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bb, Home Buyer in Florida

what does "pre foreclosure" sale mean?

Asked by bb, Florida Sun Dec 6, 2009

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9
Dear BB,
Pre-foreclosure is when the owner is trying to sell the property before it goes into foreclosure. The owner obviously has not being paying the monthly mortgage so it is in default and he/she probably was notified that they are initiating the proceeding. It may take several months before the bank actually does the foreclosure.
Sometimes buying a pre-foreclosure you could get a good deal but you will have to be patient and be willing to buy the home in its present condition since the bank is already losing money and may not be willing to allow credit for repairs. Good luck!
Web Reference: http://www.inesdelacruz.com
2 votes Thank Flag Link Sun Dec 6, 2009
Dear Buyer, pre-foreclosure is a term giving to a sale where the owner is in default payments of mortgage or mortgages and also taxes. Properties like this are now in the market with a SHORT SALE name. Usually has term to complete a sale transaction. If you are interesting in buying, please don't hesitate to contact me if you need more information.

Nereida Figueroa
Realtor Associate
Reo Specialist
Short Sale Specialist
Mobile 305 519-3199
nfigueroa@fsr-gmac.com
1 vote Thank Flag Link Mon Dec 7, 2009
Dear BB,
If you are thinking about buying a house even though I do not work in that area I can refer you to a professional agent that does. You will need to let me know what areas and requirements you have and I will be glad to provide you with a Realtor. You can contact me at inesdelacruz@remax.net or 800-246-2799 ext. 169 at your convenience. Have a good day!
Web Reference: http://www.inesdelacruz.com
1 vote Thank Flag Link Mon Dec 7, 2009
I am, a mortgage Broker need my help call me 305-297-4242 been in the business for over 20 years. I have all the programs .
Flag Wed Mar 16, 2016
BB,

Preforeclosure just means that the home is headed toward a foreclosure if nothing is done. It usually menas that the owners have stopped paying the home and are most likely trying to sell it short-sale. If nothing else happens (sale, coming current on payments, etc) then the home will foreclose in the future.
You can find some good deals with short sales, but you need patience as well.

Let me know if I can be of any help,

Javier Olmedo, ABR, GRI
Florida Realty of Miami
javier@olmedohomes.com
Web Reference: http://www.olmedohomes.com
0 votes Thank Flag Link Tue Jan 5, 2010
Pre-Foreclosures are NOT A WASTE OF TIME. It's unfortunate that more Realtors don't educate themselves on the advantages of being a pre-forclosure specialist. Due to their lack of knowledge, they would rathet tell you not to WASTE your time, just because their not willing to INVEST theirs. I close 92% of the pre-forclosures I contract. They can be a GREAT deal for any buyer, and with the right Realtor working for you, you can easily find the home of your dreams and for a great bargin as well.

Anthony DeNito
Pre-Foreclosure Specialist
RE/MAX Advance Realty
"NOBODY IN THE WORLD SELLS MORE REAL ESTATE THAN RE/MAX"
305-323-5195
preforeclosures@anthonydenito.com
0 votes Thank Flag Link Mon Dec 14, 2009
A good beginner's question and some nice polite answers, but bottom line, to me it means, don't waste your time unless you really love the property. Only about 25% of short sales ever close. Here in Central Florida, our MLS has actually gotten rid of the term pre foreclosure. There were so many terms flying around that in the end were only there to confuse consumers (and realtors too for that matter).

Good luck,
Mark LeMenager
0 votes Thank Flag Link Mon Dec 14, 2009
Hi,

I feel that all the previous answer are correct and good answers, but I think that there was a bit of important information left out and that is, how can a pre-foreclosure BENEFIT you? Some Realtors, such as myself, specialize in listing “PRE-FORECLOSURE” properties. We speak with home owners before they list their homes for sale on open market. We also have buyers that are waiting for one of these great deals to become available. This means that YOU, the buyer, will have the opportunity to try to purchase this property at a much lower price, before it is exposed to the rest of the world. “OUR LITTLE SECRET”

Working with one Realtor who will be committed to you, because your committed to them, is always recommended. But working with Realtor that specializes in what your looking for can be an even greater advantage to you.

If you would like to consider working together, give me a call or shoot me an email.

Thanks,

Anthony DeNito
Pre-Foreclosure Specialist
RE/MAX Advance Realty
"NOBODY IN THE WORLD SELLS MORE REAL ESTATE THAN RE/MAX"
305-323-5195
preforeclosures@anthonydenito.com

Also: I am also a Mortgage Broker, so if you have not obtained a Prequalification yet, feel free to ask me how. It takes about 5 minutes and is a great advantage to you as a buyer.

---------Question and Answer------------

Q.) If you pull my credit, will it reduce my score?

A.) Most people believe that if they have their credit pulled that it will reduce their credit score. That is not necessarily the case. The credit borough has changed how your credit score is affected when an inquire has been done. It used to be that every time your credit was pulled, your score was reduced. There was a logical reason for this. It prevented people from going out and applying for several different loans, being approved for all of them, and then not being able to pay off there debts. It really didn’t give that person the opportunity to shop around for the best loan terms. That has been changed slightly. Now your credit has three different classes to pull from. Auto, Housing and, Personal. When you pull your credit once, it usually reduces your score about 1 point. Not a big deal. As long as you only pull from one class, you can pull your credit up to 9 times within 45 days without affecting your credit score any more than that.

Would you like to know how much you will qualify for? Feel free to ask me. It takes about 5 minutes and is a great advantage to you as a buyer
0 votes Thank Flag Link Mon Dec 14, 2009
BB,

This simply means that at one point if nothing changes between the current home-owner and the bank, the home will be taken over by the bank (foreclosure) - that is unless some type of modification or even a short sale (bank agrees to release owner and sell the house - for less than what is owed to bank) can be worked before the property forecloses. It is usually in the best interest of thebank to go through a short sale rather than a foreclosure.
Web Reference: http://www.olmedohomes.com
0 votes Thank Flag Link Mon Dec 7, 2009
Thank you both, Ms. Figueroa and Ms. De La Cruz for the clarifications, and yes, I will contact should a viable property or if I see something interesting!
Again, thank you ladies for the clarifications!
Sincerely,
0 votes Thank Flag Link Mon Dec 7, 2009
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