Pre-Forclosure Listings

[Jason V.]

Disclaimer: I'm aware information on Zillow is not to be trusted, must be verified, is generally incorrect/terrible/evil, etc.

Checking out neighborhoods and doing other preliminary research on Zillow, I see a lot of "Pre-Foreclosure" listings. I also have a house two houses down from my primary residence that is shown as Pre-Foreclosure.

As I search for my next deal, I find myself wondering what a savvy investor would do with a property listed this way. Are there deals to be had here? How do you even approach it? Do you just sit and wait for the foreclosure listing? I've bought a foreclosed property, but that was bank owned and listed on the MLS when I bought it.

Is this a situation where you try to work the "Sub2" deals I've heard so much about? Is it something I should just keep away from as a new investor?

Thanks all!