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Unread 01-08-2008, 08:58 PM
 
4,611 posts, read 7,409,046 times
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Default What does "pre-foreclosure" mean?

Hi, What does pre-foreclosure mean? I know it means that the home is going into foreclosure but does it mean the bank owns it and the seller has already moved? Or does it mean the seller still owns it and the seller is trying to sell the home before it goes into foreclosure?

Thanks!
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Unread 01-08-2008, 09:08 PM
 
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Quote:
Originally Posted by Roma View Post
Hi, What does pre-foreclosure mean? I know it means that the home is going into foreclosure but does it mean the bank owns it and the seller has already moved? Or does it mean the seller still owns it and the seller is trying to sell the home before it goes into foreclosure?
Thanks!
It tends to mean that the property is in default, i.e. the owner has not made their required mortgage payment, and the property is going to go to a sheriff sale. The owner (seller) still owns it up until the sheriff sale takes place.
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Unread 01-08-2008, 09:12 PM
 
Location: Columbia, SC
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Quote:
Originally Posted by Roma View Post
Hi, What does pre-foreclosure mean? I know it means that the home is going into foreclosure but does it mean the bank owns it and the seller has already moved? Or does it mean the seller still owns it and the seller is trying to sell the home before it goes into foreclosure?

Thanks!
It means it's well on it's way to foreclosure but the seller is trying to sell before it is foreclosed on. These can be a great deal (note can does not mean it is definately). You can also save an owner from foreclosure which is good but it doesn't mean they'll thank you for it either.
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Unread 01-08-2008, 09:38 PM
 
Location: NW Las Vegas - Lone Mountain
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Think about it. Foreclosure is the event at which the owner loses control of the property to the bank or someone else.

So pre-foreclosure must be prior to that.
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Unread 01-09-2008, 06:14 AM
 
Location: Palm Coast, Fl
2,248 posts, read 5,384,908 times
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It means a lis pendens has been filed but it has not fully foreclosed..the process is not finished yet. It's a time when a short sale may be more achievable and the property to go at a discounted rate from the mortgage owed on it...not necessarily a great deal. The owner is still in charge...they can rectify the loan, they can sell and come to the table with money, they can work with the bank for a short sale, but they have the final say, not the bank.
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Unread 01-09-2008, 09:08 AM
 
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Thanks to you guys who explained it to me. Like I said, I understand that it means it's going to go into foreclosure but I didn't know what it legally meant by the official paperwork and notices and stuff. So thanks for explaining it everyone.

There is a home that a Realtor told me about that she said it's a pre foreclosure and I wanted to know the true legal definition. That home has lowered it's price 4 times in less then a month. So I wonder if they have 30 days to sell it or something like that before it officially goes into foreclosure?

I've been seeing stuff like "pre foreclosure" and "short sale" in some descriptions. I don't know what "short sale" means either.

Anyway, Thanks!
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Unread 01-09-2008, 10:20 AM
 
54,581 posts, read 24,717,541 times
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Quote:
Originally Posted by Roma View Post
Thanks to you guys who explained it to me. Like I said, I understand that it means it's going to go into foreclosure but I didn't know what it legally meant by the official paperwork and notices and stuff. So thanks for explaining it everyone.

There is a home that a Realtor told me about that she said it's a pre foreclosure and I wanted to know the true legal definition. That home has lowered it's price 4 times in less then a month. So I wonder if they have 30 days to sell it or something like that before it officially goes into foreclosure?

I've been seeing stuff like "pre foreclosure" and "short sale" in some descriptions. I don't know what "short sale" means either.

Anyway, Thanks!
What I would do if I was you is check and see if the property is coming up on the next sheriff sales auction listing. If it is, that will give you a bottom $ figure the seller can accept because it will give you a general idea as to whats owed. That will also tell you if the seller has 30 days, 60 days to sell before losing the property at the sale.

Depending on the availability of "cash".. if you could write a check, I'd tell you to hold off and buy it at the sheriff sale. If you cant write a check, you can work with the bank and buy some more time while you arrange financing. The bank has a lot of incentive to work with buyers to give them time rather then take properties back at auction.
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Unread 01-10-2008, 10:20 PM
 
Location: Palm Coast, Fl
2,248 posts, read 5,384,908 times
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Short sale means that the seller is trying to convince the bank to take less than what they owe on the mortgage. Often times a short sale can not be considered or a price determined until a contract is actually presented to the bank. The property you are talking about may be a short sale (which can also be called a pre-foreclosure) and they keep reducing the price in order to temp someone to make an offer so they can find out what the bank will actually take as a short sale.
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Unread 01-15-2009, 11:33 PM
 
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we received a 3 day to quit our property what does that mean?
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Unread 01-16-2009, 11:37 AM
 
Location: NW Las Vegas - Lone Mountain
15,759 posts, read 19,044,337 times
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Quote:
Originally Posted by john lugo View Post
we received a 3 day to quit our property what does that mean?
It means the sheriff is about to show up and move your possession out of the house and lock you out. You need to move instantly.

In some places there are other things that can be done but if you have receivend a three day notice to quit and don't know what it is you are likely to far behind the eight ball to do anything but move.
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