"I want to buy a forclosure propety in newark , i saw this house and wondering wht is the process"
This property had a Notice of Sale recorded on 06/08/2011 - it has not been taken back by the bank yet and it's not currently for sale.
Just so you are aware:
Non-Distressed = a traditional sale
Pre-foreclosure = Short Sale
When an owner misses payments a bank will record a Notice of Default. Some owners attempt a Short Sale at this point. If the default continues or the home does not successfully complete the Short Sale the bank will file a Notice of Sale. Many times, they simply take back the property.
Foreclosure = REO
The bank normally "buys" the defaulted property and holds title to the home. They then employ an agent to list the property on the MLS. Additionally, the bank may also send the property to an Auction company (not recommended for first time buyers).
You should not limit yourself to just distressed (short sale / REO) property when you search. Additionally, when you search you should be aware that not all websites are created equal:
â€œMLS Data Accuracy â€“ Where to search if youâ€™re â€œwithout RealtorÂ®â€
"i am in process of pre approval , advice please."
Here's the best advice I can recommend regarding your Pre-Approval:
2) "Retail Banks vs. Mortgage Broker/Bankers"
Oh yes, one more topic:
Seems like you would benefit from sitting down and talking. Iâ€™m local if you would like to grab a coffee and discuss your plans - no obligation required. If not, thatâ€™s fine too, and best of luck to you!