Pre-Foreclosure/Lis Pendens (agent, sales, price, approved)

[myjanuarygirl]

Can someone please explain to me about Pre-Forclosures? Is the ridiculously low price listed what the house will sell for? I'm not up to speed on all of this.

[ilovebdj]

In Orlando I've found it's almost a bait game. I've called on houses that were marked on the MLS pre-forclosure w/ a super-low price, and come to find out that the price isn't acceptable. Maybe some agents on here can enlighten us!!

[Racelady88]

I have seen it many times here as well, an incredible price that the lender rejects. If it does not say "bank approved short sale" I won't even look at a pre-foreclosure.

[palmcoasting]

It depends. It depends on the agent and how good they are at handling and pricing short sales. Will most of them close at that price? Probably not. If I run through our mls stats of the short sales that closed most of them closed at or just below the listed price. BUT. The amount of short sales that actually closed is about 15-20% of those that have been or are listed.
I have 3 deals pending that are supposed pre-approved short sales. I'll let you know how that works out or if that is the "new" advertising tactic.