just sell the home.

Our team has been working with short sales and pre-foreclosures in the Jacksonville area for 7 years. Please let us know if you need help searching for a short sale/pre-foreclosure property.

Stephanie Lim
The Lim Team
Re/Max Unlimited
0 votes Thank Flag Link Sun Jan 6, 2013
A pre-foreclosure property ends up as a short sale. In today market most properties are sold less than the balance of the loan on the lender's book. The lender approves of the sale by taking less money to get the loan off of the book. If the lender doesn't sell the property through a short sale, it eventually turns into a foreclosure property. The lender sells the property as a REO, Real Estate Owned.

Call Gloria Young for additional information at AllPro Realty Specialists, Inc. (904) 739-9000.
0 votes Thank Flag Link Thu Jan 3, 2013
Dear Vrusnak2002,

Shanna Rogers is correct, and I can help you in Northeast Florida if you would like. My office is in 32223, next to 32258, and I live in 32259.

I have helped people buy and sell homes in that kind of situation, and I'm quite experienced with short sales (helping sellers and buyers) and bank-owned properties. Contact me if you want professional help and results.

If you're talking about an REO property that is not listed yet but has actually been foreclosed and is bank-owned, it is more difficult to get a response from the bank before it is listed and advertised for the public, but we can try. I know several agents who list REO properties, and sometimes we can find out before it's listed if someone has been chosen to list and market the home.
0 votes Thank Flag Link Thu Jan 3, 2013
Hi vrusnak2002,

If the house is a pre-foreclosure but not a short sale then the owners might be willing to sell since they have equity (you state not a short sale). If it's a pre-foreclosure, that means the owner is delinquent and might lose the house to foreclosure if they can't come current. The owners might want to sell because they would get their equity out of the house. If the house is not currently listed for sale, maybe your Realtor would be willing to contact them to see if they want to sell?

Shanna Rogers
SR Realty
0 votes Thank Flag Link Wed Jan 2, 2013
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