Property in contract actually in foreclosure

[Jason Tobkin]

My partner and I were in contract on a wholesale property that we plan to flip. The wholesaler just called saying that the title agency found out the status of the property was actually in foreclosure. It was thought that it was in pre-foreclosure all along. Regardless, has anyone had success in working with the bank to move forward with the closing process after the property has changed to foreclosure?

[Wayne Brooks]

Don’t get hung up on the “terms” used. There really is no such thing as “preforeclosure”.

Someone is either IN the foreclosure process (a foreclosure action has been filed, but the auction has not occurred yet) Or, they are not 

A property has been Forecloswd upon (the auction has already occurred) OR it has not. 

If a foreclosure auction date has actually been scheduled, it should be easy to find out through public records.