Colli Real Estate

The Basics of Pre Foreclosure Homes

Technically speaking, pre foreclosure homes are homes that have been scheduled to be sold as foreclosures, but have not actually been listed on a foreclosure or bank auction and have not yet been sold to someone. The time a house spends in pre foreclosure status can last anywhere from a single month to an entire year–it depends on what the local and state laws are. Most home owners do their best to sell their homes before the home enters pre foreclosure or foreclosure status.

Purchasing pre foreclosure homes, if you can find them, can be lucrative investments. Usually the owner of the home will be willing to sell the home for quite a bit lower than the market rate because they want to keep the foreclosure status off of their credit histories. Some home owners in pre foreclosure status will sell their homes for the same amount that they owe to the bank, just to even out their accounts. Some buyers have managed to find homes in pre foreclosure status that were being sold for as much as fifty percent off of the current market value of the home.

Not all pre foreclosure homes are listed with real estate agents or on foreclosure listing websites. This is because the home owners are often embarrassed about defaulting on their home loans and want to keep their current financial difficulties out of the public eye. Homes that are set for foreclosure are often listed as rent to own or as “for sale by owner” because the seller does not want to have to pay for bank fees, and often just wants to get the remainder of the mortgage transferred into someone else’s name. When you do find these homes, however, you can bet that you will be getting a great deal.

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